How To Migrate From Citibank To Axis Bank

People are currently reading this guide.

Embarking on a New Banking Journey: A Comprehensive Guide to Migrating from Citibank to Axis Bank

Are you a Citibank customer in India wondering what the recent acquisition by Axis Bank means for you? Rest assured, you're not alone! The transition of Citibank's consumer banking business to Axis Bank is a significant event, and understanding the process will ensure a smooth shift for your financial relationships. This detailed guide will walk you through everything you need to know, from understanding the migration itself to managing your accounts and cards post-transition.

The Great Shift: Understanding the Citibank-Axis Bank Transition

First things first, let's clarify what's happening. Axis Bank officially acquired Citibank's consumer banking business in India. This includes retail banking, credit cards, wealth management, and consumer loans. This means your Citibank accounts are not being closed and then reopened in Axis Bank. Instead, they are being migrated onto the Axis Bank systems. For many customers, this means your existing account numbers, credit card numbers, CVVs, and expiry dates will remain the same for a period. However, the underlying banking platform and the entity managing your accounts will now be Axis Bank.

Step 1: Have You Received Communication from Axis Bank?

Before you do anything else, pause and consider: Have you received official communication from Axis Bank regarding your account migration? Axis Bank has been actively informing Citibank customers about the transition via SMS, email, and other channels. This communication is crucial as it will provide you with your new Axis Bank Customer ID (if you didn't have an existing Axis Bank relationship), details about how to access your migrated accounts, and any specific instructions relevant to your account type. If you haven't received this, please reach out to Axis Bank customer service immediately. This is your primary source of personalized information.

Sub-heading: Why this step is crucial

This initial communication is vital because it sets the stage for your specific migration. It confirms that your accounts have been successfully transitioned and provides the necessary credentials to begin managing them on the Axis Bank platform. Don't proceed with other steps until you've confirmed this.

Step 2: Accessing Your Migrated Accounts on Axis Bank Platforms

Once you've confirmed the migration, the next logical step is to gain access to your accounts on Axis Bank's digital platforms.

Sub-heading: For existing Axis Bank customers

If you were already an Axis Bank customer, your migrated Citibank accounts and credit cards should be merged into your existing Axis Bank Customer ID. You can simply log in to your Axis Bank Mobile Banking App or Internet Banking to view your newly integrated relationships.

Sub-heading: For new Axis Bank customers

If you are new to Axis Bank, you will need to register on their digital platforms.

Axis Bank Mobile Banking App:
1. Download the "Axis Mobile" app from your app store (Google Play Store or Apple App Store).
2. Open the app and click on "Login to your Axis account."
3. Allow the requested permissions.
4. Verify your mobile number using SMS.
5. Complete the registration using OTP authentication, or your Citi-branded Debit Card or Credit Card details.
6. Enter a nickname for your account.
7. Create your MPIN and enable biometrics for secure access.
Axis Bank Internet Banking:
1. Visit the Axis Bank Internet Banking portal (usually omni.axisbank.co.in/axisretailbanking/).
2. Click on "Citi India login."
3. Complete the registration process using your new Axis Bank Customer ID (communicated to you via SMS/email) or your Citi-branded Debit Card or Credit Card details.
4. Set your password, security questions, and login ID.
5. Use your new Login ID and password to access your accounts.

Step 3: Understanding Changes to Your Cards and Cheque Books

While Axis Bank aims for a seamless transition, there are some important points to note regarding your cards and cheque books.

Sub-heading: Your Citi-branded Credit and Debit Cards

Initial Phase: Your existing Citi-branded Credit and Debit Cards will continue to work seamlessly with no change in card number, CVV, or expiry date. You can immediately start enjoying any new benefits associated with the Axis Bank acquisition.
New Axis Bank Cards: You will eventually receive new Axis Bank branded cards. This is expected to happen in the last quarter of 2024 (though timelines can vary, so stay updated with Axis Bank communications).

Sub-heading: Your Cheque Books

New Axis Bank Cheque Books: You should have already received or will soon receive a new Axis Bank cheque book with the updated IFSC and MICR codes.
Discontinuing Citi Cheques: It is critical to start using your new Axis Bank cheque book immediately upon receipt and stop using your older Citi cheque book. Citi cheques will cease to be honored after a certain migration date (historically, around July 5th, 2024, but always verify the latest official date from Axis Bank).
Post-dated Cheques: If you have issued any post-dated cheques from your Citi account, you must cancel them and replace them with new cheques from your Axis Bank cheque book. Inform your vendors, financial institutions, or landlords accordingly.

Step 4: Updating Your Financial Linkages and Recurring Payments

This is a crucial step to prevent any disruptions to your financial life.

Sub-heading: Updating IFSC Codes

While your account number might remain the same, the IFSC code will change to an Axis Bank IFSC. You need to update this new IFSC code wherever your bank account is linked for transactions. This includes:

Income Tax Portal: Update your new Axis Bank IFSC details.
Salary Credits: Inform your employer about the new IFSC for salary credits.
Pension Accounts: Update with pension disbursing authorities.
SIPs/Mutual Funds: For new e-mandates, use the new Axis Bank IFSC. Existing mandates are expected to be centrally updated, but it's always good to verify with your fund house.
Other Government Bodies: If your account is linked to any government schemes or benefits, update the IFSC there.
Society Payments/Rent: If you receive payments like rent or society maintenance, ensure the payer uses the new Axis Bank IFSC.

Sub-heading: Managing Recurring Payments and Mandates

Existing Standing Instructions/ECS: Axis Bank aims to seamlessly migrate existing standing instructions and ECS mandates. However, it is highly recommended to cross-check that all your recurring payments (utility bills, loan EMIs, insurance premiums, subscriptions, etc.) are correctly mapped and continue to process as usual after the migration.
e-NACH Mandates: For existing e-NACH mandates for card repayment, Axis Bank will present them a few days prior to the due date to ensure timely credit. Again, monitor these closely to avoid any missed payments.
Linked UPI IDs: If you had UPI IDs linked to your Citibank account, you will need to re-link them with your migrated Axis Bank account through the UPI app.

Step 5: Verifying Your Investment and Demat Accounts

If you had investment portfolios (like mutual funds) or demat accounts with Citibank, these will also be migrated.

Investment Portfolio (Citi Investment Services Account): Your portfolio will be migrated to Axis Bank, and your holdings will reflect under "Axis Bank Limited AMFI Code: ARN-0019."
Demat Accounts: Individual demat accounts will be seamlessly migrated to Axis Securities Ltd.
Existing SIP Registrations: All existing SIP registrations will be migrated and mapped to the corresponding Axis Bank Investment Account.
Action: Once you have access to your Axis Bank accounts, verify that all your investment holdings and ongoing SIPs are correctly reflected and accessible. If you have any concerns, contact Axis Bank's wealth management or investment services team.

Step 6: Understanding Customer Service and Support Channels

Your point of contact for banking services has now shifted.

Post-Migration Support: All customer service queries, disputes, and support will now be handled by Axis Bank's customer service channels.
Phone Banking: Use Axis Bank Phone Banking numbers for assistance. (Refer to Axis Bank's official website or your migration communication for the updated numbers for your segment – Burgundy Private, Burgundy, or Other Segments).
Digital Channels: Utilize the Axis Bank Mobile Banking App and Internet Banking for most of your service needs. They offer options to raise disputes, report fraud, connect via email, or chat with an agent.
Branch Visits: You can visit any Axis Bank branch for assistance. The former Citibank branches will now function as Axis Bank branches and are equipped to serve migrated customers.

Step 7: Monitoring Your Accounts Post-Migration

The first few weeks or months after the migration are crucial for monitoring.

Regularly Check Statements: Review your bank statements and credit card statements diligently to ensure all transactions are accurate and as expected.
Set Up Alerts: Enable SMS and email alerts for all transactions on your Axis Bank accounts and cards. This will help you keep track of activity and identify any discrepancies quickly.
Track Recurring Payments: Manually verify that all your recurring payments are being debited correctly and on time.
Stay Informed: Keep an eye on official communications from Axis Bank for any further updates or changes related to the migration.

Step 8: Retaining Records (Just in Case)

While the aim is a seamless transition, it's always prudent to maintain your own records.

Download Statements: Download and save your past Citibank account statements and credit card statements for at least the last 1-2 years.
Keep Migration Communications: Store all official emails, SMS, or letters received from both Citibank and Axis Bank regarding the migration.
Document Key Information: Keep a record of your old Citibank account numbers, card numbers, and the new Axis Bank Customer ID.

By following these steps diligently, you can ensure a smooth and hassle-free migration of your banking relationship from Citibank to Axis Bank. Remember, proactive monitoring and communication with Axis Bank are your best allies during this transition.

Frequently Asked Questions (FAQs) - How to Migrate from Citibank to Axis Bank

Here are 10 related FAQ questions with quick answers to help you further:

How to know if my Citibank account has been migrated to Axis Bank?
- You will receive official communication (SMS, email) from Axis Bank confirming the migration and providing your new Axis Bank Customer ID (if applicable). You can also try registering on the Axis Bank mobile app or internet banking using your Citi details.
How to register on the Axis Bank Mobile Banking App as a former Citibank customer?
- Download "Axis Mobile," click "Login to your Axis account," verify your mobile number, and complete registration using OTP or your Citi-branded Debit/Credit Card details.
How to register on Axis Bank Internet Banking after the migration?
- Visit the Axis Bank Internet Banking portal, click on "Citi India login," and follow the registration steps using your new Axis Bank Customer ID or Citi-branded Debit/Credit Card details.
How to continue using my Citibank credit card after the migration?
- Your existing Citi-branded credit card will continue to work. You'll receive a new Axis Bank branded card later in 2024, but your existing card number, CVV, and expiry date will remain the same for now.
How to ensure my recurring payments (EMIs, SIPs) are not affected?
- Axis Bank aims to seamlessly migrate these. However, it's crucial to monitor your bank statements after migration to ensure all recurring payments are debited correctly. Update the new Axis Bank IFSC with billers if required.
How to get a new cheque book with Axis Bank details?
- Axis Bank will send you a new cheque book. Start using it immediately and discard your old Citi cheque book, as Citi cheques will no longer be honored after the official migration date.
How to update my IFSC code for salary and other credits?
- Inform your employer, pension authorities, and any other sources of income about your new Axis Bank IFSC code. You will also need to update it on the Income Tax portal.
How to access my investment and demat accounts previously held with Citibank?
- Your investment portfolio will be migrated to Axis Bank (AMFI Code: ARN-0019) and demat accounts to Axis Securities Ltd. You should be able to view these through your Axis Bank digital platforms.
How to contact customer service for my migrated accounts?
- All customer service and support will now be handled by Axis Bank. Use their phone banking numbers, mobile app, or visit any Axis Bank branch.
How to ensure a smooth transition and avoid issues?
- Read all communications from Axis Bank carefully, proactively check your accounts and transactions, update your new IFSC with all relevant parties, and don't hesitate to contact Axis Bank customer service for any queries or concerns.

0482240520183513399