SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K

                                 Current Report

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

       Date of Report (Date of earliest event reported): January 21, 1998

                          Citibank (South Dakota), N.A.
                                  on behalf of
                       Citibank Credit Card Master Trust I
          (Issuer in respect of the Citibank Credit Card Master Trust I
      8 7/8% Class A Credit Card Participation Certificates, Series 1991-3
      9 1/4% Class B Credit Card Participation Certificates, Series 1991-3
      7.875% Class A Credit Card Participation Certificates, Series 1991-6
      8.350% Class B Credit Card Participation Certificates, Series 1991-6
       5.95% Class A Credit Card Participation Certificates, Series 1993-2
       6.15% Class B Credit Card Participation Certificates, Series 1993-2
       5.50% Class A Credit Card Participation Certificates, Series 1993-3
       5.70% Class B Credit Card Participation Certificates, Series 1993-3
       7.25% Class A Credit Card Participation Certificates, Series 1994-2
       7.50% Class B Credit Card Participation Certificates, Series 1994-2
       6.80% Class A Credit Card Participation Certificates, Series 1994-3
       7.00% Class B Credit Card Participation Certificates, Series 1994-3
       8.25% Class A Credit Card Participation Certificates, Series 1994-4
       8.25% Class A Credit Card Participation Certificates, Series 1995-1
       8.45% Class B Credit Card Participation Certificates, Series 1995-1
       7.85% Class A Credit Card Participation Certificates, Series 1995-3
   Floating Rate Class A Credit Card Participation Certificates, Series 1995-4
       7.65% Class B Credit Card Participation Certificates, Series 1995-4
   Floating Rate Class A Credit Card Participation Certificates, Series 1995-5
       6.75% Class A Credit Card Participation Certificates, Series 1995-6
       6.90% Class B Credit Card Participation Certificates, Series 1995-6
       6.70% Class A Credit Card Participation Certificates, Series 1995-8
       6.85% Class B Credit Card Participation Certificates, Series 1995-8
       6.55% Class A Credit Card Participation Certificates, Series 1995-9
       6.65% Class B Credit Card Participation Certificates, Series 1995-9

                                                       [Cover page 1 of 2 pages]

<PAGE>

      5.90% Class A Credit Card Participation Certificates, Series 1995-10
      6.05% Class B Credit Card Participation Certificates, Series 1995-10
  Floating Rate Class A Credit Card Participation Certificates, Series 195-11
    Zero Coupon Class A Credit Card Participation Certificates, Series 1996-1
    Zero Coupon Class B Credit Card Participation Certificates, Series 1996-1
   Floating Rate Class A Credit Card Participation Certificates, Series 1996-5
   Floating Rate Class B Credit Card Participation Certificates, Series 1996-5
   Floating Rate Class A Credit Card Participation Certificates, Series 1996-6
   Floating Rate Class B Credit Card Participation Certificates, Series 1996-6
       6.55% Class A Credit Card Participation Certificates, Series 1997-2
       6.70% Class B Credit Card Participation Certificates, Series 1997-2
      6.839% Class A Credit Card Participation Certificates, Series 1997-3
      6.989% Class B Credit Card Participation Certificates, Series 1997-3
   Floating Rate Class A Credit Card Participation Certificates, Series 1997-4
   Floating Rate Class B Credit Card Participation Certificates, Series 1997-4
    Zero Coupon Class A Credit Card Participation Certificates, Series 1997-6
    Zero Coupon Class B Credit Card Participation Certificates, Series 1997-6
       6.35% Class A Credit Card Participation Certificates, Series 1997-7
       6.45% Class B Credit Card Participation Certificates, Series 1997-7
   Floating Rate Class A Credit Card Participation Certificates, Series 1997-8
  Floating Rate Class A Credit Card Participation Certificates, Series 1997-10
  Floating Rate Class B Credit Card Participation Certificates, Series 1997-10
      5.750% Class A Credit Card Participation Certificates, Series 1998-1
      5.875% Class B Credit Card Participation Certificates, Series 1998-1
       6.05% Class A Credit Card Participation Certificates, Series 1998-2
       6.20% Class B Credit Card Participation Certificates, Series 1998-2
                       (collectively, the "Certificates"))

               (Exact name of registrant as specified in charter)

   UNITED STATES OF AMERICA                                 46-0358360
(State or other jurisdiction                            (I.R.S. Employer
     of incorporation)                                Identification No.)

           33-38312, 33-41054, 33-41055, 33-42235, 33-43575, 33-43576,
      33-47657, 33-48148, 33-52152, 33-62180, 33-77802, 33-84834, 33-97664,
                             33-99328 and 333-38803

                            (Commission File Numbers)

      701 East 60th Street, North
       Sioux Falls, South Dakota                               57117
   (Address of principal executive offices)                 (Zip Code)

       Registrant's telephone number, including area code: (605) 331-2626

                                 Not Applicable

          (Former name or former address, if changed since last report)

                                                       [Cover page 2 of 2 pages]


                                        2

<PAGE>

Item 5. Other Events.

        The information provided below is provided in respect of Citibank Credit
Card Master Trust I. Certain capitalized terms used herein are used as defined
in the Glossary of Terms at the end of this Report.

Loss and Delinquency Experience

        The following tables set forth the loss and delinquency experience with
respect to payments by cardholders for each of the periods shown for the
Accounts. With respect to the Loss Experience table below, loss experience is
shown on a cash basis for Principal Receivables. If accrued Finance Charge
Receivables which have been written off were included in losses in the following
table, Net Losses would be higher as an absolute number and as a percentage of
the average of Principal and Finance Charge Receivables outstanding during the
periods indicated. There can be no assurance that the loss and delinquency
experience for the Receivables in the future will be similar to the historical
experience set forth below with respect to the Accounts.

                       Loss Experience for the Accounts(1)
                             (Dollars in Thousands)
<TABLE>
<CAPTION>
                                                           Year Ended December 31,
                                                -------------------------------------
                                                    1997         1996         1995
                                                -----------  -----------  -----------
<S>                                      <C>    <C>          <C>          <C>        
Average Principal Receivables Outstanding(2).   $33,529,923  $31,225,337  $25,083,447

Net Losses(3)................................    $2,099,096   $1,678,991     $956,261

Net Losses as a Percentage of Average Principal
  Receivables Outstanding....................          6.26%        5.38%        3.81%
</TABLE>

---------------

(1)     Losses consist of write-offs of Principal Receivables.
(2)     Average Principal Receivables Outstanding is the average of Principal
        Receivables outstanding during the periods indicated. 
(3)     Net losses as a percentage of gross charge-offs for each of the years
        ended December 31, 1997, 1996 and 1995 were 92.49%, 92.46% and 88.49%,
        respectively. Gross charge-offs are charge-offs before recoveries and do
        not include the amount of any reductions in Average Principal
        Receivables Outstanding due to fraud, returned goods, customer disputes
        or certain other miscellaneous write-offs.


                                        3
<PAGE>

<TABLE>
<CAPTION>

               Delinquencies as a Percentage of the Accounts(1)(2)
                             (Dollars in Thousands)

                                                 As of December 31,
                    -----------------------------------------------------------------------------
                             1997                       1996                      1995
                           ---------                 ----------                ----------
Number of Days      Delinquent                Delinquent                Delinquent               
Delinquent           Amount(1)  Percentage(2)  Amount(1)  Percentage(2)  Amount(1)  Percentage(2)
----------          ----------  ------------- ----------  ------------- ----------  -------------
<S>                 <C>           <C>         <C>            <C>        <C>             <C>  
35-64 days ......   $  683,773    2.01%       $  714,532     2.25%      $  699,878      2.75%
65-94 days ......      389,897    1.15           394,432     1.25          353,832      1.39
95 days or more .      699,696    2.06           687,988     2.17          558,613      2.20
-------------------------------------------------------------------------------------------------
 Total ..........   $1,773,366    5.22%       $1,796,952     5.67%      $1,612,323      6.34%
</TABLE>

----------
(1)     The Delinquent Amount includes both the Principal Receivables and
        Finance Charge Receivables.
(2)     The percentages are the result of dividing the Delinquent Amount by the
        average of Principal and Finance Charge Receivables outstanding during
        the periods indicated.

Revenue Experience

       The revenues for the Accounts from finance charges, fees paid by
cardholders and interchange for each year of the three-year period ended
December 31, 1997 are set forth in the following table.

       The revenue experience in the following table is presented on a cash
basis before deduction for charge-offs. Revenues from finance charges, fees and
interchange will be affected by numerous factors, including the periodic finance
charge on the Receivables, the amount of any annual membership fee, other fees
paid by cardholders, the percentage of cardholders who pay off their balances in
full each month and do not incur periodic finance charges on purchases, the
percentage of Accounts bearing finance charges at promotional rates and changes
in the level of delinquencies on the Receivables.


                                        4
<PAGE>

                       Revenue Experience for the Accounts
                             (Dollars in Thousands)

                                                Year Ended December 31,
                                      ------------------------------------------
                                         1997           1996            1995
                                      ---------------------------- -------------
Finance Charges and Fees Paid.......  $6,189,383     $5,732,865      $4,545,420
Average Revenue Yield (1)...........      18.46%         18.36%          18.11%

(1)     Average Revenue Yield is the result of dividing Finance Charges and Fees
        Paid by Average Principal Receivables Outstanding during the periods
        indicated.

        The revenues related to periodic finance charges and fees (other than
annual fees) depend in part upon the collective preference of cardholders to use
their credit cards as revolving debt instruments for purchases and cash advances
and to pay off account balances over several months as opposed to convenience
use (where the cardholders prefer instead to pay off their entire balance each
month, thereby avoiding periodic finance charges on purchases) and upon other
services of which the cardholder chooses to avail himself and which are paid for
by the use of the card. Fees for these other services will be treated for
purposes of the Pooling Agreement and the Series Supplement as Principal
Receivables rather than Finance Charge Receivables; however, the Banks will be
permitted to specify that any such fees will be treated as Finance Charge
Receivables. Revenues related to periodic finance charges and fees also depend
on the types of charges and fees assessed on the Accounts. Accordingly, revenues
will be affected by future changes in the types of charges and fees assessed on
the Accounts and in the types of Additional Accounts added from time to time.
Revenues could be adversely affected by future changes in fees and charges
assessed by CBSD and other factors.

        CBSD has previously reduced the finance charges and reduced or
eliminated the annual fees applicable to, and modified some other terms of,
certain of the Accounts. These changes have reduced the gross yield of the
Accounts.


                                        5
<PAGE>

Cardholder Monthly Payment Rates for the Accounts

        Monthly payment rates on the Receivables may vary because, among other
things, cardholders may fail to make a required payment, may only make payments
as low as the minimum required payment or may make payments as high as the
entire outstanding balance. Monthly payment rates on the Receivables may also
vary due to seasonal purchasing and payment habits of cardholders. The following
table sets forth the highest and lowest cardholder monthly payment rates for the
Accounts during any month in the periods shown and the average of the cardholder
monthly payment rates for all months during the periods shown, in each case
calculated as a percentage of the total beginning account balances for such
month. Monthly payment rates reflected in the table include amounts which would
be deemed payments of Principal Receivables and Finance Charge Receivables with
respect to the Accounts. In addition, the amount of outstanding Receivables and
the rates of payments, delinquencies, charge-offs and new borrowings on the
Accounts depend on a variety of factors including seasonal variations, the
availability of other sources of credit, general economic conditions, tax laws,
consumer spending and borrowing patterns and the terms of the Accounts (which
are subject to change by CBSD).

                       Cardholder Monthly Payment Rates for the Accounts

                                               Year Ended December 31,
                                    -------------------------------------------
                                        1997           1996           1995
                                    -------------  -------------  -------------
Lowest Month.......................    18.00%          17.65%         17.59%
Highest Month......................    21.98%          21.05%         20.92%
Average of the Months in the Period    19.92%          19.39%         19.09%


The Receivables

        The Receivables in the Accounts as of January 3, 1998 included
$525,245,794 of Finance Charge Receivables and $35,285,751,179 of Principal
Receivables (which amounts include overdue Finance Charge Receivables and
overdue Principal Receivables). As of January 3, 1998, there were 28,139,554
Accounts.


                                        6
<PAGE>

Included within the Accounts are inactive Accounts that have no balance. The
Accounts had an average Principal Receivable balance of $1,254 and an average
credit limit of $5,151. The average total Receivable balance in the Accounts as
a percentage of the average credit limit with respect to the Accounts was 25%.
Approximately 92% of the Accounts were opened prior to December 1995.
Approximately 13.18%, 10.95%, 6.65% and 5.67% of the Accounts related to
cardholders having billing addresses in California, New York, Texas and Florida,
respectively. Not more than 5% of the Accounts related to cardholders having
billing addresses in any other single state.

         The periodic finance charge assessed on balances in most accounts for
cash advances and purchases is currently the Prime Rate (as published in The
Wall Street Journal) plus a percentage ranging from 5.4% to 10.4% for accounts
in good standing, and the Prime Rate plus 12.9% for accounts which have been
recently, or currently are, delinquent. As of the most recent quarterly reset
date, the periodic finance charge ranged from 13.90% to 18.90% for most accounts
in good standing, and was 21.40% for most accounts which have been recently, or
currently are, delinquent. CBSD may change the periodic finance charge on
accounts at any time by written notice to the cardholders. Any announced
increase in such rate will become effective upon the earlier of subsequent use
of a card and the expiration of a 25-day period from the date such change was
made effective (assuming failure on the part of the cardholder to object to the
new rate). CBSD also offers promotional rates of limited duration to attract new
cardholders and to promote balance transfers from other credit card issuers and,
under certain circumstances, the periodic finance charge on a limited number of
accounts may be greater or less than those assessed by CBSD generally.

        The Accounts consist of Eligible Accounts. The Banks may (subject to
certain limitations and conditions), and, in certain circumstances, will be
obligated to, designate from time to time Additional Accounts and to convey to
the Trust all Receivables of such Additional Accounts, whether such Receivables
are then existing or thereafter created. The Banks have made Lump Sum Additions
to the Trust which, in the aggregate, included approximately $22.42 billion of
Principal Receivables.


                                        7
<PAGE>

        The following tables summarize the Accounts by various criteria as of
January 3, 1998. References to "Receivables Outstanding" in the following tables
include both Finance Charge Receivables and Principal Receivables. Because the
composition of the Accounts will change in the future, these tables are not
necessarily indicative of the future composition of the Accounts.

                   Composition of Accounts by Account Balance
<TABLE>
<CAPTION>
                                                     Percentage                    Percentage
                                                      of Total                      of Total
                                          Number of   Number of    Receivables     Receivables
            Account Balance               Accounts    Accounts     Outstanding     Outstanding
    -------------------------------       ---------  ---------- ----------------   -----------
<S>                                      <C>            <C>       <C>                 <C> 
Credit Balance(1)..................         211,450       0.75%   $  (40,379,615)       (0.11)%
No Balance(2)......................      13,245,807      47.07                 0         0.00
Less than or equal to $500.00......       3,327,592      11.83       680,270,109         1.90
$500.01 to $1,000.00...............       2,018,314       7.17     1,498,827,866         4.19
$1,000.01 to $2,000.00.............       3,135,553      11.14     4,617,356,444        12.89
$2,000.01 to $3,000.00.............       1,965,635       6.99     4,848,661,100        13.54
$3,000.01 to $4,000.00.............       1,261,550       4.48     4,375,560,126        12.22
$4,000.01 to $5,000.00.............         984,833       3.50     4,445,375,014        12.41
$5,000.01 to $6,000.00.............         639,701       2.27     3,495,947,373         9.76
$6,000.01 to $7,000.00.............         411,891       1.46     2,665,425,309         7.44
$7,000.01 to $8,000.00.............         291,294       1.04     2,177,889,956         6.08
$8,000.01 to $9,000.00.............         197,775       0.70     1,675,936,820         4.68
$9,000.01 to $10,000.00............         147,156       0.52     1,395,844,065         3.90
Over $10,000.00....................         301,003       1.08     3,974,282,406        11.10
                                         ----------     ------   ---------------       ------ 
      Total........................      28,139,554     100.00%  $35,810,996,973       100.00%
</TABLE>

----------
(1)     Credit balances are a result of cardholder payments and credit
        adjustments applied in excess of an Account's unpaid balance. Accounts
        which currently have a credit balance are included because Receivables
        may be generated with respect thereto in the future.
(2)     Accounts which currently have no balance are included because
        Receivables may be generated with respect thereto in the future.

                     Composition of Accounts by Credit Limit
<TABLE>
<CAPTION>
                                                  Percentage                    Percentage
                                                   of Total                      of Total
                                      Number of   Number of     Receivables     Receivables
             Credit Limit              Accounts    Accounts      Outstanding    Outstanding
    -------------------------------   ----------  ----------  ----------------  -----------
<S>                                   <C>           <C>        <C>                  <C>    
Less than or equal to $500.00......    1,713,695      6.09%        $74,347,147        0.21%
$500.01 to $1,000.00...............    1,697,623      6.03         449,075,837        1.25
$1,000.01 to $2,000.00.............    4,403,097     15.65       2,573,942,172        7.19
$2,000.01 to $3,000.00.............    3,406,972     12.11       2,859,499,709        7.98
$3,000.01 to $4,000.00.............    2,382,867      8.47       2,544,549,268        7.11
$4,000.01 to $5,000.00.............    3,202,945     11.38       3,989,684,680       11.14
Over $5,000.00.....................   11,332,355     40.27      23,319,898,160       65.12
                                      ----------    ------     ---------------      ------ 
    Total..........................   28,139,554    100.00%    $35,810,996,973      100.00%
                                      ----------    ------     ---------------      ------ 
</TABLE>


                                        8
<PAGE>

                    Composition of Accounts by Payment Status
<TABLE>
<CAPTION>
                                            Percentage                     Percentage
                                             of Total                       of Total
                                Number of    Number of      Receivables    Receivables
      Payment Status            Accounts     Accounts       Outstanding    Outstanding
-----------------------------  ----------   ----------   ---------------   -----------
<S>                            <C>              <C>      <C>                 <C>   
Current(1)...................  26,596,650       94.52%   $31,729,172,244       88.60%
Up to 34 days delinquent.....     900,174        3.20      2,308,459,354        6.45
35 to 64 days delinquent.....     283,028        1.01        683,772,745        1.91
65 to 94 days delinquent.....     134,914        0.48        389,896,865        1.09
95 to 124 days delinquent....      93,211        0.33        285,339,219        0.80
125 to 154 days delinquent...      73,259        0.26        231,211,708        0.65
155 to 184 days delinquent...      58,318        0.20        183,144,838        0.50
                               -----------  ----------  ----------------   -----------
    Total....................  28,139,554      100.00%   $35,810,996,973      100.00%
</TABLE>

----------
(1)     Includes Accounts on which the minimum payment has not been received
        prior to the next billing date following the issuance of the related
        bill.

                         Composition of Accounts by Age
<TABLE>
<CAPTION>
                                              Percentage                    Percentage
                                               of Total                      of Total
                                 Number of     Number of      Receivables   Receivables
                  Age            Accounts      Accounts       Outstanding   Outstanding
                -------          ---------    ----------   --------------   -----------
<S>                              <C>            <C>       <C>                 <C>    
Less than or equal to 6 months           0        0.00%   $             0       0.00%
Over 6 months to 12 months....           0        0.00                  0       0.00
Over 12 months to 24 months...    2,160,057       7.68      2,667,059,658       7.45
Over 24 months to 36 months...    4,246,861      15.09      5,222,903,668      14.58
Over 36 months to 48 months...    4,073,661      14.48      4,420,737,780      12.34
Over 48 months................   17,658,975      62.75     23,500,295,867      65.63
                                 ---------    ----------   --------------   -----------
    Total.....................   28,139,554     100.00%   $35,810,996,973     100.00%
</TABLE>


                                        9
<PAGE>

                                GLOSSARY OF TERMS

"Accounts" means the portfolio of revolving credit card accounts established and
supplemented in accordance with the Pooling Agreement.

"Additional Accounts" consist of newly originated Eligible Accounts to be
included as Accounts and Accounts relating to any Lump Sum Additions.

"Banks" means Citibank (South Dakota), N.A., a national banking association, and
Citibank (Nevada), National Association, a national banking association.

"CBSD" means Citibank (South Dakota), N.A.

"Eligible Accounts" An "Eligible Account" is defined to mean a credit card
account owned by CBSD which, as of the Trust Cut-Off Date with respect to an
Initial Account or as of the additional cut-off date with respect to an
Additional Account: (a) is in existence and maintained by CBSD; (b) is payable
in United States dollars; (c) in the case of the Initial Accounts, has a
cardholder who has provided, as his most recent billing address, an address
located in the United States or its territories or possessions or a military
address; (d) has a cardholder who has not been identified by CBSD in its
computer files as being involved in a voluntary or involuntary bankruptcy
proceeding; (e) has not been identified as an Account with respect to which the
related card has been lost or stolen; (f) has not been sold or pledged to any
other party; (g) does not have receivables which have been sold or pledged to
any other party; and (h) in the case of the Initial Accounts, is a VISA or
MasterCard revolving credit card account.

"Finance Charge Receivables" consist of all periodic finance charges, annual
membership fees, cash advance fees and late charges on amounts charged for
merchandise and services and certain other fees designated by the Banks. In
addition, certain Interchange attributed to cardholder charges for merchandise
and services in the Accounts will be treated as Finance Charge Receivables.

"Interchange" means interchange fees payable to Citibank (South Dakota) or any
additional seller, in its capacity as credit card issuer, through VISA,
Mastercard or any other similar entity or organization with respect to any other
type of revolving credit card accounts included as Accounts (except as otherwise
provided in the initial Assignment with respect to any such other type of
Accounts), in connection with cardholder charges for goods and services.

"Investor Certificateholders" means holders of interests in the Class A Credit
Card Participation Certificates and Class B Credit Card Participation
Certificates issued by the Trust.

"Lump Sum Addition" means the designation of additional Eligible Accounts to be
included as Accounts pursuant to Section 2.09(a) or (b) of the Pooling
Agreement.

"Pooling Agreement" means the Pooling and Servicing Agreement dated as of May
29, 1991 among the Banks and the Trustee, including all amendments thereto.

"Principal Receivables" consist of all amounts charged by cardholders for
merchandise and services, amounts advanced to cardholders as cash advances and
certain fees billed to cardholders on the Accounts.

"Receivables" means all amounts shown on the Servicer's records as amounts
payable by the Person or Persons obligated to make payments with respect to the
Accounts.

"Receivables Outstanding" as defined on page 8.

"Series Supplement" means any series supplement to the Pooling Agreement
executed in connection with the original issuance of a series of Investor
Certificates pursuant to Section 6.03 of the Pooling Agreement.

"Trust" means Citibank Credit Card Master Trust I (formerly known as Standard
Credit Card Master Trust I).

"Trustee" means Bankers Trust Company, as successor to Yasuda Bank and Trust
Company (U.S.A.).


                                       10
<PAGE>

                                   SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                            CITIBANK (SOUTH DAKOTA), N.A.,
                                            as Servicer
                                            (Registrant)

                                            By:/s/ Eugene D. Rowenhorst
                                               ---------------------------
                                                   Eugene D. Rowenhorst
                                                   Senior Vice President

Dated: January 21, 1998


                                       11
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SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                    FORM 8-K

                                 Current Report

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

       Date of Report (Date of earliest event reported): January 21, 1998

                          Citibank (South Dakota), N.A.
                                  on behalf of
                       Citibank Credit Card Master Trust I
          (Issuer in respect of the Citibank Credit Card Master Trust I
      8 7/8% Class A Credit Card Participation Certificates, Series 1991-3
      9 1/4% Class B Credit Card Participation Certificates, Series 1991-3
      7.875% Class A Credit Card Participation Certificates, Series 1991-6
      8.350% Class B Credit Card Participation Certificates, Series 1991-6
       5.95% Class A Credit Card Participation Certificates, Series 1993-2
       6.15% Class B Credit Card Participation Certificates, Series 1993-2
       5.50% Class A Credit Card Participation Certificates, Series 1993-3
       5.70% Class B Credit Card Participation Certificates, Series 1993-3
       7.25% Class A Credit Card Participation Certificates, Series 1994-2
       7.50% Class B Credit Card Participation Certificates, Series 1994-2
       6.80% Class A Credit Card Participation Certificates, Series 1994-3
       7.00% Class B Credit Card Participation Certificates, Series 1994-3
       8.25% Class A Credit Card Participation Certificates, Series 1994-4
       8.25% Class A Credit Card Participation Certificates, Series 1995-1
       8.45% Class B Credit Card Participation Certificates, Series 1995-1
       7.85% Class A Credit Card Participation Certificates, Series 1995-3
   Floating Rate Class A Credit Card Participation Certificates, Series 1995-4
       7.65% Class B Credit Card Participation Certificates, Series 1995-4
   Floating Rate Class A Credit Card Participation Certificates, Series 1995-5
       6.75% Class A Credit Card Participation Certificates, Series 1995-6
       6.90% Class B Credit Card Participation Certificates, Series 1995-6
       6.70% Class A Credit Card Participation Certificates, Series 1995-8
       6.85% Class B Credit Card Participation Certificates, Series 1995-8
       6.55% Class A Credit Card Participation Certificates, Series 1995-9
       6.65% Class B Credit Card Participation Certificates, Series 1995-9

                                                       [Cover page 1 of 2 pages]
5.90% Class A Credit Card Participation Certificates, Series 1995-10
      6.05% Class B Credit Card Participation Certificates, Series 1995-10
  Floating Rate Class A Credit Card Participation Certificates, Series 195-11
    Zero Coupon Class A Credit Card Participation Certificates, Series 1996-1
    Zero Coupon Class B Credit Card Participation Certificates, Series 1996-1
   Floating Rate Class A Credit Card Participation Certificates, Series 1996-5
   Floating Rate Class B Credit Card Participation Certificates, Series 1996-5
   Floating Rate Class A Credit Card Participation Certificates, Series 1996-6
   Floating Rate Class B Credit Card Participation Certificates, Series 1996-6
       6.55% Class A Credit Card Participation Certificates, Series 1997-2
       6.70% Class B Credit Card Participation Certificates, Series 1997-2
      6.839% Class A Credit Card Participation Certificates, Series 1997-3
      6.989% Class B Credit Card Participation Certificates, Series 1997-3
   Floating Rate Class A Credit Card Participation Certificates, Series 1997-4
   Floating Rate Class B Credit Card Participation Certificates, Series 1997-4
    Zero Coupon Class A Credit Card Participation Certificates, Series 1997-6
    Zero Coupon Class B Credit Card Participation Certificates, Series 1997-6
       6.35% Class A Credit Card Participation Certificates, Series 1997-7
       6.45% Class B Credit Card Participation Certificates, Series 1997-7
   Floating Rate Class A Credit Card Participation Certificates, Series 1997-8
  Floating Rate Class A Credit Card Participation Certificates, Series 1997-10
  Floating Rate Class B Credit Card Participation Certificates, Series 1997-10
      5.750% Class A Credit Card Participation Certificates, Series 1998-1
      5.875% Class B Credit Card Participation Certificates, Series 1998-1
       6.05% Class A Credit Card Participation Certificates, Series 1998-2
       6.20% Class B Credit Card Participation Certificates, Series 1998-2
                       (collectively, the "Certificates"))

               (Exact name of registrant as specified in charter)

   UNITED STATES OF AMERICA                                 46-0358360
(State or other jurisdiction                            (I.R.S. Employer
     of incorporation)                                Identification No.)

           33-38312, 33-41054, 33-41055, 33-42235, 33-43575, 33-43576,
      33-47657, 33-48148, 33-52152, 33-62180, 33-77802, 33-84834, 33-97664,
                             33-99328 and 333-38803

                            (Commission File Numbers)

      701 East 60th Street, North
       Sioux Falls, South Dakota                               57117
   (Address of principal executive offices)                 (Zip Code)

       Registrant's telephone number, including area code: (605) 331-2626

                                 Not Applicable

          (Former name or former address, if changed since last report)

                                                       [Cover page 2 of 2 pages]

                                        2
Item 5. Other Events.

        The information provided below is provided in respect of Citibank Credit
Card Master Trust I. Certain capitalized terms used herein are used as defined
in the Glossary of Terms at the end of this Report.

Loss and Delinquency Experience

        The following tables set forth the loss and delinquency experience with
respect to payments by cardholders for each of the periods shown for the
Accounts. With respect to the Loss Experience table below, loss experience is
shown on a cash basis for Principal Receivables. If accrued Finance Charge
Receivables which have been written off were included in losses in the following
table, Net Losses would be higher as an absolute number and as a percentage of
the average of Principal and Finance Charge Receivables outstanding during the
periods indicated. There can be no assurance that the loss and delinquency
experience for the Receivables in the future will be similar to the historical
experience set forth below with respect to the Accounts.

                       Loss Experience for the Accounts(1)
                             (Dollars in Thousands)
Year Ended December 31,
                                                -------------------------------------
                                                    1997         1996         1995
                                                -----------  -----------  -----------
Average Principal Receivables Outstanding(2).   $33,529,923  $31,225,337  $25,083,447

Net Losses(3)................................    $2,099,096   $1,678,991     $956,261

Net Losses as a Percentage of Average Principal
  Receivables Outstanding....................          6.26%        5.38%        3.81%
---------------

(1)     Losses consist of write-offs of Principal Receivables.
(2)     Average Principal Receivables Outstanding is the average of Principal
        Receivables outstanding during the periods indicated. 
(3)     Net losses as a percentage of gross charge-offs for each of the years
        ended December 31, 1997, 1996 and 1995 were 92.49%, 92.46% and 88.49%,
        respectively. Gross charge-offs are charge-offs before recoveries and do
        not include the amount of any reductions in Average Principal
        Receivables Outstanding due to fraud, returned goods, customer disputes
        or certain other miscellaneous write-offs.

                                        3
Delinquencies as a Percentage of the Accounts(1)(2)
                             (Dollars in Thousands)

                                                 As of December 31,
                    -----------------------------------------------------------------------------
                             1997                       1996                      1995
                           ---------                 ----------                ----------
Number of Days      Delinquent                Delinquent                Delinquent               
Delinquent           Amount(1)  Percentage(2)  Amount(1)  Percentage(2)  Amount(1)  Percentage(2)
----------          ----------  ------------- ----------  ------------- ----------  -------------
35-64 days ......   $  683,773    2.01%       $  714,532     2.25%      $  699,878      2.75%
65-94 days ......      389,897    1.15           394,432     1.25          353,832      1.39
95 days or more .      699,696    2.06           687,988     2.17          558,613      2.20
-------------------------------------------------------------------------------------------------
 Total ..........   $1,773,366    5.22%       $1,796,952     5.67%      $1,612,323      6.34%
----------
(1)     The Delinquent Amount includes both the Principal Receivables and
        Finance Charge Receivables.
(2)     The percentages are the result of dividing the Delinquent Amount by the
        average of Principal and Finance Charge Receivables outstanding during
        the periods indicated.

Revenue Experience

       The revenues for the Accounts from finance charges, fees paid by
cardholders and interchange for each year of the three-year period ended
December 31, 1997 are set forth in the following table.

       The revenue experience in the following table is presented on a cash
basis before deduction for charge-offs. Revenues from finance charges, fees and
interchange will be affected by numerous factors, including the periodic finance
charge on the Receivables, the amount of any annual membership fee, other fees
paid by cardholders, the percentage of cardholders who pay off their balances in
full each month and do not incur periodic finance charges on purchases, the
percentage of Accounts bearing finance charges at promotional rates and changes
in the level of delinquencies on the Receivables.

                                        4
Revenue Experience for the Accounts
                             (Dollars in Thousands)

                                                Year Ended December 31,
                                      ------------------------------------------
                                         1997           1996            1995
                                      ---------------------------- -------------
Finance Charges and Fees Paid.......  $6,189,383     $5,732,865      $4,545,420
Average Revenue Yield (1)...........      18.46%         18.36%          18.11%

(1)     Average Revenue Yield is the result of dividing Finance Charges and Fees
        Paid by Average Principal Receivables Outstanding during the periods
        indicated.

        The revenues related to periodic finance charges and fees (other than
annual fees) depend in part upon the collective preference of cardholders to use
their credit cards as revolving debt instruments for purchases and cash advances
and to pay off account balances over several months as opposed to convenience
use (where the cardholders prefer instead to pay off their entire balance each
month, thereby avoiding periodic finance charges on purchases) and upon other
services of which the cardholder chooses to avail himself and which are paid for
by the use of the card. Fees for these other services will be treated for
purposes of the Pooling Agreement and the Series Supplement as Principal
Receivables rather than Finance Charge Receivables; however, the Banks will be
permitted to specify that any such fees will be treated as Finance Charge
Receivables. Revenues related to periodic finance charges and fees also depend
on the types of charges and fees assessed on the Accounts. Accordingly, revenues
will be affected by future changes in the types of charges and fees assessed on
the Accounts and in the types of Additional Accounts added from time to time.
Revenues could be adversely affected by future changes in fees and charges
assessed by CBSD and other factors.

        CBSD has previously reduced the finance charges and reduced or
eliminated the annual fees applicable to, and modified some other terms of,
certain of the Accounts. These changes have reduced the gross yield of the
Accounts.

                                        5
Cardholder Monthly Payment Rates for the Accounts

        Monthly payment rates on the Receivables may vary because, among other
things, cardholders may fail to make a required payment, may only make payments
as low as the minimum required payment or may make payments as high as the
entire outstanding balance. Monthly payment rates on the Receivables may also
vary due to seasonal purchasing and payment habits of cardholders. The following
table sets forth the highest and lowest cardholder monthly payment rates for the
Accounts during any month in the periods shown and the average of the cardholder
monthly payment rates for all months during the periods shown, in each case
calculated as a percentage of the total beginning account balances for such
month. Monthly payment rates reflected in the table include amounts which would
be deemed payments of Principal Receivables and Finance Charge Receivables with
respect to the Accounts. In addition, the amount of outstanding Receivables and
the rates of payments, delinquencies, charge-offs and new borrowings on the
Accounts depend on a variety of factors including seasonal variations, the
availability of other sources of credit, general economic conditions, tax laws,
consumer spending and borrowing patterns and the terms of the Accounts (which
are subject to change by CBSD).

                       Cardholder Monthly Payment Rates for the Accounts

                                               Year Ended December 31,
                                    -------------------------------------------
                                        1997           1996           1995
                                    -------------  -------------  -------------
Lowest Month.......................    18.00%          17.65%         17.59%
Highest Month......................    21.98%          21.05%         20.92%
Average of the Months in the Period    19.92%          19.39%         19.09%

The Receivables

        The Receivables in the Accounts as of January 3, 1998 included
$525,245,794 of Finance Charge Receivables and $35,285,751,179 of Principal
Receivables (which amounts include overdue Finance Charge Receivables and
overdue Principal Receivables). As of January 3, 1998, there were 28,139,554
Accounts.

                                        6
Included within the Accounts are inactive Accounts that have no balance. The
Accounts had an average Principal Receivable balance of $1,254 and an average
credit limit of $5,151. The average total Receivable balance in the Accounts as
a percentage of the average credit limit with respect to the Accounts was 25%.
Approximately 92% of the Accounts were opened prior to December 1995.
Approximately 13.18%, 10.95%, 6.65% and 5.67% of the Accounts related to
cardholders having billing addresses in California, New York, Texas and Florida,
respectively. Not more than 5% of the Accounts related to cardholders having
billing addresses in any other single state.

         The periodic finance charge assessed on balances in most accounts for
cash advances and purchases is currently the Prime Rate (as published in The
Wall Street Journal) plus a percentage ranging from 5.4% to 10.4% for accounts
in good standing, and the Prime Rate plus 12.9% for accounts which have been
recently, or currently are, delinquent. As of the most recent quarterly reset
date, the periodic finance charge ranged from 13.90% to 18.90% for most accounts
in good standing, and was 21.40% for most accounts which have been recently, or
currently are, delinquent. CBSD may change the periodic finance charge on
accounts at any time by written notice to the cardholders. Any announced
increase in such rate will become effective upon the earlier of subsequent use
of a card and the expiration of a 25-day period from the date such change was
made effective (assuming failure on the part of the cardholder to object to the
new rate). CBSD also offers promotional rates of limited duration to attract new
cardholders and to promote balance transfers from other credit card issuers and,
under certain circumstances, the periodic finance charge on a limited number of
accounts may be greater or less than those assessed by CBSD generally.

        The Accounts consist of Eligible Accounts. The Banks may (subject to
certain limitations and conditions), and, in certain circumstances, will be
obligated to, designate from time to time Additional Accounts and to convey to
the Trust all Receivables of such Additional Accounts, whether such Receivables
are then existing or thereafter created. The Banks have made Lump Sum Additions
to the Trust which, in the aggregate, included approximately $22.42 billion of
Principal Receivables.

                                        7
The following tables summarize the Accounts by various criteria as of
January 3, 1998. References to "Receivables Outstanding" in the following tables
include both Finance Charge Receivables and Principal Receivables. Because the
composition of the Accounts will change in the future, these tables are not
necessarily indicative of the future composition of the Accounts.

                   Composition of Accounts by Account Balance
Percentage                    Percentage
                                                      of Total                      of Total
                                          Number of   Number of    Receivables     Receivables
            Account Balance               Accounts    Accounts     Outstanding     Outstanding
    -------------------------------       ---------  ---------- ----------------   -----------
Credit Balance(1)..................         211,450       0.75%   $  (40,379,615)       (0.11)%
No Balance(2)......................      13,245,807      47.07                 0         0.00
Less than or equal to $500.00......       3,327,592      11.83       680,270,109         1.90
$500.01 to $1,000.00...............       2,018,314       7.17     1,498,827,866         4.19
$1,000.01 to $2,000.00.............       3,135,553      11.14     4,617,356,444        12.89
$2,000.01 to $3,000.00.............       1,965,635       6.99     4,848,661,100        13.54
$3,000.01 to $4,000.00.............       1,261,550       4.48     4,375,560,126        12.22
$4,000.01 to $5,000.00.............         984,833       3.50     4,445,375,014        12.41
$5,000.01 to $6,000.00.............         639,701       2.27     3,495,947,373         9.76
$6,000.01 to $7,000.00.............         411,891       1.46     2,665,425,309         7.44
$7,000.01 to $8,000.00.............         291,294       1.04     2,177,889,956         6.08
$8,000.01 to $9,000.00.............         197,775       0.70     1,675,936,820         4.68
$9,000.01 to $10,000.00............         147,156       0.52     1,395,844,065         3.90
Over $10,000.00....................         301,003       1.08     3,974,282,406        11.10
                                         ----------     ------   ---------------       ------ 
      Total........................      28,139,554     100.00%  $35,810,996,973       100.00%
----------
(1)     Credit balances are a result of cardholder payments and credit
        adjustments applied in excess of an Account's unpaid balance. Accounts
        which currently have a credit balance are included because Receivables
        may be generated with respect thereto in the future.
(2)     Accounts which currently have no balance are included because
        Receivables may be generated with respect thereto in the future.

                     Composition of Accounts by Credit Limit
Percentage                    Percentage
                                                   of Total                      of Total
                                      Number of   Number of     Receivables     Receivables
             Credit Limit              Accounts    Accounts      Outstanding    Outstanding
    -------------------------------   ----------  ----------  ----------------  -----------
Less than or equal to $500.00......    1,713,695      6.09%        $74,347,147        0.21%
$500.01 to $1,000.00...............    1,697,623      6.03         449,075,837        1.25
$1,000.01 to $2,000.00.............    4,403,097     15.65       2,573,942,172        7.19
$2,000.01 to $3,000.00.............    3,406,972     12.11       2,859,499,709        7.98
$3,000.01 to $4,000.00.............    2,382,867      8.47       2,544,549,268        7.11
$4,000.01 to $5,000.00.............    3,202,945     11.38       3,989,684,680       11.14
Over $5,000.00.....................   11,332,355     40.27      23,319,898,160       65.12
                                      ----------    ------     ---------------      ------ 
    Total..........................   28,139,554    100.00%    $35,810,996,973      100.00%
                                      ----------    ------     ---------------      ------
8
Composition of Accounts by Payment Status
Percentage                     Percentage
                                             of Total                       of Total
                                Number of    Number of      Receivables    Receivables
      Payment Status            Accounts     Accounts       Outstanding    Outstanding
-----------------------------  ----------   ----------   ---------------   -----------
Current(1)...................  26,596,650       94.52%   $31,729,172,244       88.60%
Up to 34 days delinquent.....     900,174        3.20      2,308,459,354        6.45
35 to 64 days delinquent.....     283,028        1.01        683,772,745        1.91
65 to 94 days delinquent.....     134,914        0.48        389,896,865        1.09
95 to 124 days delinquent....      93,211        0.33        285,339,219        0.80
125 to 154 days delinquent...      73,259        0.26        231,211,708        0.65
155 to 184 days delinquent...      58,318        0.20        183,144,838        0.50
                               -----------  ----------  ----------------   -----------
    Total....................  28,139,554      100.00%   $35,810,996,973      100.00%
----------
(1)     Includes Accounts on which the minimum payment has not been received
        prior to the next billing date following the issuance of the related
        bill.

                         Composition of Accounts by Age
Percentage                    Percentage
                                               of Total                      of Total
                                 Number of     Number of      Receivables   Receivables
                  Age            Accounts      Accounts       Outstanding   Outstanding
                -------          ---------    ----------   --------------   -----------
Less than or equal to 6 months           0        0.00%   $             0       0.00%
Over 6 months to 12 months....           0        0.00                  0       0.00
Over 12 months to 24 months...    2,160,057       7.68      2,667,059,658       7.45
Over 24 months to 36 months...    4,246,861      15.09      5,222,903,668      14.58
Over 36 months to 48 months...    4,073,661      14.48      4,420,737,780      12.34
Over 48 months................   17,658,975      62.75     23,500,295,867      65.63
                                 ---------    ----------   --------------   -----------
    Total.....................   28,139,554     100.00%   $35,810,996,973     100.00%
9
GLOSSARY OF TERMS

"Accounts" means the portfolio of revolving credit card accounts established and
supplemented in accordance with the Pooling Agreement.

"Additional Accounts" consist of newly originated Eligible Accounts to be
included as Accounts and Accounts relating to any Lump Sum Additions.

"Banks" means Citibank (South Dakota), N.A., a national banking association, and
Citibank (Nevada), National Association, a national banking association.

"CBSD" means Citibank (South Dakota), N.A.

"Eligible Accounts" An "Eligible Account" is defined to mean a credit card
account owned by CBSD which, as of the Trust Cut-Off Date with respect to an
Initial Account or as of the additional cut-off date with respect to an
Additional Account: (a) is in existence and maintained by CBSD; (b) is payable
in United States dollars; (c) in the case of the Initial Accounts, has a
cardholder who has provided, as his most recent billing address, an address
located in the United States or its territories or possessions or a military
address; (d) has a cardholder who has not been identified by CBSD in its
computer files as being involved in a voluntary or involuntary bankruptcy
proceeding; (e) has not been identified as an Account with respect to which the
related card has been lost or stolen; (f) has not been sold or pledged to any
other party; (g) does not have receivables which have been sold or pledged to
any other party; and (h) in the case of the Initial Accounts, is a VISA or
MasterCard revolving credit card account.

"Finance Charge Receivables" consist of all periodic finance charges, annual
membership fees, cash advance fees and late charges on amounts charged for
merchandise and services and certain other fees designated by the Banks. In
addition, certain Interchange attributed to cardholder charges for merchandise
and services in the Accounts will be treated as Finance Charge Receivables.

"Interchange" means interchange fees payable to Citibank (South Dakota) or any
additional seller, in its capacity as credit card issuer, through VISA,
Mastercard or any other similar entity or organization with respect to any other
type of revolving credit card accounts included as Accounts (except as otherwise
provided in the initial Assignment with respect to any such other type of
Accounts), in connection with cardholder charges for goods and services.

"Investor Certificateholders" means holders of interests in the Class A Credit
Card Participation Certificates and Class B Credit Card Participation
Certificates issued by the Trust.

"Lump Sum Addition" means the designation of additional Eligible Accounts to be
included as Accounts pursuant to Section 2.09(a) or (b) of the Pooling
Agreement.

"Pooling Agreement" means the Pooling and Servicing Agreement dated as of May
29, 1991 among the Banks and the Trustee, including all amendments thereto.

"Principal Receivables" consist of all amounts charged by cardholders for
merchandise and services, amounts advanced to cardholders as cash advances and
certain fees billed to cardholders on the Accounts.

"Receivables" means all amounts shown on the Servicer's records as amounts
payable by the Person or Persons obligated to make payments with respect to the
Accounts.

"Receivables Outstanding" as defined on page 8.

"Series Supplement" means any series supplement to the Pooling Agreement
executed in connection with the original issuance of a series of Investor
Certificates pursuant to Section 6.03 of the Pooling Agreement.

"Trust" means Citibank Credit Card Master Trust I (formerly known as Standard
Credit Card Master Trust I).

"Trustee" means Bankers Trust Company, as successor to Yasuda Bank and Trust
Company (U.S.A.).

                                       10
SIGNATURES

        Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                            CITIBANK (SOUTH DAKOTA), N.A.,
                                            as Servicer
                                            (Registrant)

                                            By:/s/ Eugene D. Rowenhorst
                                               ---------------------------
                                                   Eugene D. Rowenhorst
                                                   Senior Vice President

Dated: January 21, 1998

                                       11