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CitiBank Recurring Deposit

A Recurring deposit (RD) account can be opened with Citibank for a period that ranges between 12 months to 2 years. General citizens are offered interest in the range of 3.50% p.a. to 3.75% p.a. for various tenures on deposits less than Rs.2 crore. Senior citizens are offered additional interest ranging from 4.00% p.a. to 4.25% p.a.

Rate of return offered by Citibank on RDs

In the table listed below, you can find the interest rates offered by Citibank on recurring deposits of up to Rs.2 crore, depending on the tenure chosen:

Tenure Interest rate of general public (p.a.) Interest rate of senior citizens (p.a.)
365 to 400 days 3.50% 4.00%
401 to 540 days 3.50% 4.00%
541 to 731 days 3.75% 4.25%

Features of Citibank Recurring Deposit

The features of the Citibank Recurring Deposits are as given below:

  • The RD account can be opened with a monthly minimum amount of Rs.1000
  • The maximum amount that can be deposited monthly is Rs.20,000
  • A monthly standing instruction can be placed to debit the funds directly from your account

How to open a Citibank Recurring Deposit account?

You can open an RD account with Citibank through the following ways:

  • Visit the nearest bank branch along with the necessary documents
  • Book the RD through the Citi Mobile App
  • Log into net banking of Citibank and book the deposit of your choice

Medium Recurring Deposit Interest Rates

Medium-term recurring deposits are those which have an investment period between 1 year and 3 years. Citibank offers a rate of return starting from 3.50% p.a. to general citizens while senior citizens are offered an interest rate that starts from 4.00% p.a. for such deposits.

Citibank Recurring Deposit FAQs

  1. How is the interest rate fixed?

    The interest rate that is applicable throughout the tenure of your recurring deposit will be the one that is contracted at the time that the first instalment is booked.

  2. Is premature closure of the RD account allowed?

    Yes, you can prematurely close the account with payment of a minimal penalty. However, there is no penalty for premature withdrawal in the event of death of the depositor.

  3. During auto-renewal of the deposit, can I change my tenure?

    If you are choosing auto-renewal, it can only be for the same duration as the original deposit.

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