Quantum
TF Premier
Hello Sleeping-Citi-Enthusiasts,
TL;DR: For a Citibank Suvidha salary account with Citi Priority status, can the account continue to have zero balance (except salary credit each month) and the account status would remain Citi Priority?
I understand that NRV needs to be a minimum of 15L for Savings Account and Current Account over a period of 3 months for the account to get converted to Citi Priority.
Citibank's Suvidha salary account is a zero balance salary account where no minimum balance is required, as they claim.
Suppose a Citibank Suvidha salary account was converted to Citi Priority based on the account balance, now do the customers need to maintain this NRV of 15L going forward, in order to retain the account's Citi Priority status?
Or they can withdraw funds making the balance zero and the account status still remains Citi Priority?
In this PDF https://www.online.citibank.co.in/products-services/banking/pdf/CitiPriority-SOC.pdf , it is mentioned that if average N-monthly-RV (NMRV) goes below 1L, then a charge of 1% of shortfall or 600 INR, whichever is lower will be applicable. And there is a caveat (*) attached to this statement in the same PDF that reads:
"*The minimum balance charges are not applicable for Citibank Corporate Salary Account holders. In case you move to company that does not have a tie-up with Citibank Suvidha or if you do not receive salary credit for 3 continuous months, the minimum monthly net relationship value requirement will be applicable. Interest of 17.5% p.a. will be applicable if account moves in negative balance."
Does it imply that the Suvidha salary account's balance can go as low as zero, resulting in NMRV going below 15L, but there won't be any charges levied,
1) and the account's Citi Priority status would be retained.
OR
2) and the account's Citi Priority status would be revoked.
Thanks!
TL;DR: For a Citibank Suvidha salary account with Citi Priority status, can the account continue to have zero balance (except salary credit each month) and the account status would remain Citi Priority?
I understand that NRV needs to be a minimum of 15L for Savings Account and Current Account over a period of 3 months for the account to get converted to Citi Priority.
Citibank's Suvidha salary account is a zero balance salary account where no minimum balance is required, as they claim.
Suppose a Citibank Suvidha salary account was converted to Citi Priority based on the account balance, now do the customers need to maintain this NRV of 15L going forward, in order to retain the account's Citi Priority status?
Or they can withdraw funds making the balance zero and the account status still remains Citi Priority?
In this PDF https://www.online.citibank.co.in/products-services/banking/pdf/CitiPriority-SOC.pdf , it is mentioned that if average N-monthly-RV (NMRV) goes below 1L, then a charge of 1% of shortfall or 600 INR, whichever is lower will be applicable. And there is a caveat (*) attached to this statement in the same PDF that reads:
"*The minimum balance charges are not applicable for Citibank Corporate Salary Account holders. In case you move to company that does not have a tie-up with Citibank Suvidha or if you do not receive salary credit for 3 continuous months, the minimum monthly net relationship value requirement will be applicable. Interest of 17.5% p.a. will be applicable if account moves in negative balance."
Does it imply that the Suvidha salary account's balance can go as low as zero, resulting in NMRV going below 15L, but there won't be any charges levied,
1) and the account's Citi Priority status would be retained.
OR
2) and the account's Citi Priority status would be revoked.
Thanks!
