Citibank Singapore just increased its minimum total relationship balance (TRB) from S$5,000 to S$15,000 for all its banking clients – Citibanking, Citi Priority and Citigold. TRB refers to minimum balance of checking, saving and deposit accounts, as well as investments and loans. At the end of the month, if the account has funds lower than this limit, the bank will incur a monthly account service fee of S$15. This new policy was taken to ensure Citi’s focus on emerging and affluent customers.
According to RFi Group data from H2 2016 Singapore Retail Banking Council, there has been a stronger interest among the affluent to save more and spend less. Changes in Citibank’s TBR is aligned with the affluent’ s interest to save more in the market.
Source: RFi Group – Singapore Retail Banking Council (H2 2016)