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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.
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.
Following are the features of the fixed deposit scheme offered by Citi India-
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-
In order to avail a fixed deposit account with Citi India, an individual must have the following-
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.
The minimum amount that is required to open a fixed deposit account with Citi India is ₹ 1,000.
A fixed deposit account can be opened with Citi India for a minimum of 7 days and a maximum of 1096 days.
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.
Interest rates offered under FCNR deposits* are listed below:
|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.