Important information on products & services

You can continue using your Citi account without any changes in account number, IFSC / MICR codes, Citibank^® Debit Card, cheque book, Fees & Charges and continue to enjoy the many benefits of your account. Any change will be notified with prior notice.

• Higher interest rate on Savings Bank account in line with Axis Bank rates
• Revised SWIFT code for Foreign Currency Inward and Outward Transactions– AXISINBB

Yes, your existing Relationship Manager (RM) will continue to service your account and will be there to support you through this transition. Any change will be duly notified

There will be no change in your Citibank^® Debit Card, withdrawal limits and your existing card will be functional as is with all benefits and features.

Yes, you can continue to use your Citibank^® Debit Card to avail all the offers listed on Citibank^® Online, as per the offer Terms & Conditions.

Your Citibank^® Debit Card will be replaced automatically with a renewed Citibank^® Debit Card issued by Axis Bank, on expiry of your existing Citibank^® Debit Card. Any change will be notified with prior notice.

Reward points on your Citibank^® Debit Card will continue to accrue and remain available for redemption. There is no change to the earning ratio and redemption process.

Yes, you will be able to use your existing Citibank^® Debit Card to withdraw cash at any of the ATMs outside India, however applicable charges shall be levied.

Global Banking privileges like Access to Citigold^® and Citigold Private Client^® lounges worldwide, Emergency Cash, Home Connect, Relocation Account Opening service, Citigold^® status portability & Citigold^® credit portability will cease as on the Transfer Date.

There will be no change to the existing deposits getting auto renewed. For customer with Multi deposits that are booked for less than INR 5000, you are requested to liquidate the same by 28th Feb 2023 by visiting the branch or through Citibank^® Online. In absence of request, these deposits will be credited back to the Savings Account Balance by the Bank. Alternatively, you can re-book these deposits as per the new limits defined by the bank through Citibank^® Online (http://www.citibank.co.in/). There will be no premature penalty charged for such deposits

• Existing NRI Deposits (NRE/NRO/FCNR) will continue as is at the Citi Rate
• Any new NRI deposit (NRE/NRO/FCNR) will be as per the prevailing Axis Bank rates
• Revised SWIFT code for Foreign Currency Inward and Outward Transactions– AXISINBB
• 1099 certificate issuance (to US NRIs) and reporting will be discontinued. As an alternative, you can download Interest certificate and Tax Deducted at Source (TDS) certificate from Citibank^® Online to determine the amount of interest earned and the amount of tax deducted respectively.

• Ownership of this DPID will change to Axis Bank
• DPID and Demat account number will remain unchanged
• You can continue to place transactions for your Demat account through Branches using the DI slips that have been issued to you. Any change in this regard will be duly communicated to you in advance
• You can also continue to use the SPEED-e facility for your transactions.

• Your investments will be transferred to Axis Bank (ARN 0019)
• You can continue to access your investment portfolio and transact in your investment account through Branches / RMs / Citibank^® Online and Mobile Banking
• Your existing investor risk rating will continue to be valid till its expiry date. The process for renewing your risk rating or making changes also continues to remain the same.
• You will get access to Research Reports/Insights/Product Information and investment communication in line with Axis Bank’s house views, policies and standards to help you stay updated.

• Your receiving office will be transferred to Axis Bank by RBI, Public Debt Office for all physical SGBs. You can contact Branches for any transaction / service requests.
• For SGBs that are in dematerialized form, the holding will continue in the same Demat a/c. You can contact your DP for any transactions / service requests.

Your existing SN and Bonds holdings are held in dematerialized form in your Demat account with a DP. If your Demat account is with Citi, please refer to the question 1 under Demat and Investments section. If your Demat account is with any other DP, you are requested to contact them for any service requests.

You will continue to enjoy policy benefits as before provided all due premiums are paid as and when due. The insurance coverage provided by the Insurer will continue as is.

• Yes, post transfer of your existing Citi relationship to Axis Bank, you will continue to avail same set of services that are currently available through Citi.
• There will be no change in the premium being paid as a result of this transition. Any change in premium will be subject to the policy conditions which will be informed in advance.

There is no fresh information, additional details and documentation required to continue insurance policies purchased through Citi.

Please contact CitiPhone^® / your existing home branch /Relationship Manager/Service Manager/ Insurer for any service / claim request.

You may continue to make payments through existing modes. You will be informed in advance in case any new repayment arrangements need to be made.

There is no change to the way your account functions. You will be duly informed of all relevant changes to your services and products, with adequate advance notice, prior to migration of products and services.

All ongoing offers will be communicated to you. You may refer Citibank^® Online to know more about the ongoing offers and discounts on your Citi^® Credit Card.

There will be no change in interest rate applicable on any Loan / Merchant EMI on your Citi^® Credit Card. You will be duly informed of all relevant changes to your services and products, with adequate advance notice.

Your renewed/ replaced Credit Card will continue as a Citi branded Card. Any change will be notified with prior notice.

No, while currently you will not be able to avail same benefits as Axis Bank Credit Cardholders at IOC outlets, you can continue availing the many benefits of your Citi Indian Oil Credit Card at IOC outlets having existing tie-ups with Citi. Any changes to this will be duly informed.

Yes, credit limit on your Citi^® Credit Card will remain the same without any changes. You can get your Citi^® Credit Card limit enhanced by contacting the 24x7 CitiPhone^® helpline.

There will be no changes in the reward Points accrual and redemption process for your Citi^® Credit Card.

There will be no change in the date of Statement generation for your Citi^® Credit Card. Also, your billing and payment cycle period will remain the same.

There is no change in the interest rate and any other charges as applicable towards your Citi^® Credit Card, and they will continue to remain as per the Most Important Terms and Conditions. You will be duly informed of all relevant changes with adequate advance notice.

As you have given consent to transfer your Citi relationships, there is no need to make any alternate arrangements. In case you are issued a replacement/new card or there is change to your card number, then you will be required to re-initiate recurring merchant payments or any other standing instructions on your card.

Please continue to make payments through existing modes, as at present. You will be informed in advance of any changes to the repayment plan.

We request you to please contact the 24x7CitiPhone^® helpline for any grievance or support required.

Yes, please continue to make timely payments as per the terms of your credit card/ loan products to avoid adverse reporting to credit bureau.

Your loan can be pre-closed as per existing Citi loan pre-closure process.

If (a) your loan is fully disbursed, or (b) your loan is partially disbursed and you have consented to transfer it to Axis Bank, the same shall be assigned to Axis Bank. The same is in line with the loan agreement duly executed which has a specific clause on assignment /securitization and entitles Citi to assign a customer’s loan.

There will be no changes in any terms & conditions of existing credit facilities. Any changes in the terms & conditions will be informed in advance, to avoid any inconvenience.

There is no need to enter into a new agreement with Axis Bank and you will not be required to pay additional stamp duty. If there is any change, you will be updated and advised accordingly.

There will be no changes in the Home Credit facility if you have provided consent to transfer the loan facility to Axis Bank. In case of any change in the future, you will be informed, in advance.

There will be no change to the interest rate prevailing on your loan. If the interest rate on your loan is variable, it will continue to move in accordance with the changes announced in the benchmark rate to which it is linked, in line with repricing reset cycle applicable on loan. Any change will be notified with prior notice.

There is no immediate change in the benchmark rate on your loan. If your loan is linked to Treasury Bill Linked Rate (TBLR), the same will now be moved to a repurchase agreement (REPO), the Axis Bank team shall contact you post the assignment of the loan with the process and modalities as applicable. Please note that there shall be no change to the interest rate on the loan. If your loan is benchmarked to Citibank Mortgage Prime Lending Rate (CMPR), Base rate or Marginal Cost Lending Rate (MCLR), the same will not undergo any change. In case of any change during the course of the transition, you will be updated with due notice.

There will be no changes in service charges for existing loan accounts. Any changes in the same will be informed in advance, to avoid any inconvenience.

For closure of existing loans, please contact your CitiPhone^® banking support/write to us through Citibank^® Online / nearest Citibank branch/Relationship Manager/Service Manager.

No, fresh mandate will not be required for existing customers.

There will be no requirement of fresh sanction and existing sanction will be honored. Regular renewal/enhancement of the limits after the Transfer Date will be handled at existing channels as per Axis Bank policy.

The document custody will move to Axis Bank after Transfer of business. All the documents submitted by you continue to be safely stored and can be retrieved on request.

There is no change on Transfer Date. All required statements and certificates of loan can be accessed through existing channels like CitiPhone^®, Citibank^® Online, Citi Mobile^® App. For further assistance you can contact your relationship manager/ service manager or branch. Any change in method of accessing documents (if any) in future will be duly informed in advance.

Your respective loans will be assigned to Axis Bank. The same is in line with the loan agreement duly executed which has a specific clause on assignment /securitization and entitles Citi to assign a customer’s loan. You will receive an intimation as and when the assignment is completed.

There is no need to enter into new agreement with Axis Bank and you will not be required to pay additional stamp duty. If there is any change, you shall be updated and advised accordingly.

You will be updated should there be any requirement of additional documents from you.

There will be no change to the Lien on your Registration Certificate. You will be updated and advised accordingly, should there be any changes.

There will be no change to the charges applicable to your loan and will remain as per the agreement entered into with Citi. You will be updated and advised accordingly, should there be any changes.

Yes, you should continue to make timely payments as per the terms of your loan with Citi. Any delay in repayment could lead to adverse bureau reporting.

No, there will be no impact on your repayment plan. You will be informed in advance of any changes in the repayment plan.

There is no immediate change in repayment arrangement to Citi and payment options. You should continue to make payments through existing modes, as at present. You will be informed in advance of any change in the repayment plan.

There is no change in the process to be followed for issuing instruments to Citi collection vendors. You will be updated and advised accordingly, should there be any changes.

The existing customer service channel will continue to service your account and will be there to support you through this transition.

Post transfer, Axis Bank will service your products. You will be duly informed of all relevant changes to your services and products, with adequate advance notice.

Tax deducted and paid in the name of CFIL until the date of assignment of your loan to Axis Bank will be refunded by CFIL as per the existing process of verification of documents relating to TDS credit. If there is any change, you will be updated and advised accordingly.

Up till the Transfer Date, you should continue to deduct and pay tax in the Permanent Account Number (PAN) of CFIL.

No, you will not be required to deduct TDS post the transfer to Axis Bank. As per the provisions of Section 194A of the Income-tax Act, 1961, no tax is required to be deducted from interest paid to any banking company to which the Banking Regulation Act, 1949, is applicable.

For loans, the fees, charges, product features, repayment cycles remain as is.

For domestic transactions, you can continue to use your existing CitiBusiness^® current account along with Citibank^® Online and the Citi Mobile^® App, excluding the below mentioned transactions till further intimation.

If you are currently availing products such as business loans, trade & foreign exchange services with Citi, we propose to set up a loan account(s), current account(s) (including exchange earners' foreign currency account (EEFC) & foreign currency accounts (FCY)) in your name with Axis Bank, together with all facilities/services linked to such accounts which are currently availed by you on the same terms and conditions.

You will be required to initiate all transactions mentioned below from your Axis Bank account(s) on and from the Transfer Date. You will be informed of the same with adequate advance notice.

• Any trade transactions including those involving foreign currency such as import payments, export bill realizations.
• Issuance of fresh bank guarantees and letters of credit.
• Forex transfers (Inward/Outward), fresh forward booking and utilization/cancellation of existing contracts, utilization or draw-down of existing credit facilities including cash credit (CC) / Overdraft limit, term loan, export finance (pre and post shipment), etc.
• Payment of outstanding amounts due under the availed facilities arising on respective due dates (since existing outstanding have been transferred to loan accounts opened in Axis Bank)

The new loan account(s) / current account(s) together with linked facilities will remain inactive and non-operational up to the Transfer Date and will be activated and made available for use from the Transfer Date. A detailed communication on this has already been sent to your mailing address.

There will be no changes in any terms & conditions or features of existing personal loan. If in the future there are any changes, you will be informed in advance, to avoid any inconvenience.

There will be no changes in service charges for existing loan accounts.

Any changes in the future will be informed in advance, to avoid any inconvenience.

Yes, please continue to make timely payments as per the terms of your loan to avoid adverse reporting to credit bureau.

Your loan can be pre-closed as per existing Citi loan pre-closure process.

If you have provided consent for transfer of your facility to Axis Bank, there will be no changes in existing terms & conditions of your Citibank Ready Credit^® facility. Any changes in future in the terms & conditions or features will be informed in advance, to avoid any inconvenience.

There will be no changes in fees/ charges or Rate of Interest for existing accounts (which have consented for transfer to Axis Bank). Any changes in the same in the future will be informed in advance, to avoid any inconvenience.

Yes, please continue to make timely payments as per the terms of your Citibank Ready Credit^® facility to avoid adverse reporting to credit bureau.

As a valued client, you shall continue to enjoy the existing benefits and privileges on your Citibank Ready Credit^® account and there are no changes to the value proposition. You will be duly informed of all relevant changes in advance.

The threshold for TDS application on interest on deposits (INR 50,000 for senior citizen and INR 40,000 for persons aged less than 60 years in a financial year) shall be determined based on aggregated annual projected interest on existing term deposit with Axis Bank and term deposit transferred from Citi. The projected interest on Axis Bank’s deposits will be for the relevant financial year, and on transferred deposits from Citi it will be calculated from 1st March 2023 to 31st March for financial year 2022-23 & complete financial year from 2023-24 onwards. Please refer below scenarios to understand TDS mechanism:

There is no threshold for deduction of TDS in case of interest payment to non-residents (NRO deposit and Bank account) and accordingly TDS will continue to be applied as per existing process. However, applicable surcharge rate shall be determined for tax deduction on the basis of aggregated annual projected interest for the period mentioned in Question 1 on existing term deposit with Axis Bank and term deposit transferred from Citi.

The determination of threshold for application of TDS on Cash Withdrawals will be done in a similar manner as explained in Question 1 aggregating the actual amounts of cash withdrawals across both relationships for the period mentioned in Question 1 as per the provisions of Income-tax Act, 1961.

The determination of threshold for application of TCS on remittances under Liberalized Remittance Scheme will be done in a similar manner as explained in Question 1 aggregating the actual amounts of LRS remittances across both relationships for the period mentioned in Question 1 as per the provisions of Income-tax Act, 1961.

Any tax documents such as Form 15G, Form 15H, Form 60, FATCA declaration, Tax Residency certificate, Form 10F, etc. should be addressed to Axis Bank with effect from 1 March 2023. For the said purpose, if the document requires to quote PAN, Axis Bank’s PAN can be quoted -– AAACU2414K.

For the purpose of application of lower deduction certificate (LDC) on deposit-interest payment, if any by the customer, TAN of Axis Bank should be used with effect from 1 March 2023. For the said purpose TAN to be used is MUMU05151G.

No, you will not be required to deduct TDS post transfer to Axis Bank. As per the provisions of Section 194A of the Income-tax Act, 1961, no tax is required to be deducted from interest paid to any banking company to which the Banking Regulation Act, 1949, is applicable.

There will be no change in the current process. You may visit to your current Citi home branch (now branded as Axis Bank) and update the GST details for your account.