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A fixed deposit (FD) account is considered a safe investment step by many people because of high security and returns. In a fixed deposit scheme you can invest money for a specified period after which a fixed rate will be paid for the deposit term. Read through to know Citibank’s fixed deposit options and other relevant details in terms of interest rates and deposit periods.
RBI has announced a new rule applicable to unclaimed, matured FD accounts. That is the funds in an unclaimed, matured FD account will attract an interest rate as applicable to the savings account or the contracted rate of the matured FD, whichever is lower.
The interest rates provided in the table are applicable for deposits up to Rs.2 crore and are effective from 6 January 2022.
| Deposit Tenure|| Interest Rate for Regular Customers (% p.a.)*|
*Interest rates are subject to change with time.
The following eligibility criteria are applicable to open an FD account in India. There may be additional criteria that are bank-specific.
Citibank offers Tax Saver Deposits scheme where you can deposit up to Rs.1.5 lakh per financial year in the account for a tenure of five years and get income tax benefit under Section 80C of the Finance Act, 2006. The interest calculation is done every quarter either as compound interest or simple interest is paid out quarterly.
Other than this scheme, the tax liability is dependent on your total income for the financial year and the tax slab you fall into. The interest income from FDs falls under the head ‘Income from Other Sources’ while filing income tax returns.
Also, banks deduct tax at source if the interest earned exceeds Rs.40,000 in a financial year across all the accounts held with the bank. A TDS certificate will be issued to confirm the details of the deduction. Read here to know more about the taxation on FDs.
Visit our easy-to-use FD calculator page to predict the returns you may receive upon putting your money in a fixed deposit account.
Individuals with a high NRV get preferential services, such as lower rates and quick loan processing, special promotional offers, higher credit and withdrawal limits, and a dedicated relationship manager.
A new customer can open a time deposit account with Citibank upon opening a Citibank Savings Account. You can choose any type of savings account offered by the bank.
Interest rates may vary based on the class in which your deposit amount falls in. There are several classes, such as
Citibank makes sure that the Senior Citizens Deposits scheme offers 0.5% additional interest rate as compared to the ones regular customers get.
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