Citibank Priority Saving Account Review (& Benefits for online entrepreneurs)
I filled up the application for Citi Priority Saving Account.
Citibank Priority account is a best for bloggers, marketers, and solopreneurs who are earning more than 1 lakh per month and have regular spending on online tools & foreign travel.
I am expecting true privileges from Citibank because other banks just have the name Privilege but treat you like a regular customer.
Shifting my primary account from ICICI because of their average service. I am with ICICI for last 10 years but I never got any fees waiver on the credit card, no discount on forex charges, no special discount on loans. I was just a regular customer with “privilege account” written on my checkbook.
Citibank is promising wealth management solution that I really don’t need because I design my portfolio myself. But they have some other interesting features for me.
You can fill up your CitiPriority application and they will call you to explain what they offer.
(Disclaimer: I earn a commission when someone successfully open account using my referred link)
My advice is based on my own experience and application process of Citibank Priority account.
Update: 19th July
Received Citibank Priority World MasterCard DebitCard
Basically, priority account is for the users who want all in one banking solutions for their saving, investment, insurance, loan and demand services. The account holder gets wealth management services along with the investment portfolio.
You need to keep maintaining an average net relationship value (NRV) of Rs 15 Lakhs with the bank to open this account.
It’s your money. You can invest anywhere but through Citibank services.
- You can keep the entire 15L in your saving account
- I decided to keep the money in fixed deposits for the time being
- When the right time will come, I can invest in the mutual funds
- Or in other investments or buying insurance
Your entire portfolio with Citibank should be worth Rs. 15L.
You can also link the accounts of your family members and company. They are very flexible in that.
I asked if the portfolio value drops below 15L? They won’t charge you any fees till you have at least 1L in your portfolio. They will convert your account to a regular account if you keep your portfolio size below 15L for a long time.
That is a relief.
Because you can keep your saving account zero balance by investing money in Fixed deposits, mutual funds, and insurance. They don’t penalize you even if the value drops below 15L temporarily.
The benefits are great if you move your wealth to CitiPriority account.
You can also enjoy preferential pricing for the personal loan and home loan. Citibank official said that they waive off loan processing charges for priority customers.
I wish I had opened the account before our month long Thailand vacation.
We could have saved 3.5% on the markup fees that we paid when withdrawing money from Thailand ATM.
We could have saved 200 baht ATM fees by choosing Citibank ATM abroad.
I buy digital marketing tools online and pay in USD. I will save the 3.5% markup fees charged by banks.
Actually, I pay only 2% because I use Standard Chartered Ultimate Credit card or HDFC Regalia credit card for my foreign transactions online.
Moving forward I will use Citibank world debit card. (The current offer is till Aug but they may extend the offer)
Citi premier miles credit card is one of the top-rated travel credit cards in India.
PremierMiles credit card comes with an annual fee of Rs 3000. But you get a waiver of full annual fees for the first year with Citi priority account.
Along with this, the credit card itself offers great benefits to the cardholders.
For example, I have received Rs. 2000 cashback on booking hotel on MakeMyTrip last month.
- Welcome gift of 10,000 bonus miles with your first spend of Rs.1,000 within 60 days of Card issuance.
- Earn 10 Miles per Rs.100 when you book flight tickets and hotel stays at PremierMiles website.
- Get 10 Miles per Rs.100 spent on all airline transactions with any airline.
- Earn 4 Miles for every Rs.100 spent on all other transactions.
You will also get Citi priority world debit card with priority account.
The benefits of this debit card are better than a premium credit card in India.
- Earn 2 reward points on every Rs.150 spent
- Get 2 free movies tickets every month at www.bookmyshow.com (of max price Rs.350)
- 2X Air Miles, every time at Jet Airways
- Save up to 15% at participating restaurants
- Enjoy daily cash withdrawal limit of Rs.1.50 Lakhs
Note – Redeem reward points for cashback to your account at 1 Reward Point = Rs.1
You will get complimentary lounge access at selected international and domestic terminal lounges in India. Every time you requested for lounge access, you have to pay Rs 25 for card validation process.
To get the complimentary lounge access you need to bring you world debit card with you.
With Citi priority account, you will get the benefit on your personal loan application as well. The benefits include –
- Preferential pricing
- Zero processing fee
- Complete waiver on application fees
- Discounted Booking fees
You will get personal accident insurance policy with cover upto Rs 50 lakh with minimal documentation.
The benefits do not end here, there are some additional benefits you should know before applying for the account
- Complimentary golf rounds and lessons at 11 golf courses
- Enjoy free withdrawals at any CitiBank ATM worldwide
- Enjoy various value-added offers and discounts at over 40,000 merchants in 30 countries with Citi World Privileges
- Access Emergency Cash abroad with a standard daily limit of US$ 3,000
Useful account for the digital entrepreneur like me needs who loves to travel & spend money online.
I will update once I receive the new account kit.