Citibank launches preferred rupee checking account for NRIs

Global lender, Citibank today announced the launch of preferred rupee checking account, a product aimed at its NRI clients.     

The key features of the product include a dedicated priority service platform, superior foreign exchange rates on inward remittances and lower service charges on banking services, a release said.     

The service also offers custom-designed privileges on some characteristic India-oriented requirements of NRIs, it said.The product will be an account domiciled in India and denominated in rupees under the aegis of Reserve Bank of India, the release said.    

Customers will be able to remit money from a foreign country into this account, which can then be operated by their mandate holder in India, it said. "The rupee checking account is our flagship product for the NRIs.

The account provides both transactional and lifestyle benefits," Citi India's Global Consumer Group, Country Business Manager, N Rajashekaran said.     

Citibank had recently launched Citi Online Remit, a money transfer service to India that provides NRIs based in the US the facility to transfer funds to India. Citibank started its NRI business in US in 1985 and manages wealth needs of over 1.2 lakh clients in the country.