102 thoughts on “Closing Citibank savings account

  1. this info gives big relief but at the same time, may i know the modifications of above process, if i choose courier process.

    • Hi,
      It depends on your account balance. Citibank would try to convert your salary account into savings account. For saving account you need to maintain a balance of Rupees 25,000/-. If you haven’t maintained it, they would fine you for not maintaining the required balance and might force you pay the fine later (with interest). So it is better to close the account.

  2. I have a small doubt can anyone rectify it.?
    I have a citibank salary account opened by my previous employer and now i want it to use it because al together i operated it for 4 years and almost 80 percent of my transactions are based on it. Now the question is if i do not maintain MAQB of 25K and still use the account will there be any issues or will I have to face any consequences of paying citibank everymonth any amount.
    Can anyone please give me an info regarding this.

  3. Hi Vishvesh,

    After How many Months Citi bank will convert Salary account into savings account?
    I left My company 3 months back.. from last 2 months there is no salary credited into Citi..

    Thanks in Advance.

  4. Hi. I have a doubt. My salary a/c has been converted to savings a/c and the balance has dropped down to negative now. Will there be any problem in the future if I do not close my a/c.? What if I keep the a/c as it is ?

  5. hi vishvesh,
    Thanks for the info you have provided.it was ver y useful,presently i am residing in bang.i have my citi bank account in hyd which i want to close.is there any possibility of closing my account in bangalore, along with my credit card.kindly share any info if you regarding this.

    Thanks,
    Vamshi

  6. I have received a letter on 24-Jan-2013, once again Citibank has converted all of the “suvidha” savings account to “citibanking” account type, and have now bluntly instructed their existing customers to maintain a monthly minimum commitment of Rs.100,000/- and from new customers Rs.200,000/-. There is a penalty charge of Rs.500/- for each time the bank account balance will go below Rs.100,000. This means that Citibank is expecting to grow their funds straight 4 folds by imposing such exorbitant conditions, and they have done the same about 2 years back by increasing the limit by almost 2 folds. I personally think that this is an end to this arrogant behavior, with no care for customers. This is a greedy bank and only wants to retain the “affluent” customers. Citibank has minimum number of branches in comparison to the other available banks; the only good thing about them is their smart banking solutions, whereby the Indian banks still lacks such servicer due to some of their conservative ‘not so easy’ techniques. But everything has got its price, and Citibank’s price has now definitely gone out of worth.

      • Same here, I too got letter stating my Suvidha account is converted to new β€œcitibanking” account type & minimum balance RS.1,00,000.
        So I’m going to close my account on next working day. DOUBT:- Will I get my Interest for the period of 01 Oct 2012 to till date ( 04 Feb 2013 ) when closing the account. ( coz they will credit the interest by 31 Mar 2013 only. )

        Thanks in Advance.

    • I also got a similar letter last week and this is ridiculous !!! A reliable bank has gone haywire. they dont know what they are doing. they are not even trying to retain old customers.

      Time to move to a more customer friendly bank and do away with citibank accounts and credit cards. God save them.

  7. thanx for the info….i too got a mail reg. the conversion to keep min balance 1,00,000 or else pay a fine from next finanacial year…..I plan on closing it too that is Y i was searching the procedure and came upon this blog….really helpful. tx once again

  8. Hi Vishvesh,

    I too wish to close my citi account. But, currently I am residing outside India. I wanted to know if I could follow the same process but through mail.
    Thanks

  9. Hi,
    I too am residing outside India and wanted to close down my account following the conversion of the Current Suvidha account to “Citibanking” account. I called CITI phone and they instructed me to send them a letter requesting account closure with a confirmation that I have safely destroyed the Debit Card and remaining cheque leaves.

    I used the form by Vishvesh. I hope they close my account soon.

    Thanks,
    Shikha.

  10. The account can be closed through courier as well. Send the courier at their Head Office in Chennai enclosing debit card (tear it into 4 pieces), cheque book (tear it from between) and the letter given above. Also enclose one ID proof, it could be anything passport/pan card/voter-ID’s card photocopy.

  11. Thanks a lot. Now they have made it 2 lakhs instead of 25k but as a privilaged customer it was 1 lakh for me. I lost 1.5k over 3 months and 12.43% more as tax. It hurts!!! but now closing it!! Bye bye citi, it was by far the best bank I dealt with for 4 years but not anymore.

  12. Thank you Vishvesh, Your blog really helped and thanks to google too, that this page appears at the top! I followed the above procedure and closed my Citi account.

    To all those residing outside India – You may either post the letter (as per the template provided by Vishvesh) to the bank or you may email a copy of the letter signed and scan it a relative or a friend in India and ask for the needful. This is what I did and I got a closure confirmation as well.

  13. Worst Bank !!! They will rip you off if you do not maintain 1 lack balance after the savings account has been converted. Im closing my account..Good bye Citibank.. Thanks a ton for the useful information.

  14. I have mutual fund linked with this Suvidha account, i can’t close Suvidha because of HDFC tax saver plan for 3 more years locking period and they asked me to maintain 1lakh an average due to this, how to come out of this please.

  15. Thanks Vishvesh,
    Your provided information will help me to close my Citibank account.I feel Citibank really don’t want to retain their old customer. Since a long time I tried to close my account but due to lack of time I am unnecessarily paying money to Citibank because of not maintaining balance below 1 lakh.

  16. Hi There,

    We can close the account by just sending courier to address below:
    Citibank N.A.,
    Mail Room,
    No. 2, Club House Road,
    Chennai – 600002.
    No need to enclose destroyed debit card, destroyed cheque book and even no need to enclose photocopy of ID proof. Just send a letter like above and you will get a message saying your account has been closed by 4 days…. so simple…

  17. Hi There,
    We can close account through courier without enclosing destroyed debit card, destroyed cheque book and also no need to enclose photo copy of any ID proof. Just courier a letter like above to below address: Citibank N.A., Mail Room, No. 2, Club House Road, Chennai – 600002.

  18. I want to close my citi bank salary account (now SB). I have connected my citi bank credit card account also same user id in online. if i close my credit cad may affect ? i hope clear in my point ? can let me know the suggestion.

  19. Currentl I have a negative balance in my account because of their Rs.500 deductions every month which I didn’t notice. So, do i need to bring it to around Rs. 0 before closing the account by transferring money into it?

  20. Thanks for suggestions, Even I had negative balance I dropped a hand written letter [in above format]. And the account got close with a week. Got an SMS and email πŸ˜€

  21. I have a Citibank account from past 11 yrs and no problem till date, however in the past 7 months or so I was unemployed and few of my emi cheques bounced because of insufficient balance, but off late from past 2 months I am maintaining a minimum balance which would cover my emi’s , but 2 days back I got a mail stating that my account will be closed in next 45 days from the letter receipt date, as there were a few cheques which were bounced in the past. I am currently out of India and have lot of transactions happenning from Citibank account.it is very difficult to change all the transaction details to another bank without my presence there.What can I do……please suggest. What are the pros and cons.

  22. Hi vishwesh,

    i had earlier citibank salary ac 2 years before and i quit the job and got another salary ac in axis bank now after two years we are again provided the new citibank salary account kit for salary credit with citibank but they told me that your previous citibank ac was closed due to ecs bounce or something. the citibank guy told me that ill take approval for this and it will be done. i am worried abot my salary ac wheather it will work on not before end of the month. please help me out for this confusion what happened in this?

  23. FYI…
    three options now to close the suvidha citibank account :-

    1. by sending letter to chennai
    2. filling the account closure request form which u cant get from citibank online
    3. calling the customer care and let them initiate the request

    i’m going by 3rd as it’s hassle-free and no need to move out of ur house too πŸ™‚

  24. Tanks to Vishvesh & all of you, who questioned and replies also. By reading this Blog and by follow the solution given by you, finally I have been able to closed my CITIBANK “Savings account”. This is very simple, just I sent a letter to Chennai for closing my CITIBANK Savings Account and within four days I got a message and mail by confirming my account has been closed.

  25. Hi, I have my personal loan linked to my Citibank salary account which got recently converted to saving account because I quit my job 5 months back. Now if I want to close my Citibank saving account to avoid the stupid 1lakh minimum balance clause can I do it? can I separately maintain a personal loan account and transfer money into it ?

    you feedback is welcome and thanks for the above information

  26. You don’t even need to courier anything, just call Citibank contact number and ask them to close the account after account and two account transaction verification. Its that simple. They send the balance amount as DD to the registered address.

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