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.
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I have Recurring deposit with CITI, the interest rate is not upto the mark, if its bulk amount its good. I don't consider the interest I just maintaining it. The process is easy through app I opened the account, the best part before the consumer change the mind, the process complete instantly.
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ASHFAQUE ABDUL RAHIM CHUNAWALA
, mumbai
Reviewed on Apr 02, 2019
I had recurring deposit with CITI bank now I closed it, I used to pay Rs. 3000 on monthly basis for the period of five years, I kept has buffer as an account. I have closed it after four months, the interest was decent, I love to bank with Citibank as the online banking is convenient.
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VAMSI KRISHNA SHAHUKARU
, medak
Reviewed on Mar 07, 2019
I am unhappy with CITI Bank RD, I had opened my RD account through CITI Netbanking it was very much convenient. At the time RD interest rate was 6.7% but now suddenly they reduced to 5.5%. After maturity period of one year, I will be getting 5.5% as interest for my RD account and I am not getting any notification from the bank end.
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11
VISHNU REDDY H VARDHANA REDDY
, bangalore
Reviewed on Feb 14, 2017
I have been booking and closing recurring deposits of 10-12 month tenure with Citibank as they have this good online scheme where I can book a deposit at my convenience and even foreclose it without any penalty charges. I have been doing this for about the last two years. Their interest rate is 6-7% approximately and I find it to be a good method of savings or investment that can be of used during emergencies.
I had a Recurring deposit scheme with Citibank. the tenure was 1 year and they gave an interest rate of 8%. I used to pay Rs.2k every month through ECS deductions from my account. I almost got Rs.1500 extra at the end. It is a very good form of investment in cases of bigger amounts. The processing was easy as its done online and the tracking can also be done online.
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4
PRAVEEN KUMAR CHANDRAPPA
, bangalore
Reviewed on May 14, 2016
I have the recurring deposit with the CITI bank and the interest rate was around 7.25% and the customer service is great with them. I am having this account from the last one year of time. The minimum lock in period is around an year of time.
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2
SHIVA BASAVARAJ PRAKASH
, bangalore
Reviewed on Feb 22, 2016
I do have the recurring deposit with the CITI bank for the last two years of time. The interest will be compounded one and I can say that I have created an ECS for this. Customer service is good and its easy to track my account over here.
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1
SINDHU HARIHARAN
, bangalore
Reviewed on Feb 02, 2016
Earlier I had the recurring deposit with the CITI bank and the rate of interest was nominal with them. The total term for the deposit is around 1.5 years of time. Customer service is great with them and the online facilities are also good with them.
I have the recurring deposit with the CITI bank and the rate of interest is less while compare with other banks. Customer service can be improved in the aspects like the response and sometimes I dint get the good response on time. I am having this account from the last ten months of time.
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AMIT KUMAR SRIVASTVA
, pune
Reviewed on Jan 07, 2016
The service provided by CITI Bank was very good but the interest rate they apply for the recurring deposit is really less with CITI Bank.They apply a interest rate around 7.5% for the recurring deposit.They do have online support option provided to the customer regarding the deposit process.
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MARUTHI VINOD PASAPULA
, hyderabad
Reviewed on Dec 21, 2015
The service provided was very good with CITI Bank based on the salary account maintenance.They are the perfect bank.I dont have any issue in the service provided by CITI Bank.The website is quite easy to access within and they dont apply any additional charges in the account.
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MARUTHI VINOD PASAPULA
, hyderabad
Reviewed on Dec 21, 2015
CITI Recurring Deposit is fine its pretty user friendly . Everything happened very quickly and . It is a few click away. . I have been holding one RD for about 7 months, the other one is 12 or 14 months. Again when it comes to closure procedure its very simple it hardly takes few minute s to close that.
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SUSHEEL MOOTHEDATH
, bangalore
Reviewed on Nov 05, 2015
I am happy with the service provided by CITI Bank based on the recurring deposit. I have closed the account but I donâ??t have any issue in the process.I make transfer using the portal and I feel its completely secured to use.They have applied interest rate around 6% for the loan.
CITI RD is the most interesting one, It would be great if they make it easier. I am happy with the interest rate offered by them its a normal one. The amount is fixed and I am holding this RD for more than 8 to 9 months and this was opened online and there is no partial liquidation option available here.
I had the recurring deposit with the citi bank . I can say the rate of interest is around 7% and am okay with that. Customer service and responsiveness with the online is really great. There are no minimum lock in period and we can withdrawn at any time.
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SATHISH KUMAR N
, chennai
Reviewed on Sep 04, 2015
I cannot compare the services of Citibank with any other banks as they are best. Only concern is that they donâ??t have enough branches and otherwise they are very good in all the aspects. I have Recurring deposit and the rate is 11%. Rate is compounding and I got it done the RD on some offer basis so the rate is high. Citibank is completely systematized.
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ARUN KUMAR GOVINDARAJ
, hosur
Reviewed on Aug 27, 2015
I am holding a salary account with CITI Bank and this prompted me to open RD account with the same Bank. in order to fulfil my small wishes this RD account was opened. The amount will be transferred from my salary account every month and its a fixed one. Rate of interest offered by them is very descent. The most exciting part, about this RD account is, I can easily liquidate the funds and the amount would be transferred to my account within a couple of seconds.
I do maintain recurring deposit in Citi bank for period of 6 months. Citi bank offers 7.5% interest rate for fixed deposit and the returns are quite good. I do monthly deposits on line, which I feel quite convenient way. I feel its good to be with Citi bank where the customer service does excellent job.
I am using this recurring deposit in CITI bank mainly because of my kids . Also I have interest monthly. My tenure for this recurring deposit depends on my requirement. I haven't find any issues and hassles from them. No suggestions for them to improve .
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BHANU PRAKASH
, bangalore
Reviewed on Jul 11, 2014
CITI Bank Recurring Deposits is very good. With the help of my on line account I was able to avail this deposits, just by 2 clicks, I successfully completed it which is totally hassle free . I have linked all my accounts under one id which makes my work even more easier.
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ANIRUDHA NARSINHA SONAR
, bangalore
Reviewed on May 02, 2014
