Citibank FD - Scheme, Eligibility, Documents

Citibank is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 7 days to 10 years. Apart from that, Citibank FD offers regular returns on fixed deposits ranging between 2.40% to 3.50%. For senior citizens, the interest rates on fixed deposits range between 2.90% to 4.00%. In addition to that, Citibank fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

Different type of Citibank term deposit products offered to the investors are listed as follows:

Description:

• Under this scheme, the depositor is allowed to make investment into the deposit to earn attractive and higher returns along with a flexibility and security.
• Loan facility upto 90 per cent is available on the deposit while 75 per cent to the third party deposit
• Nomination facility available
• Earn higher returns on the money deposited
• Interest on deposit is paid only at the time of the maturity

Eligibility:

• Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm

Description:

• A flexible deposit scheme which promises higher returns and at the same time provides liquidity wherein the customer can withdraw funds whenever required.
• Interest on deposit is compounded quarterly
• Earn attractive interest rate on your deposit

Eligibility:

• Resident Indians, private or public limited company, hindu undivided family, trust and partnership firm

Description:

• Specially designed account for senior citizens offering higher rates of interest as compared to accounts for other individuals.
• Opportunity to earn higher rate of interest
• Nomination facility available
• Convenience of booking deposit through internet banking for RBL account holders
• TDS facility available on the deposit

Eligibility:

• Resident Indians above 60 years of age

Description:

• The scheme has been designed to help the resident individuals, HUFs, minors and senior citizens to save tax along with great returns by investing into this fixed deposit.
• Interest will be compounded on a quarterly basis
• Nomination facility available
• Interest on the deposit is liable to tax / TDS
• Availability of auto renewal facility

Eligibility:

• Resident Indians and hindu undivided family

Citibank fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are mentioned below:

• Guaranteed returns: The best thing about Citibank FD is that it offers guaranteed and assured returns to the investors. The return offered on a fixed deposits is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, Citibank offers FD rates up to 3.50%. The interest rates offered on Citibank FD is not only assured but also way higher than a savings account.
• Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a fixed deposits with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, Citibank term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
• Loan against FD: The investment made in an FD scheme is not only a reliable investment option but can also act as an asset. This is because Citibank fixed deposit allows one to borrow a secured loan against Citibank FD. Benefits of Loan Against FD of Citibank are as follow:
  • Loan against FD of Citibank offers the loan amount upto 90%-95% of the FD amount.
  • The interest charged on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
  • Loan against FD of the Citibanks flexible repayment options.
  • The processing fee of Loan Against FD in the Citibank is nil.
  • It is a hassle-free loan and does not require the depositor to break the FD.
Loan Against Fixed Deposit
• Flexible tenures: Citibank FD offers the investors the flexibility to choose the investment tenure as per their convenience. Citibank offers fixed deposit for a minimum tenure of 7 days up to a maximum tenure of 10 years. Citibank offers different interest rates across FD tenures.
• Flexible investment: Apart from the flexibility of tenure, Citibank fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs. 1,000. Apart from that, one can invest in the Citibank FD up to a maximum of No Limit.

Though a fixed deposit with Citibank means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

Withdrawing funds prematurely from Citibank will attract an interest rate lowered by Allowed below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of Citibank fixed deposits with tenure less than seven days, the bank does not pay any interest.

Citibank FD facility can be availed by the following type of investors:

• Indian Citizens
• Members of HUFs or the Hindu Undivided Family
• Business firms
• Local governing bodies
• Government departments
• Employees of private limited companies
• Trust accounts

Citibank fixed deposit requires one to submit the following documents:

• Passport size photographs
• Identity proofs such as Aadhar card, passport, PAN card, and driving license.
• Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
• Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
• Bank account details such as passbook and account number.

Credit Cards againstCitibank FD are secured credit cards. They are availed against the amount deposited in the term deposits. They are an ideal option for individuals with low CIBIL score and salary. Below mentioned are the important features of Credit Cards against Citibank FD:

• The limit offered on the credit card depends upon the amount deposited in the fixed deposits. Generally, banks offer around 80% of the deposit amount as the total credit limit on the card.
• Credit Cards against the fixed deposits require minimum documentation.
• The minimum tenure of the term deposits should be 6 months to avail credit card against it.
• Secured Credit cards also offer discounts, cashback and rewards.
• The cardholder continues to earn the same applicable interest rate on FD.

✅What is the loan against FD repayment tenure in Citibank?

Loan against FD is the  facility which allows the investor to avail the loan against the amount deposited in the term deposit. Citibank offers the loan against FD facility to the FD investors with a repayment tenure of up to 10 years.

✅ What is the minimum investment for FDs under Citibank?

Citibank Fixed Deposit is one of the safest investment avenues and it can be availed with a minimum deposit of Rs. 1,000.

✅ What is the minimum amount for a fixed deposit in Citibank?

The minimum amount required for a fixed deposit investment in Citibank fixed deposit is Rs. 1,000.

✅ What is the current interest rate on FD in Citibank?

Currently, Citibank offers an interest rate ranging between 2.40% to 3.50% on its fixed deposits.

✅ What is the penalty for early withdrawal in Citibank?

Bank charges penalty on premature withdrawal of fixed deposits. The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

✅ What is the minimum FD tenure for which a fixed Deposit account can be opened in Citibank?

Citibank fixed deposit can be opened with a minimum tenure of 7 days. The tenure of the Citibank fixed deposits ranges from 7 days to 10 years.

✅Can I deposit additional amount in my Citibank FD account?

No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

✅Who is eligible for opening an FD account in Citibank?

All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

✅What documents are required to open an FD account in Citibank?

The documents required to open an FD account in Citibank includes KYC documents and Passport size photos.

✅In how many years FD doubled in the Citibank?

The time Citibank fixed deposits will take to double the initial amount will depend upon the rate of interest offered on the FD. You can calculate the maturity amount of the Citibank FD at MyLoanCare by entering the amount you want to deposit and the interest offered on FD.

✅Can an NRI open a Citibank fixed deposit account?

No, Non-Resident Individuals are not allowed to invest in Citibank schemes. It means that they are not eligible to invest in fixed deposits.

✅Is the Citibank safe for FD?

Yes, the Citibank is one of the safest avenues for any investments. Citibank is backed by the Government of India and the returns on any investment including fixed deposits are guaranteed.

✅Is it wise to take a loan against FD from the Citibank?

Yes, opting for a Loan Against FD is an excellent decision. The reasons to take loan from Citibank are:

• It offers the loan upto 90%-95% of the FD amount.
• The interest levied on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
• Loan against FD offers flexible repayment options.
• The processing fee of Loan Against FD is Nil.
• It is a hassle-free loan and requires minimum documentation.
• Loan against FD helps the depositors to avoid the option of premature withdrawal.

However, there might be a chance that the alternative credit option is offering lower rates with better facilities. In that case, individuals must compare and decide on the credit option.