[Resolved]  Citibank Suvidha Account — Hike of Minimum account balance

Hi all, here is the latest.

Citibank has increased the minimum balance requirement for Suvidha accounts (where you are no longer getting your salaries) to INR 1 Lac rupees... yes 1,00,000.00 !!!!!!

This is with effect from 1st March 2013. If this is not maintaained, you will be charged Rs 500 MONTHLY.

I am already having to maintain this super costly account with a minimum balance of 25k (ridiculous by itself), as I have some investments linked to it.

But now, this is being increased to 1 lac.. that too, by just sending a email information.

The mail states a few puny benefits and states:
"The Citibanking Account starts at a monthly net relationship value (NRV) of 2 lakhs for new clients. A monthly charge of 500 is applicable when the NRV falls below this minimum level. We are pleased to inform you that, as a special gesture, for your long standing relationship, a lower minimum NRV requirement of 1lakh will be applicable for your Citibanking Account.

With this conversion, the benefits of the Citibanking Account, and the revised terms as above will apply to your account, effective 1st March 2013. However, for your convenience, your account number, debit card^, cheque book and PINs will continue unchanged."

I am going to de-link my investments within a week from this account, transfer them elsewhere and permanently stop ANY connections with Citibank. Just can't afford such an account.