In a periodic interest payout option, Citibank would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain the same across the life of the deposit. On maturity, unless the deposit is renewed, would transfer the principal amount to your bank account.
In case you opt for a Citibank cumulative deposit, on maturity you would get a credit for the principal and interest earned net of TDS.
Calculate the FD maturity amount using the FD calculator.
Fixed Deposit calculator Citibank – Will TDS be deducted?
In case the interest earned by you across all your fixed deposits across all branches of Citibank in a year exceeds 0, the bank must deduct TDS at 10.3%. In case your IT PAN is not updated in the Citibank records, it must deduct twice the TDS at 20.6%. So, do remember to update your PAN on your FD.
Sorry, but we aren’t done with tax yet. This was only the TDS. Now, you would need to add the interest income on all your Citibank FD’s and other FD’s to your taxable income for the year. Based upon your tax bracket, income tax is payable on this income. Remember that you must estimate the interest income and all your other incomes and, based on this, pay advance tax on advance tax payment dates (15th Sep, 15th Dec, 15th March and 31st March).
Citibank will also issue you a Form 16A giving details of tax deducted on FD interest and tax deposited by it with government treasury. The TDS amount deposited by the bank with Income Tax Department can be verified in your 26AS statement available online on IT department website or through your net banking account. You can claim credit for the TDS amount in your annual Income Tax Return.
Citibank FD interest rate calculator – Check your city
Keep your KYC documents - PAN card, address proof and photo ready.
09th Jan 17 Citibank India cuts home loan rates to 8.80 percent
Citibank India has reduced its home loan interest rates by 70 basis points to 8.80 percent for salaried employees. Similarly, home loan interest rate for self employed borrowers now stands at 9.05 percent as compared to 9.75 percent earlier. The rates are effective from 9th January, 2017.
07th Jan 17 Citibank India reduces MCLR by 10 basis points
Citibank India has reduced its overnight and one month marginal cost of lending rate to 8 and 8.10 percent from 8.10 and 8.20 percent earlier. The bank has also reduced six month and one year MCLR by 10 basis points to 8.10 and 8.05 percent respectively. The rates are effective from 7th January, 2017.
28th Nov 16 Citibank temporarily waives off debit card fees for merchants
Citibank India announced temporary suspension of merchant discount rate (MDR) on all domestic debit card transactions. The suspension is effective from 26th November, 2016 to 31st December, 2016.
11th Nov 16 Citibank launches digital wallet app Citi Pay
Citibank unveiled a digital wallet application Citi Pay for customers to make seamless payments. Customers can load their credit card and debit card and make payments directly from their smart phones. Shoppers can use the app for making in-store -purchases at any store equipped with point of sale registers supporting NFC technology and can make payments without swiping their cards.
04th Nov 16 Citibank loan against property rates reduced from 1st November, 2016
Citibank has reduced its loan against property rates for self employed customers with capital invested of upto Rs. 5 crores. The revised loan against property interest rate ranges from 9.50 percent to 10.25 percent depending upon loan amount. The floating rates are benchmarked to 3 month MCLR Base rate of Citibank. The borrower can also avail flexi overdraft facility with this loan. The new rates will be effective from 1st November, 2016.
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