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Fixed Deposit

Citibank offers a range of fixed deposit schemes to choose from for all types of investment needs of an individual. So if you are looking for a short-term deposit or for a tax savings long-term deposit or a deposit that is flexible in nature allowing you to withdraw from the deposit account whenever you require cash funds, Citibank is the answer. The range of fixed deposit schemes is varied and diverse.
 

Citi Bank FD Rates 2017

FD Tenure

Interest Rates

Regular Citizens Senior Citizens
7-10 Days 3.00% 3.50%
11-14 Days 3.00% 3.50%
15-25 Days 3.25% 3.75%
26-35 Days 3.50% 4.00%
36-45 Days 4.50% 5.00%
46-60 Days 4.75% 5.25%
61-90 Days 4.75% 5.25%
91-120 Days 4.75% 5.25%
121-150 Days 4.75% 5.25%
151-180 Days 4.75% 5.25%
181-270 Days 5.00% 5.50%
271-364 Days 5.00% 5.50%
365-400 Days 5.00% 5.50%
401-540 Days 5.00% 5.50%
541-731 Days 5.00% 5.50%
732 – 1095 Days 5.00% 5.50%
>=1096 Days 5.25% 5.75%

Note: Above interest rates are offered on deposits below Rs 1 Crore w.e.f. 10 Nov, 2017. Rates are subject to change without prior information.

Types of Fixed Deposit Accounts

Citibank offers the following types of fixed deposit accounts to its customers.
 

  1. Fixed / Term Deposit
  2. Multi Deposit
  3. Recurring Deposit
  4. Senior Citizens Deposit
  5. Tax Saver Deposit
Fixed / Term Deposit

The customer needs to deposit money for a fixed period of time at a fixed interest rate. Below are some of the features of deposit account:
 

  • Minimum deposit required is Rs.1000
  • Minimum term of deposit is 7 days
  • Overdraft facility for individuals with current account
  • Compounded interest or Simple interest is available, which is calculated and paid on a quarterly basis
  • Liquidity in deposits
  • Premature withdrawal available in 2 parts
  • In case of account holder’s death, the deposits are paid prematurely to the nominees

Multi Deposit

A multi deposit account is a flexible deposit account which promises high returns and at the same time provides liquidity wherein the customer can withdraw funds whenever required. The features of the account are as follows:
 

  • Minimum deposit required is Rs.1000
  • Minimum term of deposit is 7 days
  • Instant and easy access to funds
  • Compounded interest or Simple interest is available, which is calculated and paid on a quarterly basis
  • Auto transfer facility to meet minimum balance in the savings or current account
  • Premature withdrawal available in 2 parts at a penal interest of 1%
  • In case of multi deposit account, the nominee will be the same as of the linked savings or current account

Recurring Deposit

A deposit account which can be opened with a small amount payable every month for a fixed period at a fixed rate of interest. The features of a recurring deposit account are as follows:
 

  • Minimum deposit required is Rs.1000 per month
  • Maximum deposit is Rs.20, 000 per month
  • Minimum deposit period can be 12 months
  • Maximum deposit period can be 24 months
  • Interest rates are fixed
  • Auto debit applicable from savings or current account
  • Partial withdrawals are not allowed
  • Maturity proceed is credited automatically to the customer’s Savings or Current account as the case may be.

Senior Citizens Deposit

Specially designed account for senior citizens offering higher rates of interest as compared to accounts for other individuals. The features are as follows:
 

  • Minimum deposit required is Rs.1000
  • Minimum term of deposit is 7 days
  • Interest rate is 50 base points higher than the normal interest rates
  • No TDS will be deducted on submitting form G or form H along with PAN card details

Tax Saver Deposit

A deposit scheme from CITI Bank especially designed for tax saving purposes with a defined tenure. The features of this deposit scheme are as follows:
 

  • Minimum deposit amount required is Rs.1000
  • Maximum deposit amount is Rs.150, 000 as per the tax exemption limit prescribed under Section 80C of the Income Tax Act
  • Deposit tenure is fixed at 5 years. The customer has to hold his deposits locked-in for 5 years if he or she wishes to claim tax exemption under Section 80C of the Income Tax Act.
  • Interest options between compounded interest and simple interest
  • No pre-closure allowed
  • Pre-closure of the scheme is allowed only in the case of accountholder’s death, where the proceeds will be paid to the nominee with no penal interests
  • No partial withdrawals allowed

High Net Relationship Value Benefits

The bank promises a unique benefit to its customers in the form of Net Relationships Value. The individuals having multiple businesses with the bank are treated as high Net Relationship Value customers. To enable customers to enjoy the benefits of this scheme, deposit accounts are opened through the existing Savings account or Current account which increases the Net Relationship Value of a customer and entitle him to various benefits like – lower rates of loans and quick processing, special promotional offers which are available from time to time, higher credit limit and withdrawal limit on cards and a dedicated relationship manager.

Applying for a Citi Bank Deposit Account

Any individual wanting to invest in a Fixed Deposit account with the bank can do so easily Paisabazaar website. However, he needs to be a customer of the bank first which means that the individual should hold a savings account with the bank to open a fixed deposit account.


1. For existing account holders


Opening a fixed deposit account online is very easy for existing account holders of the bank.  They simply need to visit the Paisabazaar website, enter their details and apply for a fixed deposit account.


2. For new customers


For individuals who do not have any account with the bank, investing in a fixed deposit scheme of the bank is impossible. They will first have to apply for a savings account and invest in any one of the savings account available with the bank. After becoming an account holder of the bank, they can easily open a fixed deposit account at our website.

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