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I am temporarily travelling overseas for a short term assignment. What should I do with my domestic/resident bank account(s)?
If your legal status continues to be resident of India, then you can continue to use your domestic bank account.
Please note, while Income Tax act determines residential status on the basis of time spent in/or out of India, FEMA definition of `resident’ in India combines both ‘stay’ (in terms of no of days) and ‘intention’ to stay. Hence, anyone who has gone out of India for the purpose of employment, education, or, for carrying out business/vacation or for any other purpose involving intention to stay less than 182 days in an year, the person is treated as Indian resident.
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Do I need to notify my bank when I travel?
It's usually a good idea to notify your bank about any international travel plans. This way, the bank won't be surprised to see any unusual charges on your account. You can now set up your personalized International card usage limits, for both debit/credit card, on Citibank Online or through Citi Mobile application.
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Can I withdraw money from my existing residential/domestic savings from an international ATM when travelling overseas?
You can enable your existing Debit card for international usage by placing a request on Citibank Online or through Citi Mobile application.
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What are the withdrawal limits on my debit card for international transactions?
You can withdraw up to equivalent of USD 10,000 per fiscal year using your existing debit card. Daily withdrawal limits for various channels such as ATM, In-store purchase/POS, Online are as follows:
Account ATM In-Store/POS Online Preferred Account 1,50,000 INR 1,50,000 INR 8,00,000 INR Suvidha and Suvidha Retail 1,00,000 INR 1,00,000 INR 2,00,000 INR -
Can I increase the annual withdrawal limits?
The withdrawal limits can be increased up to a maximum of USD 25,000 per fiscal year upon request. Please contact CitiPhone helpline for more details.
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Can I set limits on my Debit card transactions?
Yes, you can set daily transaction limits separately for ATM, POS and Online purchase from your Debit card by logging on to Citibank Online/ Citi Mobile Application and navigating to `Manage Card' option.
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Can I temporarily block the transactions on my Debit card?
Yes, you can. You can use the lock/unlock feature to block /unblock both domestic and international transactions on your debit card temporarily.
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I will be travelling overseas for indefinite duration. What should I do with my existing domestic/residential account(s)?
For overseas travel greater than 182 days, as per the current guidelines from Reserve Bank of India, it is mandatory to convert your domestic/residential salary account to Non Resident Ordinary (NRO) account. We also recommend you to open an additional Non Resident External (NRE) Account to park your overseas savings which you intend to remit back to India.
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What is NRE and NRO Account?
Feature NRO NRE Purpose To deposit your income earned in India such as rent, pension and dividends. To deposit your foreign income earned outside India and earn tax free interest Currency INR INR Funds transfer Funds can be transferred from an overseas account or a domestic bank account in India/NRE/NRO/FCNR Funds can be transferred from overseas or from NRE/FCNR account with any bank in India TDS Interest earned is taxable and TDS will be deducted as per guidelines Interest earned is exempt from tax deduction.Tax deduction at source (TDS) Repatriation Only interest is fully repatriable after tax deduction. Principal and interest are fully repatriable -
Can I request for account conversion from domestic to NRO/NRE before I leave India?
Yes, you can place your request for account conversion before you leave India. Please contact your Citibank branch in India prior to relocation.
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What happens to my existing domestic/resident bank account, cards and other related product/services?
Debit Card: Your existing Debit card will be cancelled and new NRO Debit card (for withdrawal/payment in India only) will be issued for each applicant. If you choose to open a NRE account, an NRE Debit card for the mentioned account will be issued for each applicant (for international access).
Cheque Book: Existing cheques from your savings account will be valid. However, a separate cheque book will be issued for your NRO account. If you choose to open an NRE account, a separate cheque book will be issued for that as well.
Deposits: Your deposit accounts will be closed when the account conversion is initiated. Principal and interest, if any, will be credited to your Citibank account prior to conversion. Please note that the interest will only be paid for the period the deposit is held and at the rate applicable to the period for which the deposit is held.
Employee Reimbursement Account (ERA): This account will be closed upon the conversion. Balances if any, will be credited to your Citibank account prior to conversion.
Credit Card(s): You will need to pay off the total amount due on your Citibank Credit cards. Once the dues are cleared, your credit cards will be closed.
Personal Loan: You will need to pay off the total amount due on your Citibank personal Loans including pre-termination fee. You may use the funds available in your Citibank Account to pay off loan balances and dues as per applicable terms and conditions.
DEMAT and trading: Please note that Citibank can offer DEMAT services to NRIs in select countries only. Basis your new country of residence, you will either have to re-designate the DEMAT account status to Non Resident Indian or will have to close your DEMAT Account prior to conversion of your savings account to NRO account. Citibank does not offer PIS (Portfolio Investment Scheme) services.
Investments (Mutual Funds): Your India mutual funds will be converted to NRO status or will not be allowed for future transactions or will have to be redeemed prior to your relocation, based on your country of residence and the type of funds you currently hold.
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What are the documents required for conversion of resident/domestic Account to NRO Account?
Duly filled and signed application forms along with KYC Documents (Passport, Visa or Overseas resident card, address proof, photograph)
Please note if you have linked products then additional forms/documents may be required.
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What is the minimum balance requirements?
Your existing domestic relationship will be converted to Preferred NRI Status. You are required to maintain an average minimum monthly relationship balance of INR 2, 00,000 (Account balance+ deposit+ investments).
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What are the ATM withdrawal limits on NRO/NRE Account?
Account ATM In-Store Online Preferred Account 1,50,000 INR 1,50,000 INR 8,00,000 INR Citi Gold Account 2,50,000 INR 2,50,000 INR 10,00,000 INR -
How can I transfer funds from my NRE/NRO savings account?
From NRE/NRO to another bank account in India NEFT/RTGS via Citibank Online (CBOL) or Mobile app (MBOL) From NRE/NRO to overseas bank account (Repatriation) NRE - Wire Transfer via CBOL
NRO - A2 form and additional documents submission at Citi India branch or post to Citi mail roomFrom overseas to NRE/NRO Account (Remittance) ACH ( for US customers only ), FPS ( for UK customers only), CGT ( for first party transfer from overseas Citibank account), Online transfers and Wire transfer