It has been few months that I was brooding over whether to close my Citibank Suvidha Account. I have been using the account since last 5 years and was very happy with the online services but ever since the account got converted to non-salary account every single service over internet account was being charged.
The recent deduction of Rs 275 by Citibank towards Maintain Monthly Average Balance was a good trigger for me that I shall take any action.It has been a very tough decision for me as the Online services which Citibank gives are the best in the country. Believe me that in my last 5 years of service I had visited the branch only today for closing the account and I had called the Citibank phone line I guess not more than 10 times in 5 years.
Reason for closure
1. To maintain Rs 25000 monthly average balance in the account else the account holder is fined with penalty.
2. The online fund transfer has been charged from transaction 1 for Rs 5.5 for every transaction.
3. The monthly average balance amount was being increased from 10000 to 25000 which I feel is very difficult in today’s time.
Below is what can be done to close the account
1. Transfer all amount to your different account 1 day before the D-day
2. Take a copy or scan your debit card, 1st and last unused cheque leaf for your reference
3. Download the online statements of the account from internet account
4. Prepare two copies of your application, one for submission and one to be taken as acknowledgment.
On the D-Day:
1. Visit your Citibank branch and submit the application to the Citibank officer
2. Officer will ask you to tear the cheque leaves and destroy the debit card in your presence
3. You have to write the same on your application that “I have destroyed the debit card and unused cheque leaves in from of Citibank officer”
4. The destroyed debit card and cheque leaves will be returned
5. The Citibank officer will put a Citibank Timestamp seal on your duplicate application and you are done.
6. Citibank officer mentions the account will be closed in 3 working days, but I received the closure confirmation within 4 hours of application submission as sms and e-mail (pretty fast)
7. There are NO closure charges for closing of the account .
1. A written instruction mentioning your 10-digit account number, signed by the account holder(s).
2. The unused cheque leaves and ATM card broken into pieces.
Method 2 - If sent by ordinary post:
Citibank N.A,
P O box No. 4830
Anna road post office
Chennai 600 002
Method 3 - If sent by courier:
Citibank N.A.
Mailroom
No.2,
Hope this article will be useful for many of you who are facing similar problems.
Disclaimer: - The process mentioned for closure is as per 17th April 10. In case of doubt confirm with bank.
13 comments:
really very helpful.. i was facing the same problem.. Thanks a lot dude
Very nicely written and very help ful.
Thank you.
Thank you Ashraf & Sonali for stopping by and posting the comment. Glad that the article was helpful.
Hi , you can close your account thro post or courier also ...
Thank you Very Much, Really it was helpful for me.
Congratulations! to you that you managed to close your account at your will.
Yesterday I got an email from Citi stating that they have introduced a new type of Account 'Citibanking Account" that was introduced last year. And now they are moving all the Suvidha Account holders to the new account.
So now the minimum balance is 1L and if you do not maintain the monthly balance, you will be charged Rs 500 + tax every month. I asked them if they have some other low balance account, which they denied and said I should close the Account.
Same for me too, Citibank Suvidha Account to be moved to 'Citibanking Account'. It comes with the clause of min. 1L balance. I don't know what's the trigger for this. Are they really phasing out all Suvidha Account or it is happening to only few of us.
This is being done to all the Suvidha account holders. Also, note one more thing which was not written directly in the email. The new citibanking account card that you will get is charged at Rs 500 per year(I have a confirmed that by my account manager), so I am going to close my account
This is being done to all the Suvidha account holders. Also, note one more thing which was not written directly in the email. The new citibanking account card that you will get is charged at Rs 500 per year(I have a confirmed that by my account manager), so I am going to close my account
First of all, thank you for posting this info...it was very helpful.
I too found the online experience really good, until my salary acct was converted to non-salary account.
They have not only changed Citi bank acct (Suvidha to ordinary), but also converted my credit card (Platinum to Titanium).
I'm also planning to close my Citi acct.
Hi Hardesh,
Firstly, I thank you very much for the post as it eases the process out for closing of the account. I have a question : I have my citi account located at MG Road,Bengaluru, so for closing my account should I send it the branch where my account is located or to the address(chennai) you mentioned in your post ?
Thanks
Shanthi
I am also closing Citibank account.
Was planning to close it for quite a few years. It was a dormant account with cumulative service fees.
Good time to pull the plug
Yes even I received the information regarding the mim balance of 1L. I decided to close my account and sent a letter by courier to the address below. I waited for 4 days and called them up only to be told that they have not received any such request from me. I called up the courier guys and requested for a proof of delivery which they promptly gave it to me. I see that it was received by citi bank, but they claim otherwise. I complained to the RBI but the RBI refused to take it further as it has not been 30 days since my request. Very very disappointing
Citibank N.A.
Mailroom
No.2,
Club House Road,
Chennai 600 002.
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