Citibank RD Calculator – Know Your Earnings Instantly

The following are some of the significant points that should be considered before calculating the Citibank RD:  

1. Interest Rate - The rate of interest offered on the recurring deposit varies from one bank to another bank. The interest rate is a vital factor that determines the maturity value after a fixed duration. Make sure to check the ongoing rates of interest before calculating Citibank RD to get accurate results.  
2. Deposit Amount -  The monthly deposit amount is a vital factor that helps in determining the amount that will be received after the maturity of the recurring deposit scheme. Before calculating the Citibank RD value, decide the amount you wish to deposit monthly as per your financial condition to get near-accurate results.  
3. Investment Tenure - The investment tenure is the duration for which you have registered for an RD with a specific deposit amount. Mention the tenure in months in the RD calculator to get the maturity value.   

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Results from Citibank RD Interest Rate Calculator

The following is the output that will be displayed after entering all the required information, such as the monthly deposit amount, investment tenure or term of RD, and the rate of interest:  

1. Maturity Value -  After entering the interest rate, deposit amount, and tenure of RD, the online RD Citibank RD calculator displays the maturity value that you will receive after the investment tenure that you have chosen. This is the net amount, including the total monthly deposit for the specific period and the interest earned on it.  
2. Total Deposited Amount - The online calculator also displays the total deposited amount during the RD tenure.  
3. Interest Earned - The interest earned on the RD is also displayed, which is the difference between the maturity value and the total amount deposited during the full RD term. 

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FAQs on Citibank RD Calculator

• What are the current interest rates on the Citibank recurring deposit?

  The current interest rate on Citibank recurring deposit for any amount below Rs.2 crore depends upon the deposit tenure. The customers can earn 7.25% and 3.50% on RDs maturing in 365 to 400 days and 401 to 731 days, respectively.

• What is the investment tenure of an RD?

  The investment tenure offered by the banks and other financial institutions on recurring deposits ranges between six months to 120 months. Some banks also offer RD tenure of 240 months. 

• Can I avail myself of an overdraft facility?

  Yes, you can avail yourself of the overdraft facility for recurring deposits in Citibank. 

• Is there any maximum limit on the deposit amount of the Citibank RD?

  No, Citibank has not capped any maximum limit on RD deposit amount. Customers can deposit any amount as per their financial requirement and fund availability. 

• Can I close my RD prematurely?

  Yes, you can close your RD before maturity, but the interest will be calculated after deducting the applicable penalty charged due to premature closure of RD. 

• Is TDS charged on recurring deposit interest?

  Yes, TDS at a rate of 10% is charged on recurring deposit interest, if the amount exceeds Rs.10,000. You need to pay any tax if the interest earned is below Rs.10,000 and in case you have a non-taxable income, you need to submit 15G or 15H form for general citizen or senior citizen, respectively, to avoid TDS deduction. 

• How much tax do I need to pay on the interest earned on Citibank RD?

  Tax to be paid depends upon the income of the individual. If their total income, including earnings from RD, comes under taxable income then they will have to pay tax as per the applicable rates.  

• Is partial withdrawal allowed on Citibank recurring deposit?

  No, partial withdrawals are not allowed on Citibank recurring deposits. You can access your entire funds only after your RD matures.