Axis Bank has notified Citibank credit card customers that the migration of all relationships, including credit cards, will be completed by July 15, 2024.
As of March 1, 2023, Citibank’s consumer business in India has been transferred to Axis Bank, following the completion of the acquisition for Rs 11,603 crore. This transfer includes Citibank India’s consumer banking services, such as credit cards, home loans, personal loans, and retail banking.
Customers can continue to use their Citi-branded cards until they receive their new Axis Bank cards, which are expected to be delivered within a few months after the migration, by the end of the year. The new Axis Bank cards will offer enhanced benefits, including no reduction in the redemption value of reward points and continued lounge access privileges.
Impact on investment accounts
The migration also affects Citibank’s investment accounts, which will now merge with Axis Bank. All holdings will reflect under the new Distributor Code for Axis Bank Limited: ARN-0019. Blocked accounts will retain their status and require activation at an Axis Bank branch. Customers must submit any outstanding Foreign Account Tax Compliance Act (FATCA) details and updated KYC documents before making transaction requests on the Axis Bank platform.
While the MICR and IFSC codes of accounts will change, the bank account numbers will remain the same. Axis Bank will update these changes with Registrar & Transfer Agents (CAMS & Kfintech), Depositories (NSDL & CDSL), and PMS/AIF providers. Customers’ risk profiles will be migrated with the existing expiry date, and access will be provided to over 4,500 investment products on the Axis Bank platform that match their risk profiles.
Systematic plans and portfolio access
All existing Systematic Investment Plans (SIPs), Systematic Withdrawal Plans (SWPs), and Systematic Transfer Plans (STPs) registered through Citibank Investment Services Account will be migrated and mapped to the new bank accounts. Customers will be able to view their portfolio history of active folios on Axis Bank platforms, although the history of closed folios will not be available post-migration.
Additionally, customers need to update their new IFSC codes with investment houses like Groww, Zerodha, NSE NMF, BSE Star, and brokers.
This comprehensive transition ensures that Citibank’s consumer banking customers in India continue to receive seamless service and enhanced benefits under Axis Bank.
