Citibank launches new package for the emerging affluent

Citibank India on Monday launched a new proposition for the emerging affluent segment, which include salaried professionals and self-employed individuals with an annual income between Rs 3 lakh and Rs 15 lakh.

Some of the facilities offered under the ‘Citibanking' proposition include zero charges for cash withdrawal at any ATM in India and overseas; no fees on services such as draft issuance, duplicate statement, funds transfer, stop payment and assistance for account opening for customers relocating overseas.

To be eligible for the ‘Citibanking' proposition, customers have to maintain a relationship value of minimum Rs 2 lakh with the bank.

The emerging affluent segment is growing at a compounded annual rate of 9 per cent. Citibank hopes to increase its market share in this segment from 10 per cent to 15 per cent over the next 2-3 years.

The revenue growth in this segment is likely to be around 18-20 per cent, said Mr Anand Selva, Country Business Manager, Global Consumer Group, Citi India.

Citibank is in the process of rebuilding and growing its unsecured business, which includes credit cards and unsecured personal loans.