Citibank offers a wide range of deposit schemes including recurring deposit options to help its customers build their savings. It is good for those who do not wish to lock a large chunk in a fixed deposit right now and instead prefer making small deposits over a period to achieve a goal in the future.
Read on to know the features and benefits of Citibank recurring deposits along with the updated RD rates.
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Citibank RD Rates, 2020
|Tenure||Rate of Interest (in % p.a.)||Yield (in % p.a.)|
|364 – 400 days||3.50||3.55|
|541 – 731 days||3.75||3.84|
Note: These rates are effective from 21st April 2020.
Features & Benefits of Citibank Recurring Deposits
The prime features of the RD scheme by the bank are as follows:
- Minimum Deposit Instalment: Rs. 1,000 – Rs. 20,000
- Tenure: 12 months – 24 months
- Instalments are made every month
- The amount is automatically deducted from the linked bank account
- Premature withdrawal available
- Interest is paid on maturity or at the time of premature withdrawal
- Interest will be calculated at the rate at which booking was made, i.e. at the time of the first instalment
- On maturity, the depositor can choose to either get the proceeds transferred to his/her bank account or start a new deposit scheme
Citibank RD Calculator
Before locking a certain amount for RD instalments every month, it is advised to first check the maturity amount as well as the interest one shall gain on a specific tenure and rate of interest.
For this, Paisabazaar’s RD calculator can be used, which is an online tool available for free usage. To use this tool, simply adjust the bar as per your preference for the deposit amount, rate of interest, and deposit tenure or manually enter values in the corresponding spaces provided. id=”who”
The estimated maturity amount will be shown on the right side of the tool. This can be checked for any deposit amount up to Rs. 10 lakh and tenure up to 120 months (10 years).
Citibank RD – Who can Apply?
Recurring deposit option is extended to the resident individuals as well as HUFs (Hindu Undivided Families). This scheme can be opened individually or in joint names too.
Documents Required for Opening Citibank Recurring Deposits
To open a recurring deposit account with the Citibank, the following documents must be produced:
- PAN Card
- Form 60/61 (if PAN is not available)
- Details of the bank account to be linked
- Passport size photograph(s)
How to Apply for Citibank Recurring Deposits?
The first step towards opening a recurring deposit with Citibank is to make sure the customer already has an active account with the bank. To open a bank account with Citibank, visit the nearby branch and get the account opened. Or one can also opt online application via the bank’s website. A representative will come to the customer’s place to collect the documents and get it opened.
For those who are already active customers of Citibank, they can either go for the Citi Mobile App or Citibank Online option to activate the recurring deposit option.
Step 1: Visit the official website of Citibank.
Step 2: Click on ‘Wealth Management’ and select ‘Deposits’.
Step 3: Scroll down and click on ‘Invest’.
Step 4: Choose your preferred option.