Citibank Tax Saver FD
The Citi Bank Tax saving tenure ranges from min to max 5 Year 1 Months 7 Days . The ROI ranges from 3.50% to 3.50 % for the general public. The lock-in period for this scheme is
Citi Bank Tax saving Scheme for amount ranging from ₹ 100 to ₹ 1.5 L
The rate of interest for deposited amount ranging from ₹ 100 to ₹ 1.5 L is as below
Interest Rate for General Public (p.a.)
Interest Rates for Senior Citizens (p.a.)
|Upto 5 Year 1 Months 7 Days
Key features of Citi Bank Tax saving Scheme
Summary of Citi Bank Tax saving Scheme features :
|Mutual Fund Schemes
|Loan Against FD
Upto 5 Year 1 Months 7 Days
3.50% to 3.50 %
4.00% to 4.00 %
Rs.100 to Rs.1,50000
*Interest rates are subject to change at the discretion of the bank. These Interest rates are with effect from 10 November 2021.
Citibank started doing business in Kolkata, India, over 100 years ago. The bank is currently one of the biggest international investors and market participants in the country’s financial framework. In 19 different countries, Citibank has 2,649 locations. Thanks to its significant global presence, it provides asset management, personal finance services, and investment banking services to its clients. All societal groups, including those employed, wealthy, and high net worth, are catered to by these services. Having over 2.5 million active credit cards, the bank has been a significant player in the credit card market in addition to home loans, savings accounts, and fixed deposits. In this piece, we will take a look at the Citibank Tax Saver FD in detail.
What is a CITI Bank Tax Saving FD Scheme?
A Citibank Tax Saver FD is a type of investment account in which funds are deposited for a predetermined length of time with a fixed interest rate. Under Section 80C of the Income Tax Act of 1961, you may deduct your investment in the Citibank Tax Saver FD from your taxable income. A deposit can be made for as little as Rs. 1,000 or as much as Rs. 1.5 lakh. A five-year lock-in term is included with the Citibank Tax Saver FD. This scheme has a minimum deposit requirement of Rs. 1,000 and has a simple interest or compound interest quarterly payout option. The interest rates for this investment scheme start at 3.50% per annum.
Citibank Tax Saver FD Eligibility Criteria
The Citibank Tax Saver FD facility is available to the below-given types of applicants:
- Indian residents
- Joint account holders
- Senior citizens
- Hindu Undivided Families
- Sole proprietors
- Religious and educational institutions
- Partnership firms
Documents Required for Citibank Tax Saver FD
Given below are the set of documents required to invest in a Citibank Tax Saver FD:
- Identity Proof: Aadhaar card/Driver’s license/Passport/Voter ID/PAN card
- Address Proof: Bank statement with a cheque/ Passport/ Aadhaar card
- Date of Birth: Voter ID/ Service discharge certificate/ Aadhaar card/ PAN Card
Key Highlights of Citibank Tax Saver FD
The table given below depicts the highlights for a Citibank Tax Saver FD:
Features of Citibank Tax Saver FD
Given below are some of the features and benefits of the Citibank Tax Saver FD:
- You can invest as little as Rs. 1,000 with Citibank's FD options
- The lock-in period for the Citibank Tax Saver Fixed Deposit is 5 years
- The Citibank Tax Saver FD requires a minimum deposit of Rs. 1,000. Up to Rs. 1.5 lakh can be deposited in a single fiscal year, from April to March.
- The compound interest method or the simple interest approach will be used to determine the interest on your deposit (as per your choice). Interest payments will be made quarterly.
- Customers may borrow up to 90% of their FD amount
- Additionally, Citibank provides its clients with the advantage of Higher Net Relationship Value (NAV)
How to Apply for CITI Bank Tax Saving FD
Given below is the process to open a Citibank Tax Saver FD online:
Step 1: Visit the official website of Citibank FD portal
Step 2: On the homepage, click on the ‘Invest Now’ option
Step 3: Select the investment amount, and tenure for your fixed deposit scheme.
Step 4: Follow the steps on the next screen to make your initial deposit, and open your Citibank Tax Saver FD
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Frequently Asked Questions (FAQs)
What is CITI Bank Tax Saving FD?
The Citibank Tax Saver FD is a long-term investment scheme with a lock-in period of five years. The returns and investment in this scheme are tax deductible up to a deposit of Rs. 150,000.
Is it good to invest in CITI Bank Tax Saving FD?
The Citibank Tax Saver FD is an ideal investment choice for an individual seeking to generate returns while also being eligible for tax deductions in accordance with Section 80C of the Income Tax Act.
What is the minimum tenure for CITI Bank Tax Saving FD?
The minimum investment tenure for a Citibank Tax Saver FD is 7 days.