Terms to Open an NRI Account
Non resident Indians (NRIs) have turned out to be one of the most successful diaspora communities in almost all countries they reside – whether as doctors, engineers, teachers, entrepreneurs, software professionals, artists and in numerous other walks of life.
Citibank International Personal Bank (IPB), Singapore is one of the very few, if not the only private bank that has tailored and offered an exclusive range of products and services catering to the wealth management needs of non resident Indians.
Here, we will take a look at the terms needed to open an NRI banking relationship with Citibank IPB:
Global Online Account
The Global Online Wealth Management Relationship from Digital Bank is a 3-in-1 account that provides a comprehensive set of savings, trade and investment services (including a platform for trading in securities in the US, Hong Kong and Singapore exchanges) via a single login through Citibank Online.
TermsYou will need to maintain a minimum average balance of US$5,000 in your account failing which a monthly service fee of US$30 will be levied.
Global Executive Banking Account
If you are an expat living and working abroad, you can benefit from Citibank IPB’s Executive Banking package that is designed to help you manage your finances wherever you are based or heading towards, and stay with you throughout every step of your global journey. You can maintain your funds in multiple currencies and move your funds globally with ease and at low cost.
Terms Minimum average balance of US$20,000 or equivalent.
Global Executive Banking Citigold Account
This account provides you with an enhanced package of banking services befitting your priority status. You can, for instance, remit funds for free through Citibank Global Transfer, enjoy a cash withdrawal limit of up to S$5,000 daily, have access to a 24-hour Citigold Priority hotline, enjoy a range of lifestyle privileges such as preferential hotel rates in Singapore and get invited to private events and exclusive wealth management seminars.
Terms Minimum average balance of US$1,50,000 or equivalent.
Citigold Account
The Citigold experience represents a special and rewarding banking experience for you. Citibank IPB’s dedicated team of Citigold Relationship Management professionals can help you make informed financial decisions. You can also enjoy a host of unrivalled and exclusive privileges designed for you, manage your banking and investments seamlessly across borders with Citigold Global Banking and have access to a suite of wealth management products to help you grow your wealth or protect your assets.
Terms US$1,50,000 or equivalent invested with Citibank IPB.
Citigold Private Client
An account that provides you with a wide range of exclusive privileges and benefits, a dedicated senior Relationship Manager supported by an experienced group of specialistsand customized solutions tailored to your wealth management needs.
Terms US$1 million (or equivalent in other currencies) and more invested with Citibank.
Suite of banking products
Here are some more products that you can access once you establish an NRI banking relationship with Citibank IPB:
Foreign Currency Time Deposits – Available in 12 currencies including the Singapore Dollar with tenors ranging from 1 week to 12 months.
Terms The minimum initial deposit required is US$50,000 or equivalent.
Savings Accounts – Available in 8 currencies while you earn daily interest at competitive rates .
Terms US$5,000 (or equivalent) minimum initial deposit for AUD, CAD, EUR, GBP, HKD, JPY, NZD and USD and S$5,000 minimum initial deposit for SGD account.
Checking Accounts Everyday transaction accounts that are designed to cater for frequent use with the convenience of a checkbook. Customers are provided with personalized checks and a statement showing all checks cleared. A new checkbook is automatically issued when current supply runs low.
Terms Available in USD (minimum initial deposit of US$5,000) and SGD (minimum initial deposit of $5,000).