Citibank India has introduced a new retail banking product for the country's growing emerging affluent segment. 

Citibanking, the new retail proposition, requires a minimum investment of Rs200,000 ($4,000), the bank said in a statement. 

The product was developed based on results from a survey of 8,000 emerging affluent individuals across seven Asia-Pacific markets: India, Hong Kong, Singapore, Indonesia, Taiwan, Malaysia and Korea. In India, 2000 respondents were interviewed by TNS Global and said that they expected greater convenience from their banks. 

Of this number, 74 per cent said they wanted an experienced and knowledgeable financial advisor, 79 per cent wanted access to their bank and cash from anywhere in the world, while 76 per cent sought better online banking services. Citi said the emerging affluent segment is a top priority for its Asian business.

In a related study by Basis McKinsey India, the emerging affluent segment in India constitutes 16 million households with 37 per cent residing in the country's top 14 cities. These are mostly salaried and self-employed individuals with an annual income of between Rs300,000 and Rs1.5 million. 

Citibank India is present across 30 cities through 42 full-service branches. It is one of the largest foreign direct investors in the Indian financial services industry with around $4 billion in invested capital.