The merger of Citibank and Axis Bank: Fresh Possibilities for Credit Card Users
Citibank India announced on its website that Axis Bank would take over its consumer banking operations on March 1, 2023. After the acquisition, Axis Bank’s credit card client base grew by 19%, increasing its market share from 11.4% to 16.2%
Under this acquisition, Axis Bank acquired Citibank’s consumer businesses, including credit cards, mortgage loans, and savings accounts. Axis Bank has elevated itself to prominence in the Indian credit card market due to this acquisition.
If you are a Citibank customer, Axis Bank will manage all your accounts, debit and credit cards, ATMs, services, and charges. Since the transfer procedure has been finished, you don’t need to do anything. Overall, the merger of Citibank and Axis Bank has resulted in a substantial development in the credit card industry, and users of Citibank may continue to use their accounts and cards as usual without disruptions.
How will this impact Citibank customers, please?
According to the bank’s regulatory filing, Axis Bank will now service all Citibank India customers. Citibank India’s accounts, debit cards, and credit cards will remain the same during the changeover process, which is anticipated to be seamless.
a) Higher interest rate on savings bank account in line with Axis Bank rates.
b) Revised SWIFT code for foreign currency inward and outward transactions– AXISINBB.
With the transfer to Axis Bank, will there be any changes to the credit cards’ interest rates, credit limits, payment cycles, fees, rewards, and redemption procedures?
Your Citi credit card’s limit won’t alter limit won’t alter at all; it will stay the same. The billing cycle or how way your Citi credit card generates statements will keep the same change.
After the transfer date, neither the interest rate nor any other fees that apply to the Citi credit card will change. The bank said you would be adequately notified of all relevant changes with sufficient advance notice.
Customers of Citibank India should be aware that the methods for earning and redeeming points for their credit card will remain the same
Will there be access to Citigold Global Banking privileges?
The transfer date marks the end of several global banking privileges, including access to Citigold and Citigold Private Client lounges globally, emergency cash, home connect, relocation account establishing service, Citigold status portability, and Citigold credit portability.
citations
- https://economictimes.indiatimes.com/wealth/save/citibank-consumer-biz-now-under-axis-bank-what-will-happen-to-customers-of-citis-credit-cards-debit-cards-savings-accounts-home-loans/articleshow/98328174.cms
- https://www.thehindubusinessline.com/money-and-banking/axis-bank-citibank-merger-complete/article66568607.ece
- https://www.moneycontrol.com/news/business/personal-finance/axis-bank-acquires-citibanks-consumer-businesses-in-india-whats-in-it-for-citibank-customers-10183751.https://www.moneycontrol.com/news/business/personal-finance/axis-banks-acquisition-of-citi-consumer-business-10177091.html
This review is authored by
Suresh garg
Co-founder Mergedeck
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