Citibank Tax Saver Fixed Deposit (FD)
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 |
|
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:
- Step 1: Visit the website
- Step 2: Click on 'Invest Now'.
- Step 3: Follow the steps on the screen to open your tax saver fixed deposit.
Eligibility for Citibank Tax Saver Fixed Deposit (FD)
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
- 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.
- 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.
- 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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