Citibank Fixed Deposit Rate

Citibank Fixed Deposit

This is the basic fixed deposit under which you can deposit a fixed amount of money for a fixed period. The minimum amount of deposit required is Rs. 1000 and there is no upper limit on the amount. The term usually ranges from 7 days to 10 years.

Citibank Multi Deposit

Citibank Multi Deposit is a special kind of deposit which is similar to the regular fixed deposit scheme. The interest rates applicable are also the same. The difference lies in the fact that you can withdraw partial funds from a multi deposit unlike fixed deposits where the funds can only be withdrawn by cancelling the entire contract and paying a penalty.

Under the multi deposit account, your investment earns the same interest as a regular deposit. If you withdraw partial funds, the remaining portion continues to earn interest at the agreed rate.

Citibank allows withdrawals in multiples of 1000/- only.

Citibank Senior Citizens Deposit

Senior citizens can invest in any of the Citibank Fixed Deposits. Because these individuals do have neither a regular income nor earning capacity, Citibank offers these citizens additional interest rate of 0.5% above the rate applicable under the scheme. These deposits are linked to savings bank accounts of the individuals and may be taken either in single name or jointly with spouse or other family members.

Citibank Tax Saver Deposit

As per the Indian Finance Act fixed deposits booked for a period of 5 years or more are applicable for deduction under section 80C of the Income Tax Act. Citibank Tax Saver Deposit is one such deposit which can be taken under any of the many FD schemes in Citibank. Terms would be applicable as per the said scheme except as under -

• There is a minimum lock-in period of 5 years. The funds under the deposit - if taken for a period of more than 5 years - will be available for withdrawal after 5 years.
• Interest rates are applicable as per scheme chosen.
• Investors can choose to receive quarterly interest pay-outs or reinvest the interest.
• Interest will be computed quarterly and depending on the choice of the investor - will be paid-out or reinvested every quarter.

Interest Rate on Citibank Fixed Deposit

The interest rate on fixed deposits in India ranges between 3.5 to 9%. Rates may vary for the following reasons -

1. RBI regulation
2. Amount of Deposit
3. Term of Deposit

Most schemes allow investors to opt either for periodic interest pay-outs or reinvestment. Funds placed in fixed deposits cannot be withdrawn. However, the investor may close the deposit account if he so desires in which case a penalty will be deducted from the proceeds. Upon maturity - or premature withdrawal - the proceeds are credit to the savings or current account specified at the time of opening the deposit account. Interest rates remain fixed through the term of deposit except under special schemes that offer floating rates.

Citibank Fixed Deposit Rates

Citibank fixed deposits earn interest depending on term of deposit. The table below shows the interest rates for various terms.

Citibank Fixed Deposit Interest Rates for Senior Citizens

Rates of interest are slightly higher for senior citizens. Here are the rates for Citibank Fixed Deposit for senior citizens.

How to Calculate Citibank Fixed Deposit Interest

Citibank Fixed Deposit Premature Withdrawal Penalty

Fixed deposits are invested for a specific period and no withdrawal is permitted before the term is up. However investors may close the fixed deposit account before expiry of the term. In this case a penalty of 1% will be applied to the contract rate of interest. Interest will be paid for the period for which the principal remained with the bank.

Citibank Fixed Deposit Rate FAQ