A Comparative Study of Nri Accounts Between Citi Bank & Hdfc

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a comparative study of nri accounts between citi bank & hdfc

submittted by:
Suvaneel Moulick(12DMO65)
Tanmoy Ghosh (12DMO36)
Ankita Mohapatra (12DMO79)
Deo prakash Pandey (12DM110)
Ashish Kumar Maikap(12DM019)

Introduction of citi bank:
* On June 16, 1812, with $2 million of capital, City Bank of New York (which is now known as Citibank) opened for business in the City of New York in the United States to serve a group of New York Merchants. * Citigroup was previously known as First National City Corporation in 1968 and was renamed as Citicorp. * In 1998, Citicorp merged with the Travelers Group to form Citigroup Inc. * Citibank has been known worldwide for being one of the largest commercial banks, spanning across six continents and over 100 countries. Together with its 200,000 over employees, it continues to be a major player in the banking industry. * Citi began operations in India over a century ago in 1902 in Kolkata. * Citi is an employer of choice and operates 42 full-service Citibank branches in 30 cities across the country * Citi is the preferred banker to more than 40,000 small and mid-sized companies across India CURRENT POSITION:

* Citi Bank has reported 18 per cent growth in net profit at Rs 85 crore for the third quarter ended December 31, 2012, against Rs 72 crore in the corresponding quarter last year. * The bank’s deposits grew 24 per cent to Rs 19,044 crore , and advances by 32 per cent to Rs 14,512 crore (Rs 11,027 crore). * The gross NPA for the quarter was Rs 179 crore (1.23 per cent) against Rs 129 crore (1.17 per cent) in the third quarter of 2011-12. Net NPA stood at Rs 91.43 crore (0.63 per cent) against Rs 56 crore (0.51 per cent) last year. * Net interest margin improved to 3.45 per cent (3.24 per cent), and the net interest income was higher by 33 per cent at Rs 163 crore (Rs 123 crore). * The bank’s capital adequacy ratio stood at 12.39 per cent, book value per share at Rs 36.23, and earnings per share at Rs 2.08.

Who can open a CITI bank NRI account?
* Non-resident Indians and Indians travelling abroad on work with a valid passport and a valid H1/L1/J1/H1-B visa are eligible to open a Citibank NRI Account. * Documents required:
* 1. Filled out Application form (Online or PDF version) * 2. Copy of Passport with pages containing photograph, personal details and valid Visa/ Work Permit * 3. Residential Address Proof - Any ONE of:

* a. Local Driver's License
* b. National Identity Card
* c. Utility Bill (Previous Billing Cycle)

Criteria for open an NRI account:
* For United Kingdom Residents
* Salaried individual with at least 2 years of work experience of which at least 12 months as an NRI, plus a minimum salary of GBP 50,000 per annum * You must also have a close blood relative residing in India, who will be a co-applicant to your loan

* For Middle East Residents
* Salaried individual with at least 2 years of work experience of which at least 12 months as an NRI, plus a minimum salary of AED 100,000/ BHD 10,000 per annum * You must also have a close blood relative residing in India, who will be a co-applicant to your loan * For Asia Pacific Residents

* Salaried individual with at least 2 years of work experience of which at least 12 months as an NRI, plus a minimum salary of SGD 100,000 per annum * You must also have a close blood relative residing in India, who will be a co-applicant to your loan Documents required:

* Income Documents (For salaried applicants whose income is being considered):  * Latest Salary Slip for 1 complete month
* Last two year's B4/P60/Work contract
* Last 3 month's bank statement reflecting salary credit

* Personal Identification Documents (For all applicants on the loan): * Passport size photograph
* Copy of Passport...
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