Citibank began its journey in India in 1902 and is presently an important foreign financial institution in the Indian market. It offers a range of financial products and services, such as corporate and commercial banking, investment banking and much more.
Not only does Citibank offer financial services, but it also focuses on building Corporate Citizenship programs. On 1st March 2023, Citi India’s consumer business was sold to Axis Bank Limited. Citibank offers a number of fixed deposit schemes for a wide range of customer requirements. Keep reading to learn about all these schemes in detail, along with the Citibank FD rates.
| Minimum Deposit | ₹5000 |
| Maximum Deposit | No limit specified |
| Minimum Tenure | 7 days |
| Maximum Tenure | 10 years |
| Interest Rates | 3.50% to 8.30% (including rates applicable for senior citizens) |
| Lock-in Period | 5-year lock-in period applicable for Citibank Tax Saver Deposits |
| Senior Citizen | 3.50% to 8.30% (including rates for below ₹5 crores and above it) |
| General Citizen | 3.50% to 7.40% (including rates for below ₹5 crores and above it) |
LatestCiti Bank FD Rates – February 2024
| Tenure | General Citizen | Senior Citizen |
|---|
Features and Benefits of Citibank FD
Before investing in any of the schemes offered by Citibank, it is best to go through the features and benefits as well as Citibank FD rates in general:
- Senior citizens get additional interest rates of up to 0.50% on top of the general Citibank FD interest rates.
- As there is no upper limit applicable for most of the FD schemes, you can invest as much money as you want.
- You have the option to choose whether you wish to get your interest calculated using the simple interest or compound interest method.
- Citibank FD schemes have short lock-in periods and come with a quick liquidity option.
- You can access the funds you invest in these schemes instantly whenever needed.
- Citibank fixed deposit interest rates offered to NRIs are safe from foreign exchange rate fluctuations.
How to Book Citibank FD?
If you plan to invest in any of the Citibank FD schemes, you can do so online and offline. Let us take a look at the steps you need to follow for each of the following methods:
Online
Citibank offers the option of investing online through their online banking facility as well as the mobile app. Here are the steps that you can follow to avail of their online banking facility:
1. Internet Banking
- Step 1: Log in to the official website of Citibank India.
- Step 2: Enter your ‘User ID’ and ‘Password’ to sign in to their net banking portal.
- Step 3: Click on the ‘Deposit’ option present in the menu section.
- Step 4: After this, you need to select the ‘Open Fixed Deposit’ option.
- Step 5: Select the amount and the tenure for your FD scheme.
- Step 6: Fill up the form with all the necessary information and submit it along with all the requisite documents.
- Step 7: After this, your request will be processed, and all your documents will be verified. If all the information you provide is correct, then your FD account will be created.
2. Citibank Mobile Application
You can also book your FD using the Citibank Mobile app.
- Step 1: Download and install the Citibank Mobile app.
- Step 2: Next, agree with the terms and conditions of the app.
- Step 3: Sign in by entering your ‘User Name’ and ‘Password’.
- Step 4: Select the ‘Deposit’ option present in the ‘Menu’ section.
- Step 5: Next, choose the option ‘Open Fixed Deposit’.
- Step 6: Fill up the form with all the necessary details and also provide the investment amount and tenure of the deposit.
- Step 7: Submit all these details along with all the supporting documents.
- Step 8: After this, your request will be processed, and if all the information that you offer is found to be correct, then your FD account will be successfully created.
Offline
If you are someone who prefers to book the FD offline, you can do so as well. Following are the steps that you can follow:
- Step 1: Visit the nearest branch of Citibank.
- Step 2: Ask for the FD application form from any bank representative.
- Step 3: Fill up the form carefully and submit it along with all the supporting documents.
- Step 4: The bank will process your request and verify all the documents you provide. After successful processing, your FD deposit will be created.
Documents Required to Book Citibank FD
Following is a list of documents that you will be required to produce to book a Citibank FD account:
- Duly filled Citibank FD account opening form
- PAN card or Form 60/61
- Proof of Identity – Aadhaar card, Passport, Voter ID, Driving License, etc.
- Proof of Address – Utility bills, Passport, Aadhaar Card, etc.
- Proof of Age – PAN card, Birth Certificate, Service Discharge Certificate etc.
- Passport size photographs
- Bank account details – account number, IFSC code, and branch name.
Eligibility to Open Citibank FD
Here is a list of the people and entities that are eligible to enjoy the benefits of FD schemes offered by Citibank:
- Type of Applicant: Indian resident, Non-Resident Indian, Joint account holders, Hindu Undivided Families, Partnership firms, Public or Private Companies, etc.
- Age of Applicant: Minimum 18 years old.
Types of Citibank FD Schemes
Let us take a look at the types of FD schemes offered by Citibank and the lucrative Citibank FD interest rates:
1. Citibank Fixed Deposit
If you plan to park your hard-earned money in a scheme without dealing with market fluctuations, then you can invest in this scheme. This scheme comes with a quarterly interest option. Further, you get the option to receive the interest every quarter.
- Minimum Deposit: ₹5000
- Maximum Deposit: No limit specified
- Tenure: 7 days to 10 years
- Interest Rate: 3.50% to 8.30% (including rates applicable for senior citizens)
- Eligibility: Indian residents
2. Citibank Multi Deposits
Citibank’s multi-deposit scheme lets people invest their money and earn attractive interest rates. It comes with the added advantage of premature withdrawal if you withdraw in multiples of ₹5000.
- Minimum Deposit: ₹5000
- Maximum Deposit: No limit specified
- Tenure: 7 days to (no data available)
- Interest Rate: 3.50% to 8.30% (including rates applicable for senior citizens)
- Eligibility: Indian residents
3. Citibank Senior Citizens Deposits
If you are above the age of 60 years, you can try out the Citibank senior citizen deposit. This deposit comes with an added advantage of a higher interest rate than what the general public receives. Your deposit will be linked to your Savings account, which will offer you the benefit of a Higher Net Relationship Value.
- Minimum Deposit: ₹5000
- Maximum Deposit: No limit specified
- Tenure: 7 days to 10 years
- Interest Rate: 3.50% to 8.30% (including rates for below ₹5 crores and above it)
- Eligibility: Indian residents
4. Citibank Tax Saver Deposits
Do you wish to invest some part of your income in an FD and save on taxes? If yes, then you can try out Citibank TaxSaver Deposit. By investing in this scheme, you can avail a tax deduction of up to ₹1,50,000 on the interest income per financial year.
- Minimum Deposit: ₹5000
- Maximum Deposit: ₹1,50,000
- Tenure: 5 years
- Interest Rate: 7.00% (for general public) and 7.75% (for senior citizens)
- Eligibility: Indian residents
5. Citibank NRO Deposits
NRO, which stands for Non-Resident Ordinary, is a type of deposit account that lets NRIs invest what they earn in India. For this type of deposit, you can invest from within India as well as outside. If you have a number of income sources in India, this is the best scheme you can invest in.
- Minimum Deposit: ₹5000
- Maximum Deposit: No limit specified
- Tenure: 7 days to 5 years
- Interest Rate: 3.50% to 7.55% (including investment of below and above ₹5 crores)
- Eligibility: Non-resident Indians
6. Citibank NRE Deposits
If you are an NRI who earns in foreign currency, a Citibank NRE deposit might be a good option for you. When you invest in this scheme, your money will get deposited in Indian rupees. You can open your account jointly with other Non-resident Indians or resident relatives.
- Minimum Deposit: ₹5000
- Maximum Deposit: No limit specified
- Tenure: 1 year to 5 years
- Interest Rate: 5.00% to 7.55% (including investment of below and above ₹5 crores)
- Eligibility: Non-resident Indians
7. Citibank FCNR Deposits
A Foreign Currency Non-resident account or FCNR is a scheme for NRIs who have income in foreign currency. One of the benefits of this scheme is that you can book your FD in foreign currency without having to deal with exchange rate fluctuations.
- Minimum Deposit: Nil
- Maximum Deposit: No data available
- Tenure: 1 year to 5 years
- Interest Rate: 0.01% to 5.60%
- Eligibility: Non-resident Indians
8. Citibank RFC Deposits
RFC, which stands for Resident Foreign Currency, allows NRIs returning from abroad to park their earnings in foreign currency. By investing in this type of scheme, you can protect your earnings from the negative impact of fluctuating exchange rates. If you invest in Citibank FCNR deposits, you can invest in USD, GBP, EURO, JPY, AUD and CAD.
- Minimum Deposit: ₹10,000
- Maximum Deposit: No limit specified
- Tenure: 1 month to 1 year
- Interest Rate: 0.01% to 5.60%
- Eligibility: Non-resident Indians
Now that you have a fair idea of the features and benefits of all the schemes offered by Citibank, you can choose the one that suits your requirements the best. It is best to go through all the details and the Citibank FD rates before deciding whether you want to invest in the scheme in question. Always choose a tenure that fulfils your needs the most.
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Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
