• Be it travelling to your dream destination, buying the latest gadget or improving your home, "Ready Credit" helps in meeting all your payment needs
• Moreover, this credit facility remains with you till the time you have a Corporate Suvidha Salary Account with us and continue to meet Citibank's credit criteria
• Pay interest only on the line amount used and for the duration it is used
• Option to repay the utilized amount as per your comfort subject to a minimum monthly repayment of 5% of the line utilized

You pay only for the amount used and for the period used. The repayments are monthly and will be debited from your Suvidha Account through a standing instruction. Each monthly installment has 2 components:

Example:

Total Line Amount: Rs. 90,000

Purchase made at Shoppers Stop by swiping Citibank Maestro ATM/Debit Card from Ready Credit (Current Account) for Rs. 30,000 on 1st September.

Rate of Interest: 2% per month (24% ROI per annum).

The Principal Repayment would be due on the day of salary credit and interest would be due on the first of every month. Please ensure that there are sufficient funds in your Suvidha savings account to make the payment as illustrated above.

You can also make 'full repayment' of the line amount used by doing an account-to-account transfer on

• Citibank Online
• Kiosk (located at Citibank ATM Centres)
• Calling 24x7 CitiPhone helpline

• Access through ATMs
  
  • On Citibank ATMs, Select ' Checking/ Ready Credit Account'
  • Select "Current Account" on Non-Citibank ATMs
• Cheque and ECS Bounce Protection in absence of sufficient funds in your Suvidha Account
• Pay Utility Bills/Credit Card bills from your Ready Credit Account by logging into your Suvidha Account with your IPIN

Citibank Ready Credit is a personal Overdraft line linked to your Suvidha Salary Account. This facility is offered to employees of select corporate. It is a simple, easy-to-use Overdraft facility which provides account holders an Overdraft line of up to three times of their net monthly take home salary (up to a maximum of Rs. 3 lakhs).

Account holders can apply for this facility along with the Suvidha application form, i.e., at the time of Suvidha Account Opening. Account holders may also apply separately/later through a simple form, or call up CitiPhone and ask for this facility.

• Instant access to the assigned Overdraft line (up to Rs. 3 lakhs*) in your account which can be accessed through an ATM / CitiPhone / Cheques and even online through CBOL
• No Documentation / No Post Dated Cheques and No Prepayment Penalty
• Online transactions like funds transfer, bill payments etc., are possible
• Repay the utilised amount as per your comfort, subject to a minimum monthly repayment of 5% of the line utilised. This facility remains with the account holder as long as he keeps repaying his minimum dues and meets the bank's internal criteria. There is no need to reapply for this product as is the case with other credit instruments
• Attractive interest rate

• The Debit/ATM Card allows you to withdraw funds directly from your Ready Credit Account. Just select "Checking/ Ready Credit Account" on the ATMs.
• Funds transfer can be done through CitiPhone or CBOL (Citibank Online).

There is an activation fee of Rs. 500, which is a onetime fee payable when you use this facility for the first time. An annual renewal fee is charged at 2% of the line amount or Rs. 750, whichever is lower. This fee is charged on the completion of one year from the date of first usage of the Ready Credit facility.

Once the Suvidha Account is opened and has 3 salary credits, the Ready Credit line automatically gets set up to 3 times of the net salary credited in the account. To activate the account, simply use your Ready Credit Account through any of the steps highlighted in FAQ No. 4.

The interest is charged only on the amount used and the period used. For example if you only use Rs. 10,000 for 15 days then you need to pay interest only for 15 days and not for the month. Citibank offers very attractive interest rates for its Ready Credit. The interest is calculated on a daily reducing balance and there is no pre-closure penalty charged. The interest for the amount used will have to be paid on the 1st of every month. In case there is no usage of the facility, there will be no interest payable.

You can utilise the complete amount assigned to you as your personal line of credit. However, cash withdrawal is restricted to the daily ATM withdrawal limit assigned to you. You can check the credit line assigned to you by logging on to Citibank Online (CBOL). Details of your Ready Credit line will appear under the option - Line Amount.

Every month there is a mandatory repayment of 5% of the outstanding balance as on the day of salary credit, which is taken from the Suvidha Account. For example if the outstanding is Rs. 50,000, you have to pay Rs. 2500. This amount will be earmarked from the Suvidha Account for payment towards the Ready Credit Account. Once the minimum due is paid off, this amount is added back to your withdrawal limit on the Ready Credit line.

The interest for the amount used will have to be paid on the 1st of every month. In case there is no usage of the facility, there will be no interest payable. The minimum due towards the principal amount used is deducted on the date of salary credit.

Any amount in excess of the minimum due can be transferred to the Ready Credit Account as repayment.

The Ready Credit line remains with you till the time you have a Corporate Suvidha Salary Account with Citibank. As you keep repaying the amount used earlier, the same funds become available to you on your Ready Credit Account for future use.

However, since Ready Credit Account is linked to a Salary Account, the facility will cease to exist if the salary stops coming to the Suvidha Account. This could be because of a change in job. In such cases the account holder is supposed to clear the Ready Credit outstanding.

In case there is no salary credit for 45 days, this facility will be withdrawn and the account holder is required to repay the outstanding over 20 equated instalment of the Principal Amount. The interest on the outstanding needs to be paid every month. This would help you close the Ready Credit Account in 20 months. You can give an SI or ECS for paying the monthly dues.

In case the new employer of the customer has a Suvidha relationship with Citi, the customer can continue to use his old Suvidha Account as well as the Ready Credit facility. All the customer needs to do is update his latest Office Address and Residence Address (if changed) along with the details of the new Corporate being joined. This can be done by contacting CitiPhone or the service RM for that corporate.

There is a monthly minimum due earmarked against the balance available in the Suvidha Account. This means that customers can withdraw the complete amount except for the monthly minimum due of 5%. Once the minimum due is paid, the funds would be again available as withdrawal amount on his Ready Credit Account.