Citibank offers a wide range of fixed deposit schemes with attractive interest rates and unique features that make it a valuable investment of your funds.
Features of Citi Bank Fixed Deposit Scheme
CitiBank’s fixed deposit schemes have the following features:
- Low and affordable minimum amount
- Flexible tenures
- Book deposits easily online or on the mobile banking app
- Short lock-in periods
- No entry cost
- Quick liquidity
- Avail overdraft of up to 90% of the deposit value
Types of Citibank Fixed Deposit Schemes
Citibank offers the following types of fixed deposit schemes:
- Time deposits: Deposit money for a fixed tenure with fixed interest rates
- Multi Deposits: Withdraw from FD in multiples of Rs.1,000 and still earn interest on the balance amount
- Senior citizen deposits: Additional interest rate of 50 basis points per annum for deposits below Rs.2 crore
- Tax Saver Deposits: Term deposits up to Rs.1.5 lakh with a lock-in period of 5 years with tax deduction benefits
Eligibility Criteria for Citibank Fixed Deposit Account
You will need a Citibank savings account in order to book a fixed deposit with the bank. For this, you would need to submit the usual KYC documents to the bank which would be:
- Valid identity proof
- Valid address proof
- Valid telephone number
- PAN card
Interest Rates on Citibank Fixed Deposit
For deposits below Rs.2 crore, effective 24 September 2020, the interest rates on Citibank fd range from 2.75% p.a. to 3.75% p.a. The lowest interest rate of 2.75% p.a. is for tenures that range from 7 days to 35 days. The highest interest rate of 3.75% p.a. is for tenures that range from 732 days to 5 years. Senior citizens get 0.50% additional interest on all tenures.
Benefits offered to Senior Citizens with Citibank Fixed Deposit Account
Senior citizens can avail additional interest of 0.50% for fixed deposits below Rs.2 crore, across all tenures. The deposit is linked to the Citibank savings account in order to benefit from the Higher Net Relationship Value (NAV).
Interest Rates on Citibank Fixed Deposits for Senior Citizens
The interest rates for senior citizens for deposits below Rs.2 crore, effective 24 September 2020, is as given below:
- For tenures ranging from 7 days to 35 days, the interest rate is 3.25% p.a.
- For a tenure of 36 days to 180 days, the interest rate is 3.30% p.a.
- For a tenure of 181 days to 270 days, the interest rate is 3.35% p.a.
- For a tenure of 271 days to 540 days, the interest rate is 3.50% p.a.
- For a tenure of 541 to 731 days, the interest rate is 3.75% p.a.
- For a tenure ranging from 732 days to 5 years, the interest rate is 4.25%
Citibank Tax Saver Fixed Deposits
Citibank tax-saver fixed deposits have a lock-in period of 5 years with interest rates of 3.75% p.a. You can avail tax deductions of up to Rs.1.5 lakh per year under Section 80C of the Income Tax Act by investing in tax-saver FDs. The maximum deposit amount in a financial year is Rs.1.5 lakh.
Loans against Citibank Fixed Deposit Account
On Multi Deposit accounts, you can avail Loans against Citibank FD with an overdraft facility of up to 90% of the deposit value. Multi deposits can only be booked for amounts lower than Rs.2 crore. Interest continues to accrue on the balance amount in the fixed deposit account.
Citibank NRI Fixed Deposits
Citibank offers term deposits for Non Resident Indians (NRIs) with the following features:
- Multiple and flexible tenures to choose from
- Earn either simple or compounding interest on FDs
- Option of investing in Non Resident External Deposit (NRE), Non Resident Ordinary Deposit (NRO), or Foreign Currency Non Resident (FCNR)
- Minimum deposit of Rs.80,000 for NRE or NRO deposits and $2000 or equivalent for FCNR deposits
- Tenure ranges from 1 year to 5 years
- Automatic rollover option is available
- For NRE and FCNR deposits, interest earned will be exempt from income tax in India
- For NRO deposits, interest earned will be subject to TDS in India
- For NRE and FCNR deposits, the principal and interest amounts are fully repatriable
- For NRO deposits, only current income of up to $1 million per financial year is repatriable
- NRI savings account with Citibank is required to open an NRI FD account
Citibank NRI Fixed Deposit Interest Rates
The interest rate for NRO fixed deposits, effective 24 September 2020, for deposits below Rs.2 crore, ranges from 2.75% p.a. to 3.75% p.a. for tenures ranging from 7 days to 5 years.
Benefits of Higher Net Relationship Value with Citibank
Citibank offers individuals who have a High Net Relationship Value (NAV) preferential services such as:
- Dedicated relationship manager
- Lower interest rates on loans
- Quicker processing of loans
- Special promotional offers
- Higher credit limits on credit cards
In order to increase your NAV with Citibank, all fixed deposits are automatically linked to your existing Citibank current account or savings account.
- What is the minimum amount required for Citibank Fixed Deposits?
The minimum amount that is required to open a fixed deposit account with Citibank is Rs.1,000.
- What is the tenure of Citibank Fixed Deposits?
Citibank fixed deposit tenures range from 7 days up to 5 years.