Targeting India’s emerging affluent consumers, Citibank India Pvt. Ltd.’s announced March 5 a new banking package it expects to help it increase business in the rapidly growing market.
Citi is targeting the package at salaried professionals and self-employed individuals with annual incomes between 300,000 rupees (US$5,995 or 4,540 euros) and 1.5 million rupees, a bank customer service representative tells PaymentsSource.
Among the perks, accountholders will not be charged for cash withdrawals at any ATM globally when using their Citi debit card, he says.
“There would also be no charges on other facilities like duplicate statements or online funds transfers from their accounts,” the rep says, adding that a minimum relationship value of 200,000 rupees is needed to avoid the charges.
Anand Selva, Citi’s country consumer business head, said at a press conference that India’s affluent segment is growing at a fast clip of about 9% annually, and the bank expects to increase its share in this consumer market from 10% to 15% within the next three years.
“The revenue growth in this segment is likely to be around 18% to 20%,” Selva said, noting the bank is rebuilding and growing its credit card programs and unsecured personal loans business.
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