• Citibank Tax Saver Fixed Deposit

    When you invest in the Citibank Tax Saver Fixed Deposit, you can claim a tax deduction under Section 80C of the Income Tax Act, 1961. The minimum amount you can deposit is Rs.1,000 and the maximum deposit amount is Rs.1.5 lakh. The Citibank tax saver deposit comes with a lock-in period of 5 years.

    Interest Rates on Citibank Tax Saver Fixed Deposit

    You can earn 3.50% p.a. when you invest in the Citibank Tax Saver Fixed Deposit:

    Tenure Interest rate per annum Annualised yield
    5 years 3.50% 3.81%

    Features of Citibank Tax Saver Fixed Deposit

    The below table summarises the features of the Citibank Tax Saver Fixed Deposit:

    Minimum deposit amount Rs.1,000
    Minimum tenure 5 years
    Interest payout
    • Compound interest quarterly payout
    • Simple interest quarterly payout
    Premature closure Only in the event of death of the depositor
    Auto renewal No

    Key Features of the Citibank Tax Saver Fixed Deposit

    • The minimum amount you have to deposit in the tax saver fixed deposit is Rs.1,000. You are allowed to deposit up to Rs.1.5 lakh in one financial year, i.e., April to March.
    • The Citibank Tax Saver Fixed Deposit has a lock-in period of 5 years.
    • The interest on your deposit will be calculated using the compound interest method or simple interest method (as per your choice). The interest will be paid out quarterly.

    How to Open a Citibank Tax Saver Fixed Deposit Online

    These are the steps to follow to open a tax saver fixed deposit with Citibank:

    Eligibility for Citibank Tax Saver Fixed Deposit

    Citibank offers the tax saver fixed deposit facility to:

    • Individuals
    • Joint account holder
    • HUF (Hindu Undivided Family)
    • Sole proprietors

    FAQs on Citibank Tax Saver Fixed Deposit

    1. Can a tax saver deposit be opened for less than five years?

      No, please note that the tax saver deposit has a lock-in period of 5 years.

    2. What are the documents I need to submit to open a tax saver fixed deposit?

      Generally, banks require you to submit documents of address proof and identity proof (PAN/Aadhaar card). You can contact Citibank and get more details on the documents required to open a tax saver fixed deposit.

    3. Can I choose how the interest is calculated?

      The interest calculation will be computed quarterly (compounded interest or simple interest). You can choose how you want the interest to be calculated and inform the bank about the same.

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