Citigroup’s India-based retail banking
unit has launched ‘Citibanking’ aimed at customers who maintain a
minimum balance of INR200,000 ($4,002) with the bank.

According to Citi, the
emerging affluent sector in India comprises 16m
households.

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The sector consists
primarily of salaried professionals as well self-employed
individuals with an annual income of between INR300,000 and
INR1.5m.

Anand Selva, country
business manager, global consumer group at Citi India,
said:

“With this launch, we have personalised
and customised offerings for our customers across the wealth
continuum – starting with salaried accounts (Suvidha); the newly
defined emerging affluent (Citibanking), the affluent (Citigold),
the high net worth individuals (Citigold Select) and the ultra high
net worth individuals (Citi Private Bank).”

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