Over a century old, Citibank began its operations in Kolkata in the year 1902. Today it is a significant foreign investor in the Indian financial market. It boasts of operating 45 full-service branches in 28 cities, and is the preferred banker to 45,000 small and mid-sized companies. Currently, Citibank India is headquartered in Mumbai, Maharashtra. It is a subsidiary of Citigroup, which is a multinational financial services corporation headquartered in New York City, United States.
Recurring Deposit from Citibank
If you are looking at investing smaller amounts as savings, but want to enjoy attractive rates of interest, a Recurring Deposit account is the ideal for you. It is a special kind of term deposit wherein you can deposit a fixed amount every month, for a fixed period of time.
To encourage the habit of savings in every customer, Citibank offers Recurring Deposit at competitive rates of interest, along with other benefits.
Features and Benefits of Citibank’s Recurring Deposit
- The investment amount can vary from an amount as small as Rs. 1000 up to Rs. 20,000 per month.
- The deposit tenure ranges from a minimum of 12 months to a maximum of 24 months. You can choose any tenure within this range, to suit your convenience.
- Your Recurring Deposit is free of TDS (Tax Deducted at Source) deductions.
- Citibank gives you the option of placing a ‘monthly standing instruction’ to automatically debit your account and book a Recurring Deposit.
Interest Offered on Citibank’s Recurring Deposit
Citibank offers Recurring Deposit at competitive rates of interest. It varies from a minimum of 7.50% to a maximum of 7.75% depending on the term of your deposit. The interest rate earned at the time of booking the first instalment of RD will be applicable for the entire deposit tenure.
Know the Current Recurring Deposit Rates:
- Citibank Recurring Deposit Rates
- CitiBank Recurring Deposit Interest Rates Comparison with Other Banks and Institutions