Axis Bank completes Citibank acquisition: What you need to know

A year after acquiring Citibank's India consumer business, Private sector lender Axis Bank on Wednesday completed the deal.

With this, Axis Bank gets 30 lakh unique customers of Citibank India, seven offices, 21 branches, and 499 ATMs across 18 Indian cities.

Here's what this will mean for customers

1. Customers can continue using their Citi account, credit and debit card numbers, chequebooks, and IFSC without any charges.

2. Citi Mobile App or Citibank Online will remain functional.

3. Citibank credit card reward points: Reward points on credit and debit cards will continue to accrue and can be used.
However, the Citigold 'Global Banking Privileges' will cease now.

4. If you have an insurance policy that you have taken through Citi India, the features will remain the same and will continue to be serviced by Axis Bank.

5. There will be no change in credit products structure. The fees, charges, billing cycle, payment due date and bill payment methods for credit cards will be the same.

6. Your investments in mutual funds, PMS, or AIF will be transferred to Axis Bank.

7. Customers can use any Axis Bank ATM. But, charges applicable over and above free transactions at Citibank ATMs will be charged on transactions at Axis Bank ATMs too.

About the deal

In March 2022, Axis Bank acquired Citibank's India consumer business for USD 1.6 billion in an all-cash deal.

The transaction comprised the sale of consumer banking businesses of Citibank India, including credit cards, retail banking, wealth management and consumer loans.