Citibank India has launched a new account for its retail customer base- Citi Priority- that will be focused on tapping the emerging affluent customer base.
For this the account holder needs to maintain a banking relationship of Rs 15 lakh. The lender believes that several entrepreneurs amongst other professionals in the age group of 25-40 qualify for this category.
The lender said that as per a recent study a new wealth class is emerging globally- New Wealth Builders (NWB). The number of NWB households in India is expected to jump by 47.4 percent in 2014 through 2020 to 4.9 million households, each with$178,000 (approximately Rs 1.15 crore) in projected average financial assets and this is the group that the bank is looking to target at.
Kartik Kaushik, Country Business Manager, Global Consumer Bank, Citibank India said that the account holder will be able to avail a whole host of features such as-differential pricing,
PremierMiles credit card, free withdrawal at all ATMs across India, financial planning tool etc.
At present, about 10 per cent of the total account holders of Citibank India will qualify to get upgraded to Citi priority account. The total base of Citibank in India stands at 2.2 million.
"We are looking at increasing the share of wallet that a customer has with Citibank and also at improving the consumer stickiness," said Kaushik. At present apart from India, Citi Priority accounts are present in four countries and the bank is looking at introducing this offering in 6 more countries.