CITI Bank FD Rates

Citi Bank is an American multinational bank headquartered in New York that offers various financial products and services. Citi Bank is one of the top banks offering safe deposit services to its customers around the globe. One of their excellent financial products includes the Citi Bank Fixed Deposit scheme. Customers have the provision to open a Citi Bank FD fund account without any entry cost, along with short lock-in facilities and easy withdrawals.

Investors considering opening an FD account can check the latest Citi Bank FD rates. Familiarising yourself with the latest FD interest rates can help them assess many things, including financial planning, ascertaining returns, etc. This blog plays a guiding role for new investors pertaining to the Citi Bank FD rates, features and benefits of the overall scheme.

CITI Bank FD Rates Highlights

Citi Bank FD interest rates range from 1.85% to 6.10% for any investment under INR 2 crores. Also, for investments between INR 2 Crore to INR 10 Crore, the Citi Bank FD rates are kept at 2%. These Citi bank FD rates are offered for the regular term deposit. However, there are various types of deposit schemes, including recurring deposits, senior citizen deposits, and tax savings deposits. The Citi bank Fixed Deposit Rates for the latter varies depending on the tenure.

Types of CITI Bank Fix Deposit

There are a few variations in the Citi Bank Fixed Deposit schemes. Citi Bank provides varying types of deposits to meet diverse customer needs based on their requirement and financial disposition. For instance, the senior citizen fixed deposits come with specialised Citi Bank FD rates, whereas the tax saver deposits assist users in claiming tax benefits. Here is a list of the types of Citi Bank Fix Deposits.

• Regular Fixed Term Deposit scheme - These are traditional fixed deposit plans where the depositor must make a minimum deposit of INR 1000 for a minimum tenure of 7 days. Users have the provision to apply for up to 90% of the overdraft facility. Moreover, customers can choose their payout frequency with a compounded or simple interest format.
• Multi / Flexi Deposit Plan - Customers can opt for the flexible FD scheme incorporating high-interest rates and liquidity provisions. Furthermore, flexibility in payout frequency makes this plan all the more attractive. The minimum deposit is INR 1000 with a minimum investment tenure of 7 days. 
• Recurring Deposit - Depositors who wish to make recurring contributions can opt for the recurring deposit FD scheme. There is a minimum balance maintenance requirement of INR 1000 with a minimum tenure of 12 months. Auto-debit facilities are also available, which removes the pressure of keeping payment reminders. 
• Senior Citizen Fixed Deposit - For citizens who are retired can benefit from the senior citizen FD scheme, which adheres to specialised interest rates. 
• Tax Saver FD - This is the scheme where users have the provision to claim tax benefits under section 80C of the income tax act of up to INR 1,50,000 annually. There will be a minimum deposit tenure of 5 years, before which one cannot make any withdrawals. Customers can choose their interest options with simple or compounding facilities.

CITI Bank Fixed Deposit - Schemes

There are majorly six Citi Bank Fixed deposit schemes. These are as listed below.

• Citibank fixed deposit
• Citibank multi deposits
• Citibank recurring deposit
• Senior citizen deposits
• Citibank tax saver deposit
• High net relationship value benefits

Features and Benefits of CITI Bank FDs

Various financial institutions provide deposit facilities. However, it is the features that set them apart. With the Citi bank Fixed deposit schemes, the following features and benefits make it a lucrative financial solution for its customers.

• Easy application process.
• Quick and hassle-free procedures.
• Minimal investment requirement of INR 1000. 
• High liquidity provisions. 
• Users can take out some cash in case of emergency, i.e. premature withdrawals.
• Competitive and attractive FD interest rates.
• Provisions to choose the payout frequency.

Eligibility Criteria for CITI Bank FD Rates

There are certain parameters that the customers who are interested in applying for the Citi bank FD fund deposit need to adhere to. These Citi bank FD eligibility criteria are as listed below.

• Interested customers are required to be a citizen of India. In the case of Non-resident Indians, they can apply with an NRE or NRO account. 
• It is a pre-requisite for applicants to open an account with Citi Bank. 
• The interested customers are necessarily required to have identification and residential proofs ready. 
• In the case of groups, the bank accepts applications from HUFs, partnership firms, companies, and trusts.

How is the Interest Rate Calculated on CITI Bank Fixed Deposit?

Citi Bank FD rates are set by the bank's authorities while considering the prevailing market price and the rates set by other banks. This approach makes Citi Bank FD rates competitive and attractive to customers. Furthermore, customers opting for the Citi Bank FD scheme can use the online Fixed Deposit Calculator tool to know how much they can earn from the scheme. Speaking of the calculation of the Citi Bank FD Interest Rates, basic mathematical formulas are used.

There are two ways to do this calculation. First is the simple interest calculation method. The other way is to calculate the compound interest. For the simple interest calculation, one can use the following formula. P x R x T / 100. The mathematical expression translates to principal multiplied by the rate of interest multiplied by duration. For the compound interest calculation, one can use the following formula.

A = P (1 + r / n ) n t.

This expression translates to an amount equivalent to the principal amount multiplied by the sum of 1 and the rate of interest upon the number of compounding periods. Then you will have to multiply the figure by the number of compounding periods and tenure.

Tax on CITI Bank FD

The interest earned on the Citi Bank FD rates is taxable by law. The bank is liable to deduct the applicable tax amount from the source. However, there are ways to claim tax benefits. Using the Citi Bank FD tax savings scheme, you can claim tax benefits. This way, one can legally claim a tax benefit of up to INR 1,50,000, which is applicable under Section 80C of the Income Tax Act 1961.

CITI Bank FD Minimum / Maximum Deposit Amount

Given the Citi bank FD rates range between 3.25% to 6.10%, customers must adhere to a minimum balance deposit. The bank has set the minimum deposit limit as INR 1000. Further, customers have the provision to increase their savings as per their capacity. In addition, non-resident customers can also invest in the Citi FD scheme with a minimum deposit of INR 80,000 without any specific upper limit.

Compare CITI Bank Fixed Deposit Returns with Top Banks

It will benefit the applicants to acquaint themselves with the prevailing market rates across some top banks. This comparison of Citi Bank FD rates with other banks clarifies how competitive interest rates are. Customers can use an FD Calculator to compare the results based on the bank's respective interest rates. The table below showcases the comparison of RBL Bank interest rates with some top banks, namely SBI, HDFC, IDBI, Kotak, etc.

How to Open a CITI Bank FD Account

Citi Bank has a straightforward method for customers interested in opening an FD account. One can do so in several ways as well. There is a provision to open a Citi bank FD account by visiting the official website, mobile banking app, net banking, and the nearest branch. Users can follow the steps mentioned below to simply open a Citi Bank FD account. 

• Go to the official website of Citi Bank.
• From the main menu, select the Investment option located under the Select a product option.
• You will be redirected to a new page.
• Select the Deposit option, and click on Invest Now. 
• You can visit the official portal or download the mobile application for further processing.
• For registration, provide the details, such as name, mobile number, email address, residential details, etc.
• Once you complete the initial application process, it will be reviewed by the Bank, after which an agent will contact you regarding the same.