For Immediate Release
Citigroup Inc. (NYSE: C)
April 24, 2013

Innovative Citi Home Loan Program Enables Customers to Pay Off Mortgage Faster and Pay Less Interest


Program available to Citi customers across the New York tri-state area

New York – Citi announced today the launch of the Citi Offset Mortgage, a new program for Citi first-mortgage customers, allowing them to use their Citibank Day-to-Day Savings Account balances to earn rewards that are paid against their mortgage balance. This unique program allows Citi customers to pay off their loan more quickly while paying less interest over the life of their mortgage.

"We're constantly listening to our customers, and we understand that paying off their loans faster and paying less interest is important. With Citi Offset Mortgage, our customers also enjoy the peace of mind that they can access their savings for any need or for emergencies," said Sanjiv Das, President and CEO of CitiMortgage. "We recognize that our customers' needs are continuously evolving and as an organization, we are committed to offering financial solutions that help reduce complexities in their financial lives. This new program is unique in that it helps our customers optimize their financial portfolio, better manage their debt and allows their money to work harder while maintaining complete flexibility."

Rolled out successfully as a pilot program in 19 Citibank branches last year, the Citi Offset Mortgage will be offered to Citi customers interested in refinancing or purchasing a new home in the New York tri-state area.

"Consumers want their banking relationship to deliver greater rewards and value," said Stephen Troutner, Citi's Head of Branch Network and Banking Products for U.S. Consumer Banking. "The Offset Mortgage is a perfect example of how we are helping customers manage their finances by leveraging a broader relationship with Citibank."

The deposits in the customer's Citibank Day-to-Day Savings Account are used to reduce or "offset" the outstanding mortgage balance. Each month, an "offset reward" calculated from savings deposits will be paid by Citi and applied towards mortgage loan principal.

Example: a participating customer with a loan amount of $500,000 at a 3.75 percent interest rate (3.802 percent APR)* and a deposit account with a $50,000 balance will initially receive a monthly "offset reward" of nearly $160. This allows them to pay off their mortgage approximately two years faster, and saves over $32,000 in interest over the term of their mortgage.

Participants should consult their tax advisors as the offset credit will result in interest income that will be filed with the IRS. Also, the maximum savings account balance eligible for offset is 10 percent of the unpaid mortgage principal each month. All new mortgage loan amounts are eligible, however, the Offset Program is limited to certain loan products and subject to standard credit guidelines and loan approval.

Customers must have a Citibank Day-to-Day Savings Account and an automatic monthly debit for standard mortgage payment from a Citibank checking account to participate. Customers can add or withdraw money from their Citibank Day-to-Day Savings Accounts at any time without penalty, and the offset reward will be calculated each month after determining the eligible balance based on the average daily balance of the Citibank Day-to-Day Savings Account as it appears on the account statement for the statement period that ends during the prior calendar month.

Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.

Additional information may be found at | Twitter: @Citi | YouTube: | Blog: | Facebook: | LinkedIn: