Sunday, February 3, 2013

Steps for closing citibank account





Few days back I had received a letter from citibank with below message.

It clearly says that starting from March 2013 citibank will reduce Rs. 500 per month if minimum balance of Rs 1 Lakh is NOT maintained for the Savings Bank Account. (Yes, Rs 1,00,000 for SB account)



The new Citibanking Account was launched some time back, to a very encouraging response. To offer you these enhanced services, your existing Citibank Suvidha Account will be converted to the new Citibanking Account.

The Citibanking Account starts at a monthly net relationship value (NRV) of Rs. 2 lakhs for new clients. A monthly charge of Rs. 500 is applicable when the NRV falls below this minimum level. As a special gesture, for your long standing relationship, a lower minimum NRV requirement of Rs. 1 lakh will be applicable for your Citibanking Account. With this conversion, the revised terms as above will apply to your account, effective 1st March 2013.

Most of the public sector banks are requiring to keep minimum balance of Rs. 1000 and some banks are requiring only zero minimum balance for SB account. And many reputed private banks are requiring to keep only Rs. 10,000 as minium balance.

So, I decided to close the citibank account as this behaviour of citibank looks like arrogance and symbol of instability of citibank.




I thought account closing can be easily done from citibank online as I found "Account closure" in query section of citibank online. But when I requested to close the citibank account from citibank online, I got reply stating that " For security purposes, we do not process instruction, if received through e-mail/facsimile/Citibank Online"

.
 And, they asked me to follow below steps to close the citibank account.

Please send the following

1. A written instruction signed by the account holder(s), mentioning your 10-digit account number.

2. The unused cheque leaves and ATM card broken into pieces.

We request you to send your instruction to any of the following addresses :
If sent by ordinary post:

Citibank N.A 
P O box 4830 
Anna road post office
Chennai 600 002

 If sent by courier:

Citibank N A
MailroomNo.2,
Club House Road 
Chennai 600 002

On receipt of the instruction, we will process your request. For security purposes, we do not process instruction, if received through e-mail/facsimile/Citibank Online

 I had to buy stamp for Rs. 35 for sending the post. I believe most of the people will be opting to close the citibank account, as these kind of behaviour of citibank will make it less stable.

And, as most of the people will be leaving citibank, again they had to do heavy charges for the remaining account holders.

If you plan to continue your citibank account, you can share the reason thro' the comments. And, I wondering about who is going to open new citibank Savings Account by paying Rs. 2 lakhs.

Citibank is saying that the minimum balance will be calculated by including  Fixed Deposit and other investments. But I came to know that interest rate of citibank is low comparing to other banks.  And, Citibank has minimum number of branches in comparison to the other available banks. So, I am curious to know why people are still using citibank.



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1 comment:

Anonymous said...

Because corporate are getting good over draft in citibank. coporate crocodiles are very clever. if any corporate has their salary account in citibank, then that means, they are least bothered about their employees, once they leave them.

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