Citi Credit Card Owners, Here's What Changes From Today After Migration To Axis Bank (2024)

FAQs

Citi Credit Card Owners, Here's What Changes From Today After Migration To Axis Bank? ›

There will be no change in card controls and limits in transactions including ATM, point-of-sale, e-commerce, etc. Outstanding balances, EMIs, annual fees and spend-based fee waivers will also remain the same. The billing cycle, including the statement generation date and payment due date, will be the same.

What does it mean for Citi credit card holders? You'll be getting new Axis Bank cards by the end of 2024. Until then, your Citi-branded cards will continue to work as usual.

We aim to complete the migration of your Citibank relationships to Axis Bank by 15th July, 2024. It has been our priority to minimize changes to the way you bank, and we are committed to a seamless transition. We have consolidated the topmost Frequently Asked Questions (FAQs) for your ready reference.

On migration day, your existing Citi-branded Cards and Citibank account(s) will be transitioned to Axis Bank card and Axis Bank account(s). We will keep you informed in case there is any action required from your end.

In March 2023, Axis Bank said it completed its acquisition of Citibank's India consumer and non-banking finance businesses. The deal, announced in March 2022, has been closed for a cash consideration of $1.41 billion in one of the largest deals in the Indian financial services space.

However, the payment channels will shift from Citibank channels to Axis Bank channels, which include the Axis Bank Mobile Banking App and Axis Bank Internet Banking. Customer service support will transition from Citi Phone to Axis Bank Phone Banking.

You can continue using your Citi Debit Mastercard as normal, including overseas, up to and including 23 February 2024. On 24 February 2024, your Citi branded account and Citi Debit Mastercard linked to that account will be closed, and the funds transferred to your NAB branded account.

Post-migration, if you are an existing Axis Bank customer, you may continue to use your existing Axis Bank credentials to log in to Axis Bank Mobile App, open or Internet Banking to access your card(s).

Back in 2015, Citigroup and Mastercard signed a 10-year agreement under which Citi would progressively migrate the majority of its credit and debit cards to the Mastercard network. Co-brand and commercial cards, however, would continue to be issued across networks (i.e Visa and AMEX).

Key information about the migration of accounts and holdings

If you have not provided the Foreign Account Tax Compliance Act (FATCA) details and/ or updated KYC documents, you will need to submit them before making any transaction request on Axis Bank platform. Only the MICR and IFSC codes of your account will change.

Can I still use my Citibank credit card after migration? ›

After the migration date, you will receive your new UnionBank Credit Card to replace your existing Citi-branded credit card. We will reach out once your new card is available for delivery. In the meantime, you may continue to use your Citi-branded credit cards even after migration.

Citigroup Inc. or Citi (stylized as citi) is an American multinational investment bank and financial services company in New York City. The company was formed by the merger of Citicorp, the bank holding company for Citibank, and Travelers in 1998; Travelers was spun off from the company in 2002. Citigroup Inc.

Citibank is owned by Citigroup, a U.S.-based investment bank and financial services corporation headquartered in New York, NY. Citigroup was founded in 1998 and has owned Citibank ever since. Citibank is the 3rd-largest credit card issuer in the United States, with 79.1 million cards in circulation.

1) What is the reason for Closure of Citi relationships? On March 30, 2022, Citi reached an agreement with Axis Bank for the sale of Citi's consumer businesses in India subject to regulatory approvals.

Citibank India was the division of Citigroup that operated in India. In March 2023, the division was sold to Axis Bank.

Citi India has transferred ownership of its consumer banking business to Axis Bank (registration number L65110GJ1993PLC020769). Consumer banking customers can continue to use all existing Citi products and/or services, branches, ATMs, internet banking and Citi Mobile® App as usual.

How to Close Citibank Account Through Net Banking? There is no service provided by Citibank through which you can opt for your account closure via net banking. Instead, you need to either visit the bank in person or download the account form online and submit it to the bank along with the required documents.

Citibank India was the division of Citigroup that operated in India. In March 2023, the division was sold to Axis Bank.

“Citibank Online will be discontinued for former Citi retail banking customers from 12th July 2024. Please visit the Axis Bank website from 15th July 2024 onwards for more information for first time users of Axis systems,” the bank said. “Citi India consumer banking customers are now served by Axis Bank.