The country’s banking industry has come a long way from the barter system to the billion-dollar worth infrastructure banks and non-banking finance institutions have set up in the last few decades. The myriad range of products on line for people not only helps the society to park their funds in a safe way but also earn extra investments through prudent investments.
Though there are a number of saving instruments available to people, but even today savings account remain one of the most popular instruments to save some hard-earned money. Take the example of Citibank India. The bank offers different types of accounts to cater to the different types of needs of their clients.
Types of accounts
Citibank India offers its clients three types of accounts, which are as follows:
Citibank Suvidha Salary Account
- This type of account is best suited to the needs of the salaried professionals.
- With no minimum balance requirement, interest on such an account is calculated daily and is credited to the account on a quarterly basis.
City Priority Account
- The account is meant for those people who want for a specific cause in future for example a vacation, a child’s education or a home.
- The bank has a cap of Rs 25,000 as its average monthly net relationship value.
- The figure is the average figure calculated by adding up all end-of the day balances and then dividing it by the total number of days in the month.
Citi banking account
- Citibank has capped the average monthly relationship value for a Citi banking account at Rs 20,000, which comprises balances in savings account, current account, term deposits, insurance, investment, demat accounts and outstanding principal on home loans.