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    Overview of CitiBank Fixed Deposit

    Citibank India, more widely known as Citi India commenced operations in Kolkata, West Bengal in the year 1902. It has since expanded across the length and breadth of the country with 44 full service branches in 28 cities. With about 45,000 small and mid-sized companies as clients, Citi India is now a significant foreign investor in the Indian financial market.

    Citi India had established Citicorp Overseas Software Ltd. and Iflex Solutions which were successfully acquired by Tata Consultancy Services in 2008 and Oracle in 2005 respectively. Citi India now has a thriving employee pool of 11,000 persons under the established wings of Institutional Clients Group (ICG) and Global Consumer Bank (GCB).

    Citi India is headquartered in the First International Financial Centre (FIFC) housed in a majestic eco-friendly building with an addition of two new green premises.

    About Citibank Fixed Deposits

    Citi India offers its customers fixed deposit accounts that are linked to either their Savings Account or their Current Accounts. Citi India presents depositors with a safe and secure method of investment in the form of a fixed deposit account. With Citi India’s proud history and stable financial background, investors can now be assured of the safety of the vested assets.

    Features of the Citi Bank Fixed Deposit Scheme

    Following are the features of the fixed deposit scheme offered by Citi India-

    • Zero entry cost
    • Short lock-in periods
    • Fast and easy liquidity option
    • Safe investment instrument
    • Tenures tailor made to suit customer requirements
    • Competitive rates of interest
    • Benefits of Higher Net Relationship Value (NAV)

    Benefits of having a Higher Net Relationship Value with Citibank

    Citi India offers its fixed deposit account holders with the privilege of having a Higher Net Relationship Value (NRV).

    Following are the benefits that can be reaped off of a NAV relationship-

    • Loans processed at lowered rates of interest
    • Loans processed at a faster pace
    • Promotional offers are applied from time to time
    • Credit cards are equipped with higher credit limits
    • Credit cards are equipped with higher withdrawal limits

    Eligibility for a Citi Bank Fixed Deposit Account

    In order to avail a fixed deposit account with Citi India, an individual must have the following-

    • Valid identity proof
    • Valid address proof
    • A permanent address
    • A telephone number

    Interest Rates Charged to a Citibank Fixed Deposit Account

    Interest rates on Citibank FDs range between 3% to 7.95% p.a. on deposit categories of amounts up to ₹ 10 crores. Interest rates vary depending on the tenure it is held for and the amount held. Interest rates are subject to change in line with market rate movements and the bank’s liquidity requirements. While the bank constantly tries to offer depositors the best rates on their savings, it is always advisable for investors to check rates that are applicable on renewal or when opening a new deposit account.

    What Is the Minimum Amount Required In Order to Open a Fixed Deposit Account with Citibank?

    The minimum amount that is required to open a fixed deposit account with Citi India is ₹ 1,000.

    What Is the Minimum and Maximum duration of a Fixed Deposit Account with Citibank?

    A fixed deposit account can be opened with Citi India for a minimum of 7 days and a maximum of 1096 days.

    Can a loan be issued against a Citibank Fixed Deposit Account?

    • Yes, Citi India offers an overdraft facility against its fixed deposit accounts.
    • Up to 90% of the fixed deposit amount can be availed as the loan amount.
    • Even family members of the fixed deposit holder can avail this facility.
    • You can maintain liquidity while retaining the returns on your vested assets.
    • The interest charged is on usage only.
    • Interest rates charged on the loan are competitive.
    • These loans against fixed deposits are simple and quick to avail.

    What Are the Benefits offered to Senior Citizens with Citibank Fixed Deposit Account?

    • Senior citizens are offered an interest rate of 0.5% over the rack rates across all tenures and amounts of fixed deposits.
    • A range of 4%- 7% is offered to senior citizens for short term fixed deposits.
    • A range of 7.5% - 8.25% is offered to senior citizens for long term fixed deposits.

    Does Citibank allow premature withdrawal of fixed deposits?

    Premature withdrawal of a term deposit will incur a penalty of 1%. The following are the charges for FCNR, NRE and NRO deposits.

    FCNR (B) Deposit

    Customers who terminate their FDs before one year (minimum tenure) will not receive any interest on the term deposits.

    NRE Deposits

    Customers will have to incur a preterm penalty. Conversion of NRE term deposit into FCNR (B) term deposit prior to maturity will be subject to penalty. If the customer wants to convert NRE deposit into RFC (Resident Foreign Currency) deposit, no penalty will charged if the NRE deposit has completed one year.

    NRO Deposits

    Customers have to incur a penalty for premature withdrawal, as mentioned in the terms and conditions in the policy document.

    Does Citibank offer FDs on NRI deposits?

    • Citibank offers NRE, NRO and FCNR deposits.
    • For FCNR deposits, maturity proceeds (principal and interest) are freely repatriable.
    • Customers can invest in six currencies such as US Dollar, British Pound Sterling or Euro.
    • Customers have the facility to apply for more deposits via the online mode.
    • Customers can avail of the nomination facility as well.

    Interest rates offered under FCNR deposits* are listed below:

    Tenure USD GBP EURO
    365 - 399 days 0.01 (APR) 0.01 (APR) 0.01
    400 - 410 days 1.68 (APR) 0.01 (APR) 0.01 (APR)
    730 - 1825 days 0.01 (APR) 0.01 (APR) 0.01 (APR)

    *FCNR Deposit Rates are subject to change. APR is Annual Percentage Rate

    Interest rates* offered under NRE deposits are listed below:

    Tenure Less than Rs. 1 crore
    365 - 400 Days 7.75% (APR)
    541 - 731 Days 7.50% (APR)
    1096 - 1825 Days 6.75% (APR)

    *Interest accrued is compounded quarterly for NRE deposits. Rates are subject to change

    Interest rates* offered under NRO deposits are listed below:

    Tenure Less than Rs. 1 crore
    7 - 10 Days 3.00%
    61 - 90 Days 7.75%
    121 - 150 Days 7.00%
    365 - 400 Days 7.75%
    1096 - 1825 Days 6.75%

    *Interest for NRO deposits is compounded quarterly and subject to tax deduction at source in India and the country of residence. Rates are subject to change.

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