The Hindu : Citibank launches intl. account for resident Indians

Online edition of India's National Newspaper
Thursday, Nov 21, 2002

Business

Business

Citibank launches intl. account for resident Indians

MUMBAI NOV. 20. Citibank today launched its "Citibank International Account'' enabling Indian residents to open and operate foreign currency accounts. This decision follows the recent notification issued by the Reserve Bank of India that allows resident Indians to open foreign currency accounts.

The "Citibank International Account'' comes with the added advantage of a cheque book facility that facilitates the making of payments directly, thereby avoiding the documentation involved now in making remittances abroad, it said.

With this facility, customers can now prevent losses due to intermittent conversions. Making payments through the cheque book facility too would be easier, thus allowing customers to use their foreign currency earnings and residual basic travel quota amounts efficiently, it said.

The account was being launched nationally and customers could hold any amount in the account as long as the foreign currency was earned through channels specified by the RBI.

— PTI

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