MyLoanCare is a FREE of cost service for borrowers

MyLoanCare - Baat Aapke Interest Ki

MyLoanCare Customer Ratings - 4.5/5.0

Citibank FD Interest Rates

Citibank FD Rates 2020

Last Updated 17th Sep 2020

Citibank is one of most reliable FD providers amongst a number of FD providers in the market. Citibank FD offers a number of benefits to investors such as higher returns, flexible tenure, lower minimum deposit limit, and loan against FD facility, among others. When it comes to the FD interest rate, the highest rate offered on Citibank FD is 3.90%. Latest Citibank FD interest rate for senior citizens, on the other hand ranges between 3.25% to 4.40%.

Tenure FD interest rates Senior Citizen FD interest rates
7 days to 14 days 2.75% 3.25%
15 days to 25 days 3.00% 3.50%
26 days to 35 days 3.00% 3.50%
36 days to 45 days 3.00% 3.50%
46 days to 90 days 3.00% 3.50%

Citibank Fixed Deposit (FD)

Citibank FDs are one the best investment option available for depositors who are looking to invest in a fixed income instrument and earn higher returns than savings account. Key Features of Citibank Fixed Deposit are:

  • Deposit Amount: Citibank FD can be opened with an amount as a low ₹ 1,000 to up to No Limit.
  • FD Tenure: Ranges between 7 days to 10 years.
  • Interest Rate Range: 2.75% p.a. to 3.90% p.a.
  • Senior Citizens FD Rate: 3.25% to 4.40% p.a.
  • Highest Interest Rate: As per today’s rate, Citibank’s highest interest rate on FD is 3.90% offered for a tenure of 10 years.
  • Safety of Citibank Deposits: Citibank deposits are covered under the Deposit Insurance Scheme of RBI in which up to ₹ 5 lakh of all deposits of a depositor are insured by DICGC.
  • Loan against FD: Citibank provides loan against FD to help its depositor meet their liquidity requirements without breaking the FD.
  • Auto Renewal Facility: Available
  • Nomination Facility: Available
  • Popular FD Schemes: Regular Fixed Deposits, Multi Deposits, Senior Citizens Deposit, Citibank Tax Saver Deposits

Citibank Best FD Plan

We need to compare tenure wise latest FD rate of Citibank to choose the tenure at which it provides the highest interest rate. Citibank FD rates are best for the deposits with a tenure of 3 years 1 day to 10 years, wherein the current FD rate of interest is 3.90% p.a

If one is looking to invest in short term deposits with Citibank, FD interest rates range from 2.75% p.a. to 2.85% p.a for deposits with a tenure of 7 days to less than 365 days. These deposits are known as short term deposits as they have a tenure of less than 1 year. Short term Citibank FD rates for senior citizens range from 3.25% to 3.35% p.a.

If one is looking to invest in long term deposits, Citibank FD interest rates with tenure of 5 years to 10 years are a good choice with interest rates on deposits with a tenure of 10 years at 3.90%. Senior citizens are offered special rates from bank with highest deposit rates of 4.40% p.a. on long term FDs.

Fixed Deposits of Citibank have a higher interest rate compared to their saving deposits. Benefits of opening a FD account in Citibank are:

  • Interest on deposit is paid only at the time of the maturity
  • Nomination facility available
  • Extra interest of 0.25% to 0.50% payable to the senior citizens
  • Availability of auto renewal facility on the deposit
  • Earn higher returns on the money deposited

Documents required to open Fixed Deposit Account in Citibank

  • Basic KYC documents such as PAN Card, Aadhar card.
  • 2 Photographs

FD in Citibank – Premature Withdrawal

Premature closure of Term Deposit with Citibank is along with the lower interest rate of 1% than the contracted rate. The penal provisions for premature closure on Citibank FD are subject to change from time to time and may also vary with deposit schemes.

Loan against Fixed Deposit Citibank

Citibank offers loan up to 90% against its own deposit. Note that Citibank will not give you loan against FD of any other bank. Citibank offers Loan against FD at the rate of 3.75% to 4.9%

Illustration - Mr. Rahul has opened a fixed deposit of ₹ 1,00,000 for 2 years in Citibank. The borrower later decided to take loan against his FD. The bank has approved a credit limit of 90% against his FD at 10% interest rate. Now, if the borrower draws ₹ 90,000 on the first of the month and then repays the money on the 1st of next month, then he is supposed to pay the interest on ₹ 90,000 availed for 1 month only. The amount he repays after 1 month is ₹ 90,744. So, the interest charged on the loan taken is ₹ 744.

FD Account Opening Process at Citibank

To open a Fixed Deposit account in Citibank, you can visit the official website and login to your account. Choose Fixed Deposit option from the menu and select the Type of FD you want to open and proceed. After this, you have to fill the deposit amount and select ‘Senior Citizen’ option if you are above 60. You have to choose the tenure of deposit and interest payout frequency. Click on Submit to open the Citibank FD after reading the terms and conditions.

Nomination Facility on Citibank FD

Citibank offers nomination facility on Fixed Deposit to claim the amount in case of the death of the depositor. An individual, single or joint account holders can appoint a nominee. Only one person can be appointed as nominee. You can fill nominee details while opening a Citibank fixed deposit. Nominee has to submit his/her identification proof at the time of claim.

Citibank Fixed Deposit Scheme

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

Who is eligible?

  • 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

Who is eligible?

  • 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

Who is eligible?

  • 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

Who is eligible?

  • Resident Indians and hindu undivided family

FAQs

What is the highest FD rate for Citibank?

You can earn a maximum interest of 3.90% on Citibank fixed deposit.

Are there any special rates for senior citizens FD of Citibank?

Yes, senior citizens get a higher rate on their deposits compared to FD rates. The rate of regular FD are in the range of 2.75% to 3.90%. Compared to this, the rate of senior citizens FD are in the range of 3.25% to 4.40%.

Is there any minimum amount that I have to give for opening a Fixed Deposit with Citibank?

The minimum deposit amount required to book an FD with Citibank is ₹ 1,000.

Can I deposit additional amount in my 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 Basic KYC documents such as PAN Card, Aadhar card., 2 Photographs.

Is it possible to change the tenure of my existing fixed deposit account with Citibank?

No, it is not possible to alter the tenure selected for the fixed deposit account once the account is opened. However, you may close your existing fixed deposit account and can open a new account with a desired tenure of your choice.

What are the implications of opening an FD bank account without having PAN?

Following are the implications for the customers opening an FD account with Citibank without their PAN card

  • TDS will be deducted at the rate of 20% as against 10% under section 206AA
  • NO TDS credit from the Income Tax department
  • NO TDS certificate will be issued
  • Form 15G/H and other exemption certificates will be invalid and penal TDS will apply

What is the current interest rate on FD in Citibank?

Current interest for FD in Citibank ranges between 2.75% - 3.90%.

Can a customer open a FD account online in Citibank?

Yes, you can submit your application for opening a FD account on the website of Citibank. After submitting the application, you will be contacted by the bank’s representative for further process which includes filling an application process and submitting KYC documents.

In how many years FD will double in Citibank?

The interest rate on FD depends upon the tenure you choose. To know the time period in which your FD amount will get doubled, you need to divide 72 with the 3.90%. For Citibank FD the number of years in which your FD will get doubled is; 72/3.90 = 18


Citibank News - Sep 2020
  • 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