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Citibank Fixed Deposit

Citibank FD Scheme

Last Updated 06th Jan 2021

Citibank fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 2.40% to 3.50%
Minimum Tenure 7 days
Maximum Tenure 10 years
Deposit Amount Rs. 1,000
Maximum Deposit No Limit
    Earn upto 6.95% on FD APPLY NOW

    Citibank FD

    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 deposit 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.

    Types of Citibank Fixed Deposit Schemes

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

    Regular Fixed Deposits

    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
    Multi Deposits

    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
    Senior Citizens Deposit

    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
    Citibank Tax Saver Deposits

    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

    Benefits of Citibank FD

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

    • Guaranteed returns: The best thing about Citibank FD is that it offers guaranteed and assured returns to the investors. The return offered on fixed deposit 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 FD with a FD provider 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 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. The Bank allows a loan up to 90-95% of the FD amount. The best part about Citibank loan against fixed deposit is that one does not need to break his or her FD to borrow the loan.
    • 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 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.

    Premature Withdrawal Terms and Conditions

    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.

    Eligibility Criteria for Citibank FD

    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

    Documents for Citibank FD

    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.

    FAQs

    What is the loan against FD repayment tenure?

    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 FD 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?

    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.


    Citibank News - Jan 2021
    • 2021-01-05 : Revised FD rates for CitiBank
      With effect from 5 January 2020, CitiBank revised its FD rates. New rates for 7-35 days is 2.40%, the rate for 36-180 days is 2.55%, and for 181-270 days the rate is 2.60%. In addition to this for 271 -540 days, the applicable rate is 2.75%, for 541 to 731 days the rate is 3%, and for 732-1825 days, the rate is 3.50%.
    • 2020-10-07 : CitiBank revised fixed deposit rates
      Canara Bank revised its FD rates with effect from 5 October 2020. New rates for 7-35 days is 2.75%, the rate for 36-180 days is 2.80%, and for 181-270 days the rate is 2.85%. In addition to that, for 271 -540 days, the applicable rate is 3.00%, from 541 to 731 days the rate is 3.25%, and for 732-1825 days, the rate is 3.75%.
    • 2019-12-03 : Citi Bank revises Fixed Deposit rates across certain tenors
      CitiBank revised its interest rates on Fixed Deposits across certain tenors for December. The new rate for 181-540 is 4.75%, which was earlier set at 5.00%. Further, for 541-1095 days, the new rate is revised to 5.00% from 5.50%. Rates for the remaining tenors remain the same as the previous month.
    • 2019-11-05 : CitiBank new fixed deposit rates from today
      From November 5, 2019, interest rates applicable on FD rates have changed. New rates for 7-14 days is 3.00%; for 15-25 days, the rate is 3.25%, the rate for 26-35 days is 3.50%, the rate for 36-45 days is 4.00%, and for 46-180 days the rate is 4.75%. In addition to that, for 181- 540 days, the applicable rate is 5.00%, from 541 to 1095 days the rate is 5.50%, and for 1096-1825 days, the rate is 5.25%.
    • 2019-04-02 : Citibank raises interest rates on term deposits
      Private sector lender, Citibank has revised interest rates on domestic term deposits with immediate effect. Citibank has announced an upward revision in the interest rate on domestic term deposits for an amount less than Rs. one crore across various tenors. For 7 to 14 days the rate has been revised to 3.00%, and for 181 days to 270 days, the rate has been revised to 6.00%.
    *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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