Would you place your most precious item in care of somebody who is
careless, reckless and cannot take care of his/her own items?
Well
its the same with Citibank. It has always been in deep trouble with
respect to its finances. If they can’t manage their own, then how do
they expect to manage your money ( call themselves a bank!! ).
When Citibank was in deep trouble in 1990s, the Saudi prince Al-Waleed rescued it by buying a substantial portion of it and pumping in the much-needed capital.
Now with the sub-prime bubble bursting, it is finding itself in troubled waters again. Who would rescue it now?
The lesson for you, don’t keep your life savings with Citibank. Keep it in one of the Indian banks where the deposit is atleast guaranteed by the Deposit Insurance and Credit Guarantee Corporation DICGC
( upto Rs. 1 lakh ). The Citibank deposits are not guaranteed by DICGC,
while most other banks’ deposits ( including ICICI and HDFC ) are
guaranteed by DICGC.
Read more about Citibank and other financial products at my blog https://chawanni.blogspot.com
Regards,
Chawanni Advisor a.k.a. CA