Citibank is the consumer baking vertical of the financial services behemoth that Citigroup is. Citibank was incorporated way back in 1812 as the City Bank of New York and was later christened as the First National City Bank of New York. Citibank boasts of presence in 19 countries and has more than 2700 branches across the world. The bank has more branches in Mexico than it has in the United States of America. It has 723 branches in the United States while it has more than 1400 branches in Mexico. Despite the fact, the United States of America accounts for 70% of Citibank’s revenue with Mexico getting 13% of it.
A huge majority of Citibank’s branches in the United States of America are scattered in six major areas which are New York City, Chicago, Los Angeles, San Francisco, Washington D.C and Miami. The next most important markets for Citibank are Poland, Russia, India, Pakistan and the United Arab Emirates. Citibank was established in India with its first branch in Calcutta in 1902. Currently, Citigroup, the parent company of Citibank is the largest foreign direct investor in India with a total capital of more than the US $4 billion. Citibank operates 35 full-fledged branches in 19 cities and more than 500 ATMs across the country. It also employs ore than 12,000 employees in India. Citi offers consumers and institutions a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management.Citibank is quite a handy option for Non-Resident Indians due to its sheer presence in most of the developed nations especially through USA, Canada, Europe and Australia. With Citibank spreading its wings through the Indian mainland, the NRIs are no longer hard plussed to find a bank which has a decent network in India as well as their current country of residence. The initial balance to open an NRE account at Citibank is the US $5000 for NRIs living in USA and Canada. It would vary for people residing in other countries. On opening the account, the Citi platinum debit card is furnished to all the account holders free of charge. An interest of 3.5% is accrued on a daily basis on the funds in the NRE account but is paid out only half yearly in March and September. The interest income does not attract any tax implication in India. However, the same would depend on the tax norms in the current country of residence.