Citibank Fixed Deposit

Citibank is one of the oldest functioning banks in India. Citi opened its first branch in 1902 in Calcutta (Kolkata). Today, it is a critical foreign investor in the Indian banking industry and the financial sector. It is one of the top-most and preferred foreign banks when it comes to banking in India. Citi has played a critical role in the integration of software solutions in the Indian financial sector. It has a reputation for being the first bank to launch a dedicated NRI platform to cater to the investment needs of the non-resident community. Citibank has the distinction of opening the first smart banking branch in India in 2012.

Why Citibank Fixed Deposits?

Citibank is a pioneer in the issuance of Credit Cards in the Indian market. It also offers a range of loan products to cater to the corporate and retail segments. Besides, Citibank provides a bouquet of deposit products that appeal to every section of society. The flexibility of a Citibank Fixed Deposit is an endearing feature. The facility to open and close FDs online is also a clinching factor when it comes to choosing to invest in FDs. Citibank FDs display excellent features that are on par with which they offer in the international market.

Citibank Fixed Deposits - Features and Benefits

  • Invest as low as 1,000
  • Flexible tenures ranging from 7 days to 10 years
  • Attractive interest payout options
  • Competitive rates of interest
  • Partial withdrawal facility
  • Premature closure facility available
  • Overdrafts up to 90% of FD amount
  • Tax Saver FD options
  • Senior citizen benefits of additional interest
  • Benefits of high net relationship value

Citibank Fixed Deposits - Rate of Interest

Citibank offers competitive rates of interest on Fixed Deposits. The rates depend on various factors such as type of deposit, the amount invested, and the maturity period.

Citibank Time Deposit Interest Rates - with effect from 02.08.2019 (% per annum)

Tenure in days Less than 2 Crores 2 Crores to less than 3 Crores 3 Crores to less than 5 Crores 5 Crores to 10 Crores

7 to 10 days

3

5.50

5.35

3.25

11 to 14 days

3

5

5.45

4.60

15 to 25 days

3.25

5

5

5.35

26 to 35 days

3.50

4.75

4.75

4.75

36 to 45 days

4.50

5

5

5

46 to 60 days

4.75

5

5

5

61 to 90 days

4.75

5

5

5

91 to 120 days

5.50

5

5

5

121 to 150 days

5.50

5

 

5

151 to 180 days

5.50

4.75

4.75

4.75

181 to 270 days

5.50

4.75

4.75

4.75

271 to 364 days

5.50

4.75

4.75

4.75

365 to 400 days

5.50

4.75

4.75

4.75

401 to 540 days

5.50

4.75

4.75

4.75

541 to 731 days

6

4.75

4.75

4.75

732 to 1095 days

6

4.75

4.75

4.75

More than 1095 days

6

4.75

4.75

4.75

Contact the nearest branch of Citibank for interest rates on deposit amounts higher than 10 Crores

Interest rate table for Recurring Deposits - with effect from 02.08.2019 (% per annum)

Maturity Period Rate of Interest

365 to 400 days

5.50

401 to 540 days

5.50

541 to 731 days

6

Interest rates for Senior Citizen Deposits - Amounts less than 2 Crores - with effect from 02.08.2019 - (% per annum)
Deposit Tenure Rate of Interest

7 to 10 days

3.50

11 to 14 days

3.50

15 to 25 days

3.75

26 to 35 days

4

36 to 45 days

5

46 to 60 days

5.25

61 to 90 days

5.25

91 to 120 days

6

121 to 150 days

6

151 to 180 days

6

181 to 270 days

6

271 to 364 days

6

365 to 400 days

6

401 to 540 days

6

541 to 731 days

6.50

732 to 1095 days

6.50

1096 days to 10 years

6.50

Senior Citizen interest rate benefit is not available to non-resident Indians


Tax Saver Deposits - Interest rates effective from 02.08.2019 (% per annum)

Maturity Period Rate of Interest

5 years

6

Non-Resident Indian Deposits - Rate of Interest - with effect from 02.08.2019

Non-Resident External (NRE) Term Deposits

Deposit Tenure Less than 2 Crores 2 Crores to less than 3 Crores 3 Crores to less than 5 Crores 5 Crores to 10 Crores

365 to 400 days

5.50

4.75

4.75

4.75

401 to 540 days

5.50

4.75

4.75

4.75

541 to 731 days

6

4.75

4.75

4.75

732 to 1095 days

6

4.75

4.75

4.75

1096 days and more

6

4.75

4.75

4.75

Non-Resident Ordinary (NRO) Term Deposits

Maturity Period Less than 2 Crores 2 Crores to less than 3 Crores 3 Crores to less than 5 Crores 5 Crores to 10 Crores

7 to 10 days

3

5.50

5.35

3.25

11 to 14 days

3

5

5.45

4.60

15 to 25 days

3.25

5

5

5.35

26 to 35 days

3.50

4.75

4.75

4.75

36 to 45 days

4.50

5

5

5

46 to 60 days

4.75

5

5

5

61 to 90 days

4.75

5

5

5

91 to 120 days

5.50

5

5

5

121 to 150 days

5.50

5

5

5

151 to 180 days

5.50

4.75

4.75

4.75

181 to 270 days

5.50

4.75

4.75

4.75

271 to 364 days

5.50

4.75

4.75

4.75

365 to 400 days

5.50

4.75

4.75

4.75

401 to 540 days

5.50

4.75

4.75

4.75

541 to 731 days

5.50

4.75

4.75

4.75

732 to 1095 days

6

4.75

4.75

4.75

1096 days and more

6

4.75

4.75

4.75

Foreign Currency Non-Resident Deposit (FCNR) - (% Per annum)

Deposit Tenure USD < 0.50m GBP EUR JPY CAD AUD

365 to 399 days

2

0.01

0.01

0.01

0.01

0.01

400 to 410 days

1

0.01

0.01

0.01

0.01

0.01

411 to 729 days

1

0.01

0.01

0.01

0.01

0.01

730 to 1825 days

1

0.01

0.01

0.01

0.01

0.01

Deposit Tenure USD > 0.50m

365 to 399 days

3.06

400 to 410 days

1

411 to 729 days

1

730 to 1062 days

1

Citibank Fixed Deposits - Types of Deposits

Citibank has an exciting range of Fixed Deposit options to suit your requirements. The flexible tenures and interest payout options make it doubly attractive to invest in Citibank Fixed Deposits.

Fixed Deposits/Term Deposits

Features

Investment is for a fixed period where the interest rate does not fluctuate

Eligibility

Resident individuals

Minimum investment

1,000

Tenure of deposit

7 days to 10 years

Interest payout

Simple interest quarterly payout and quarterly compounding facilities available depending on the deposit tenure.

Loan facility

Overdraft up to a maximum of 90% of FD value to current account customers

Multi Deposits

Features

Earn attractive interest while maintaining the flexibility of the deposit by keeping it as part of your withdrawable balance.

Eligibility

Resident individuals

Minimum deposit

1,000

Tenure of deposit

7 days to 10 years

Interest payout options

  • Simple interest quarterly
  • Compounded interest quarterly

Flexibility

Withdraw in multiples of 1,000 without having to break the entire deposit

Recurring Deposits

Features

Facility to save gradually to build a sizeable corpus and meet exigencies in life

Eligibility

Resident individuals

Deposit range

Monthly instalment from 1,000 to 20,000

Deposit tenure

12 to 24 months

Interest payout

Compounded quarterly and payable on maturity

Convenience

Place a standing instruction on your savings account to ensure automatic debit of your RD instalment.

Senior Citizen Deposits

Features

Earn 0.50% more than the standard deposit rates for deposits below 1 Crore

Eligibility

Senior citizens (Minimum age requirement - 60 years at the time of opening the deposit).

Minimum deposit

1,000

Tenure

7 days to 10 years

Interest payouts

Same as that of Fixed Deposits

Benefit

The FD links to your savings account to give the benefit of a higher net relationship value.

Tax Saver Deposits

Features

Avail concessions under Sec 80C of Income Tax Act

Eligibility

Resident individuals having a valid PAN card

Deposit amount

Minimum - 1,000

Maximum - 1.50 Lakhs

Tenure

Fixed for 5 years

Interest payout

  • Simple interest quarterly
  • Compounded quarterly and reinvested

Conditions

Premature withdrawal and loans are not permissible on the Tax Saver Deposits

Non-resident Indian Fixed Deposit Products

  NRE Deposit NRO Deposit FCNR Deposit

Source of funds

  • Remittance from abroad
  • Transfer from NRE/FCNR A/c
  • Current income supported by the necessary documentation
  • Payment from abroad
  • Transfer from NRE/FCNR A/c
  • Revenue from domestic sources
  • Payment from abroad
  • Transfer from existing NRE/FCNR account

Interest payout

An option between simple and compound interest

Choice between simple and compound interest

Compounded every 180 days and payable on maturity

Auto-renewal

Available

Available

Available

Tenure

  • Minimum - 1 year
  • Maximum - 5 years
  • Minimum - 7 days
  • Maximum - 5 years
  • Minimum - 1 year
  • Maximum - 5 years

Eligibility

NRI and PIO

NRI and PIO

NRI and PIO

Currency

Indian Rupees

Indian Rupees

USD, GBP, EUR, JPY, CAD, and AUD

Minimum deposit

80,000

80,000

Equivalent to USD 2,000

Joint accounts

Permitted with residents (Former/Survivor)

Permitted with residents (Former/Survivor)

Permitted with residents (Former/Survivor)

Taxation

Interest tax-free

As per IT rules

Interest tax-free

Repatriation

Principal and interest repatriable

Maximum - USD 1m in a financial year

Principal and interest repatriable

Documents Required for Opening Citibank Fixed Deposits

The application forms for opening deposits are available online on the official website of Citibank. Opening a Fixed Deposit in Citibank entails customers to satisfy the mandatory KYC requirements. Submit the standard KYC ID and address proof documents along with your application form.

Non-Resident Deposits

Identity Proof

  • Copy of Indian passport
  • Valid Visa or Permanent Resident Card
  • Foreign passport and proof of Indian origin
  • PIO Card of self/spouse/parents or grandparents
  • Copy of Indian passport held previously
  • Birth certificate

Address Proof

  • Valid passport with address page
  • Driving license with address page
  • Documents issued by Government departments
  • Letter from Foreign Embassy

Local address proof

  • Aadhaar Card
  • Voter ID Card
  • Letter issued by National Population Register

Procedure to Open Citibank Fixed Deposits

Citibank FDs can be opened online as well as offline.

Offline method: By visiting the Citibank branch and speaking with your relationship manager

  • Download the Citibank application form from the website. The relationship manager can help you with a hard copy of the form.
  • Complete the application form and submit the necessary self-attested KYC documents along with a cheque for opening a Citibank FD account.

How do you open Citibank Fixed Deposit online?

  • You need to be a Citibank customer to be able to open your Citibank FD online. This option is available on internet banking and mobile banking platforms.
  • Click on the 'Invest Now' on the Fixed Deposits It will direct you to choose the internet banking or mobile banking option.
  • Enter your credentials and access your account
  • Follow the simple instructions and complete the opening of Citibank FD online

Maturity Value Calculator

The Citibank website does not have a maturity value calculator. However, such calculators are available on the internet using which you can calculate the maturity value of your Citibank FD.

Tax Deduction at Source on Fixed Deposit Interest

Citibank deducts TDS on interest payable on resident and NRO FDs. The rates are as follows:

  • Regular FD accounts: TDS @ 10% if the total interest income payable on the FDs exceeding 40,000 in a financial year.
  • Senior Citizen: TDS @ 10% if interest exceeds 50,000
  • NRO A/c: TDS @ 30.90% irrespective of the amount of interest payable

Premature Payment - Citibank Fixed Deposits

Citibank offers the facility of partial as well as premature withdrawal of Fixed Deposits. The rules that apply to partial and premature withdrawals are as follows.

  • The bank treats partial withdrawals as two deposits. It comprises of the withdrawn amount and the amount available with the bank as a deposit. The undrawn amount keeps earning interest at the contracted rate, whereas the partially withdrawn amount is equivalent to premature withdrawal.
  • Interest payable on premature withdrawals is calculated using the following formula. The calculation involves consideration of two interest rates.
  • Contracted rate
  • The interest rate for the period the deposit was retained in the bank

The lower of both these rates apply for the calculation of interest payable on premature withdrawals. There is an additional penalty of 1% on this applicable rate. Customers have to submit the 'Liquidation Form' to Citibank while seeking early withdrawal of deposits.

Citibank Fixed Deposits - Frequently Asked Questions

What are the benefits of High Net Relationship Value (NRV)?

Individuals having a high NRV qualify for unique benefits:

  • Quick process of loans
  • The benefit of lower interest rates
  • Advantage of special promotional offers
  • Higher credit card limits
  • The benefit of Dedicated relationship manager

Is insurance available on my FD amount?

All bank deposits have insurance up to a maximum amount of 1 Lakh with the Deposit Insurance Credit Guarantee Corporation (DICGC).

Is it compulsory to provide PAN Card information when opening Citibank FD?

If the FD amount is less than 50,000, there is no need to provide the PAN card. Under such circumstances, customers can submit Form No. 60 (No 61 for agriculturists).

Is TDS compulsory on all deposit accounts?

The bank has the mandate to deduct TDS on the interest payable on FDs if it exceeds 40,000 in a financial year.

Can I request the bank not to deduct TDS even if the interest income is more than 40,000?

Yes, customers can submit Form 15G (15H for senior citizen) along with the PAN card info to request the bank not to deduct TDS. Under such circumstances, it is the customer's responsibility to satisfy IT regulations of paying tax and filing the respective IT returns.

What will happen if I do not furnish PAN info to the bank along with my Form 15G?

The bank considers such submissions as invalid. Apart from this, the banks can deduct TDS @ 20% in the absence of PAN information.

Is nomination facility available in Citibank?

Yes, nomination facility is available in Citibank. It is advisable to avail the facility to make it easy for your legal heirs receive their money from the bank in the event of your demise.

Can the bank reverse the TDS deducted if you close your FD account prematurely?

No, the bank cannot reverse the TDS deducted from the interest paid to you. You have to submit your income tax return and claim the refund from the IT authorities.

Up to which amount is the senior citizen benefit available in Citibank?

Senior citizen interest benefits are available up to an investment less than 1 Crore.

Does the premature payment penalty condition apply on the death of the depositor?

The nominee in a deceased account can claim premature payment of the deposit without having to pay the premature withdrawal penalty.

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