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Citi to Axis Bank transition: What changes mean for your investment account(s)
As we are embarking on this new journey, we would like to alleviate any concerns you may have about your valuable investments. Hence, we are here with a guide to help you understand the changes in your Investment Accounts migrated from Citi to Axis Bank.
Key information about the migration of accounts and holdings
- All your investment accounts with Citi will now merge with Axis Bank, including the blocked and common accounts. However, the blocked accounts will retain their status and will require your visit to Axis Bank to activate them.
- All your holdings will reflect under the new Distributor Code under Axis Bank Limited: ARN-0019.
- If you have not provided the Foreign Account Tax Compliance Act (FATCA) details and/ or updated KYC documents, you will need to submit them before making any transaction request on Axis Bank platform.
- Only the MICR and IFSC codes of your account will change. Your bank account number(s) will remain the same after migration.
- We will update the changes in IFSC and MICR codes with the Registrar & Transfer Agents (CAMS & Kfintech), Depositories (NSDL & CDSL), and PMS/AIF providers (Under Axis Bank distribution code).
- Your risk profile will also be migrated with us along with its existing expiry date. Your lowest risk profile will be migrated to Axis Bank if you have multiple risk profiles across Citibank investment accounts.
- You will have access to 4500+ investment products currently available on the Axis Bank platform that match your risk profile.
- All your existing Systematic Investment Plans, Systematic Withdrawal Plans and Systematic Transfer Plans registered through Citibank Investment Services Account will migrate, and their mandate(s) will be mapped to the migrated bank account(s).
- You can view your portfolio history of the active folios on any of our Axis Bank platforms. However, the history of closed folios cannot be viewed upon migration.
- You will need to update your new IFSC codes with investment houses like Grow, Zerodha, NSE NMF, BSE Star, etc. and brokers.
How will the migration affect your Demat Account?
| What will change? | What will remain unaffected? |
|---|---|
Your DP ID will change to Axis Securities DP ID IN304295 for individual accounts and to DP ID IN300484 for non-individual accounts. | All your holdings will remain unaffected and will be migrated to the respective DP IDs. |
You will be issued with new Delivery Instruction slip booklets, as the existing ones will become invalid. | Schedule of Charges (SOC) will remain unchanged. |
You can view your holdings and balances through Axis Bank Mobile Banking App, Open or Internet Banking. | Accounts with regulatory blocks or restrictions will not be migrated until resolved. |
Demat services will be available at Axis Bank branches providing demat services. |
|
Modes of IFSC updation for top investment houses
Zerodha | Website |
Groww | Website & Mobile App |
Motilal Oswal | Mobile App |
Angel-One | Mobile App |
Upstox | Mobile App |
Sharekhan | Website |
Paytm Money | Mobile App |
Aditya Birla Capital | |
ICICI Direct | Website |
Frequently Asked Questions (FAQs)
What happens if I have an investment account in both Citi and Axis Bank with the same folios?
Your lump sum investments will be merged into the existing Axis Bank investment account, and existing SIPs will be re-registered or reactivated automatically under Axis Bank securities.
How will the communication change after migration?
You will receive weekly statements and communication on your registered contact details with NSDL.
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