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Transition of Citibank Ready Credit Loans
We are delighted to inform you that customers holding Citibank Ready Credit will be migrated to Axis Bank 24x7 FlexiCredit, in the first half of Financial Year 2024-25. The final migration date will be communicated with adequate advance notice.
24x7 FlexiCredit is an overdraft facility against salary, exclusively for SUVIDHA Salary Program customers to meet any planned or unplanned expenses with convenient repayment options. To know more about the product features and benefits, Click here.
Be rest assured, the sanctioned overdraft limit, rate of interest and limit renewal date will remain same as per Citibank Ready Credit account until the next renewal date.
Upon completion of migration
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New 24x7 FlexiCredit account numbers will be communicated to customers ![green-tick]()
Customers will be assigned a unique Customer ID offering a single view of all relationships with Axis Bank![green-tick]()
Access Axis Bank Mobile Banking App, open and Internet Banking for anytime,
anywhere banking
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Axis Bank 24x7 FlexiCredit terms and conditions and schedule of charges will be applicable post renewal of overdraft facility. To view, Click here.
New We urge customers to ensure salary credits to their Axis Bank Salary Account, for availing 24x7 FlexiCredit benefits seamlessly. Please note that post effective account migration date, Axis Bank will withdraw/terminate the overdraft facility on occurrence of any events of default laid down in Terms and Conditions. No revised repayment plan will be offered in such scenarios.
Please also note that, while there will be no minimum principal due, a charge of INR 500 + taxes will apply on failed auto recovery / sweep of complete interest amount (from the linked Savings Account) due on 1st of the month. The above charge will be applicable post first renewal of overdraft facility with Axis Bank.
For any further queries and more information on 24X7 FlexiCredit
Frequently Asked Questions
Will there be any change in rate of interest or tenure of Ready Credit account post migration?
No, the rate of interest, the sanctioned overdraft limit and renewal date will remain the same as per Citibank Ready Credit account until the next renewal date (post migration to Axis Bank).
Will there be any change in service charges post the migration?
Post the migration, there will be no change till the next renewal date. After that, 24x7 FlexiCredit terms and conditions and schedule of charges (SOC) will be applicable. You can view the details here.
Will there be any change in the account number of my Citibank Ready Credit account?
Your new 24x7 FlexiCredit account number will be communicated to you upon migration.
Will there be any change in dues or due date for my Ready Credit account?
Yes, please note that there will be no auto recovery of principal minimum due from the linked Savings Account post migration. Please make NEFT / IMPS / RTGS payments directly into 24X7 FlexiCredit Account as per your comfort. Make sure to use your new account number and new Axis Bank IFSC – UTIB0000004.
However, interest will continue to be auto recovered on the 1st of the month from the linked Savings Account like before.
How can I close the 24x7 FlexiCredit facility? What are the charges that would be applicable?
No charges are applicable for closure of 24x7 FlexiCredit Account. Repayment can be done through your Axis Bank linked Savings Account.
For standalone / delinked FlexiCredit Accounts, you can make NEFT/IMPS/RTGS payment from any bank account directly to your 24x7 FlexiCredit Account.
Are there any changes in Terms and Conditions for Citibank Ready Credit Account?
Post the migration, 24x7 FlexiCredit terms and conditions and schedule of charges (SOC) will be applicable post renewal of overdraft facility.
Additionally, please note that post effective account migration date, Axis Bank will withdraw / terminate the overdraft facility in the events of default laid down in the terms and conditions. No revised repayment plan will be offered in such scenarios.
You can view the details here.
Do I need to give fresh mandate / standing instructions for payment of interest due?
If your existing Ready Credit account is linked with your Citibank Account, then your new 24x7 FlexiCredit account will get automatically linked to your migrated Axis Bank Account and there would be no need to create a fresh mandate for interest repayment.
However, for standalone / delinked overdraft account, you will have to create a fresh mandate. Ensure that you use your new account number and new Axis Bank IFSC – UTIB0000004.
How can I close the overdraft facility?
Please visit the nearest Axis Bank Loan Centre to place a request for closure of 24x7 FlexiCredit overdraft facility and carry your ID proof as per the existing KYC norms. Kindly ensure to maintain credit balance while placing the request.
How can I request for my current or past Statement of Account (SOA)?
You can easily download the statement through Axis Bank Internet Banking or our Mobile Banking App, open. Alternatively, you can place a request by calling our Phone Banking team or visiting the nearest Axis Bank Loan Centre.
Will the Citi India Mobile® App continue to function post the migration?
No, you won't be able to access Citibank Mobile banking application post the migration. Please download Axis Bank Mobile App, open or visit Internet Banking for your digital banking needs.
Will I be able to access my Citibank Ready Credit account on the Axis Bank Mobile App, open?
Yes, post the migration to Axis Bank, you can access your 24X7 FlexiCredit account / statement via Axis Bank Mobile Banking App, open.
What will happen if my Citibank Ready Credit account is under Work Out Plan (WOP) or Revised Repayment Plan (RRP)?
Your existing WOP or RRP will continue as is, post migration to Axis Bank. Please make self-payment to your 24x7 FlexiCredit account as per the due amount / WOP installment that will be generated on 1st of every month to avoid bureau impact. There will be no auto recovery of principal due amount created in WOP / RRP cases.
Only the interest amount will be auto debited from the linked Savings Account on the 1st of every month.
Moreover, new WOP or RRP will not be offered in case of non-payment of interest dues or breach of any terms and conditions. Post effective account migration date, Axis Bank will withdraw/terminate the overdraft facility in the event of default laid down in the Terms and conditions. Please refer to the detailed terms and conditions and schedule of charges here.
I have a standalone Citibank Ready Credit account which is not linked to my Citibank Account. How can I repay the outstanding dues post migration?
Post migration, for standalone accounts, you can make NEFT / IMPS / RTGS payment directly to the new 24x7 FlexiCredit Overdraft account. Make sure to use your new account number with new Axis Bank IFSC – UTIB0000004.
How will repayment of my loan reflect in bureau?
There will not be any disruption or impact to your bureau score. The repayments will continue to reflect as per normal process.
Will I have to complete my KYC or provide any documents for 24X7 FlexiCredit account?
No additional documents will be required for the migration. In case of any requirement, you will be notified in advance.
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Citi India consumer banking customers are now served by Axis Bank.
Citi India has transferred ownership of its consumer banking business to Axis Bank (registration number L65110GJ1993PLC020769) with effect from 1st Mar 2023.
Consumer banking customers can continue to use all existing Citi products and/or services, branches, ATMs, internet banking and Citi Mobile®App as usual. Axis Bank is the provider of Citi branded consumer banking products in India temporarily and Citi India is providing certain services in respect of those products.
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