Citibank FD Interest Rates 2024
A fixed deposit (FD) account is considered a safe investment step by many people because of its 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. Citibank provides FD interest rates ranging from 3.00% to 7.20% per annum for the general public and from 3.50% to 7.75% per annum for senior citizens. Read through to know Citibank’s fixed deposit options and other relevant details in terms of interest rates and deposit periods.
Latest Update
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.
What Is Citibank FD Interest Rates 2024?
The interest rates provided in the table are applicable for deposits up to Rs. 3 crore and are effective from 1 July 2024.
Tenure | FD Rates for Regular Customer (%p.a.) | FD Rates for Senior Citizen (% p.a.) |
7 days to 14 days | 3.00% | 3.50% |
15 days to 29 days | 3.00% | 3.50% |
30 days to 45 days | 3.50% | 4.00% |
46 days to 60 days | 4.25% | 4.75% |
61 days to less than 3 months | 4.50% | 5.00% |
3 months – 3 months 24 days | 4.75% | 5.25% |
3 months 25 days to less than 4 months | 4.75% | 5.25% |
4 months to less than 5 months | 4.75% | 5.25% |
5 months to less than 6 months | 4.75% | 5.25% |
6 months to less than 7 months | 5.75% | 6.25% |
7 months to less than 8 months | 5.75% | 6.25% |
8 months to less than 9 months | 5.75% | 6.25% |
9 months to less than 10 months | 6.00% | 6.50% |
10 months to less than 11 months | 6.00% | 6.50% |
11 months to 11 months 24 days | 6.00% | 6.50% |
11 months 25 days to less than 1 year | 6.00% | 6.50% |
1 year to 1 year 4 days | 6.70% | 7.20% |
1 year 5 days to 1 year 10 days | 6.70% | 7.20% |
1 year 11 days to 1 year 24 days | 6.70% | 7.20% |
1 year 25 days to less than 13 months | 6.70% | 7.20% |
13 months to less than 14 months | 6.70% | 7.20% |
14 months to less than 15 months | 6.70% | 7.20% |
15 months to less than 16 months | 7.10% | 7.60% |
16 months to less than 17 months | 7.10% | 7.60% |
17 months to less than 18 months | 7.20% | 7.70% |
18 months to less than 2 years | 7.10% | 7.60% |
2 years to less than 30 months | 7.10% | 7.60% |
30 months to less than 3 years | 7.10% | 7.60% |
3 years to less than 5 years | 7.10% | 7.60% |
5 years to 10 years | 7.00% | 7.75% |
*Interest rates are subject to change with time.
Different Types of Citibank FD Schemes
- Fixed Deposits: Citibank’s Fixed Deposit account allows depositors to deposit money in the account for a fixed period, and the interest rate for this account does not fluctuate. Current account holders can avail overdraft facility of up to 90% of the deposit value. The minimum deposit amount for this scheme is Rs.1,000, and the tenure starts from seven days.
- Multi Deposits: The scheme allows depositors to earn high-interest rates and lets them withdraw the balance alongside. You can withdraw funds in multiples of Rs.1,000 when you need. The interest will be paid out in quarterly intervals.
- Senior Citizen Deposits: This account offers an additional interest rate of 50 basis points per annum as compared to the regular FD interest rate for deposits below Rs.2 crore. The FD account will be linked to the savings account to give you the benefit of High Net Relationship Value (NRV).
- Tax Saver Deposits: Tax deduction under Section 80C can be claimed for the investments made in the tax saver fixed deposits account of up to Rs. 1.5 lakh. However, the interest amount will be taxable. There is a lock-in period of 5 years for these deposits thus, they cannot be withdrawn prematurely.
Citibank FD Special Features and Benefits
- Citibank FD options allow you to invest a minimum of Rs.1,000.
- The minimum deposit tenure for FD schemes is seven days.
- Competitive interest rates are offered against all FD schemes.
- Easy and fast liquidity options are available.
- Citibank also offers its customers the benefits of Higher Net Relationship Value (NAV).
- NRE, NRO, and FCNR deposit facility are available.
- FD account can be opened online or by visiting the nearest Citibank branch.
- Customers can avail loan facility up to 90% of the FD amount.
- Nomination facility is available.
Basic Eligibility Criteria for Citibank FD
The following eligibility criteria are applicable to open an FD account in India:
- Individuals who are resident Indians
- Joint account by two or more Individuals
- Senior citizens
- Minors
- Blind people
- Illiterate people
- Non-Resident Indians (NRIs)
- Sole proprietorship companies
- Societies, trusts, clubs, associations, etc.
- Religious and educational institutions
- Companies
- Partnership firms
Documents Required to Open Citibank FD
- Proof of Identity:
- Passport
- PAN card
- Voter ID
- Driver’s license
- Aadhaar card
- Proof of Address:
- Passport
- Aadhaar card
- Bank statement with a cheque
- Proof of Date of Birth:
- Service discharge certificate
- PAN card
- Aadhaar card
- Voter ID
Tax Benefits on Citibank Fixed Deposit
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 Income Tax Act, 1961. The interest is calculated every quarter, either as compound interest or simple interest, and 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 (TDS) 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.
FD Interest Rate Calculator
Visit our easy-to-use FD calculator tool to predict the returns you may receive upon putting your money in a fixed deposit account.
Frequently Asked Questions
Quick Summary
Citibank offers various FD schemes with competitive interest rates and tax-saving options. Different eligibility criteria and required documents exist for opening an FD account. Tax benefits can be availed under Section 80C. TDS may apply if interest exceeds Rs.40,000. Different banks also offer similar FD schemes with varying interest rates.
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