After a long and bumpy relationship, I decided to finally call it quits with Citi from a banking relationship. Ironically I called it quits much after Citi called it off from the Indian market, so I guess I was the person who was the idiot in this relationship! It was also a relationship where I was always shabbily treated and taken for granted.
I went from Suvidha to Gold to Suvidha to "not quite sure what I was" with Citibank. On hindsight, I wasted a good few years having FDs with Citibank, when any other bank gave me at least 1.5x returns more. This was sheer laziness on my part, coupled with the typical younger-me attitude of "as long as i have money in the bank, who cares if it makes 4% or 6%".
Long story short, I had some standing instructions that were linked to my Citi Account, which expired earlier this year. I also had a Premier Miles card which was a waste of money , given my official and personal travel had tanked in the last few years. All said and done, I decided to cut the chord. I called Citiphone, mentally "girding my loins", to be redirected to the Lone branch somewhere in the city. What happened was a pleasant surprise!
Closing the account was just a request on the phone
I had some minimal amount left in the Savings account, and the phone banker told me to do a transfer to any of my other accounts immediately and zero the balance. That way I could avoid a DD encashment process
I decided to close my citi credit card as well, but i use Citi when there are Amazon/Flipkart sales where Citi is the partner, so when the banker offered to swap my card for a lifetime free card, I took it.
The request was taken and that was it. I got a closure notification within 24 hours, and a letter in a week.
I also got a DD for around INR 1000/-. I figured later that it must be the quarterly interest accrued which was paid out
All in All, exiting Citi was stress-free and painless, unlike staying with them! I hated it when they would foist wealth managers who would "mansplain" Mutual funds and sell me ULIPs.
Oh point of Note: I did get all the statements over time for the last 10+ years sent to me via email before i initiated closure of the account.
PPS: Citi claims its operations in India started in 1902!!! Trivia for the curious!
Do you have bank accounts you do not use anymore?
Yes!
Nah...
I don't know