Citibank FD Interest Rates 2023

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.

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 2023?

The interest rates provided in the table are applicable for deposits up to Rs. 2 crore and are effective from 16 February 2023.

*Interest rates are subject to change with time.

Different Types of Citibank FD Schemes

1. 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.
2. 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.
3. 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).

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. There may be additional criteria that are bank-specific.

• 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
• 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 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.

FD Interest Rate Calculator

Visit our easy-to-use FD calculator page to predict the returns you may receive upon putting your money in a fixed deposit account.

Frequently Asked Questions

What are the NRV benefits offered to individuals?

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.

I am not an existing customer of Citibank. Can I still open a time deposit account?

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.

Will the same interest rates be applicable for deposits above Rs.2 crore?

Interest rates may vary based on the class in which your deposit amount falls in. There are several classes, such as

• Less than Rs.2 crore
• From Rs.2 crore to less than Rs.3 crore
• From Rs.3 crore to less than Rs.5 crore
• From Rs.5 crore to less than Rs.8 crore
• From Rs.8 crore to less than Rs.10 crore
• Above Rs.10 crore

What about the interest rates available for Senior Citizens Deposits?

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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