Earlier in 2022, on March 30, Axis Bank and Citibank reached an agreement, which stated that Axis Bank would duly acquire Citibank’s consumer businesses. Following an elaborate auction, Axis Bank eventually secured the merger upon receiving approval from the Competition Commission of India.
It is anticipated that this agreement will be completed by the end of FY-23. The event will increase Axis bank’s market capitalization by attracting almost 30 lakh new clients. Continue reading to know why it is still safe to use a Citibank credit card and trust their customer services.
What Are the Key Points of the Axis Bank-Citi Deal That You Should Know?
Citibank’s mobile application and website updated its customers with important announcements after the Directors of both organisations locked the deal for Rs. 12,325 Crores. Here are some declarations that all Citi consumers must be aware of:
- The deal ensured the handing over of Citibank India’s consumer businesses, including all types of loans, credit cards, wealth management and retail operations.
- Citibank’s non-banking financial company Citicorp Finance (India) continues to be an independent entity apart from the bank’s institutional presence all over India. Thus consumers across the globe will continue receiving seamless customer service as before.
- Be it Citibank’s web presence or mobile application, all the online touchpoints will be identical.
- There will be no immediate change in bank account particulars, ATMs, contact details, and relationship teams across all branches of Citibank.
Axis Bank and Citibank consumers will keep receiving due notice from time to time while the transaction gets executed. The announcement only signified the start of the process, which means now both banking institutions are going through a transition phase. Cooperation from the customers’ end is mandatory to execute the process smoothly.
What Can Be Your Action as a Citi Customer?
Being the third largest private sector bank in India in terms of customer volume, Axis Bank has already made a mark in varied customer segments. These include retail businesses, MSMEs and plenty of large and mid-level corporates. Also, this bank has shown consistent growth, presenting a steady increase of 14% in net asset value and a 15% appreciation in deposits for each year between 2016-17 and 2021-22.
According to Amitabh Chaudhry, CEO of Axis Bank, customers who have secured an active Citi credit card login will continue receiving all offers as before. However, when both the administrative departments affirm all the regulatory approvals, Axis Bank will take over all banking operations involving Citi debit and credit card holders.
Customers can agree to the deal, which implies they have no issues with Axis Bank managing their funds. Otherwise, they have the right to exit with their deposits. However, if they agree on becoming Axis Bank customers, they can benefit from the additional offerings extended to Axis Bank loyalists.
How Still Being a Citibank Customer Can Actually Benefit You?
Citibank has gained the trust of millions as a global brand. You get numerous attractive rewards like cashback, air miles, movie ticket discounts, etc., while using a Citibank credit card for regular purchases. Not only across India, but these facilities follow you internationally whether you need to furnish utility bills or withdraw emergency cash bearing minimal charges.
Here we have listed a few key features that credit card holders can still avail if they decide to retain their relationship with Citibank:
- Everlasting reward points: Citi credit card owners do not need to worry about the expiry date of their accumulated reward points. As the points earned through daily purchases can be used whenever you want, it becomes easy to plan financially before buying an expensive product or service.
- Air mile perks: If you often travel for business meets or hope to avail exclusive vacation discounts, consider knowing the benefits of the Citi PremierMiles credit card. Using this credit option, you can earn 10 air miles on every Rs. 100 spent on air tickets via the official portal of PremierMiles. Later on, you can redeem them against flight, hotel and cab bookings.
- Cashback Policy: You become eligible for 0.5% cashback on all transactions made through the Citi Cash Back credit card. Also, a guaranteed 5% cashback is attached to movie ticket deals and utility bills when a customer pays using Citi Billpay.
- Fuel surcharge waiver: To benefit from the 1% fuel surcharge waiving policy, the customer must own a Citi IndianOil credit card.
All these benefits will continue to be extended to Citi cardholders during the transition phase of the Axis-Citi merger. Also, their deposits in the bank will stay secured post the deal, making it ideal to continue as a Citi consumer.
Meanwhile, if you face trouble while drawing benefits from any Citibank credit card, you can contact the officials for help by calling 1860 210 2484. Similarly, overseas customers must raise all concerns and doubts by calling +91 22 4955 2484 or leaving a mail at [email protected]