Citibank is one of the major international banks. It is a subsidiary of Citigroup, a multinational financial services corporation and one of the largest financial institutions globally. Citibank operates as a full-service bank, providing various financial products and services to individuals, businesses, and institutions. Citibank offers a wide range of fixed deposit services starting just from ₹ 1,000 at an interest rate ranging from 3.00% p.a. to 7.10% p.a. The fixed deposit scheme offered by Citibank serves as a good investment option for its customers.

CitiBank Fixed Deposit Rates 2024

Note: The interest rates mentioned in all the tables are applicable as of 12 October 2023.

I. Citibank Fixed Deposit Rates (Below ₹2 Crore)

II. Citibank Fixed Deposit Rates (Above ₹2 Crore)

III. Citibank Non-Resident External (NRE) Deposit Rates

IV. Citibank Foreign Currency Non-Resident Bank (B) [FCNR (B)] Deposit Rates

Features and Benefits of Citibank Fixed Deposit

Some general features and benefits associated with fixed deposits offered by Citibank are:

1. Interest Rates: Fixed deposits offer a fixed interest rate over a predetermined period. Citibank typically provides competitive interest rates on fixed deposits ranging from 3.00% p.a. to 7.10% p.a.

2. Tenure Options: Citibank offers flexible tenure options ranging from 7 days to 10 years. A flexible lock-in period attracts investors.

3. Minimum Deposit Amount: A Citibank provides an opportunity to invest with an minimum amount of ₹1,000 as a deposite amount. This makes it possible for lower income group to take an initiative towards investment.

4. Flexible Interest Payouts: Citibank may offer flexibility in interest payout options. Customers might have the choice to receive interest at maturity or opt for periodic payouts, depending on their preferences.

5. Auto-Renewal Option: Fixed deposits often come with an auto-renewal option, allowing the deposit to be automatically renewed for the same tenure or a different tenure upon maturity. This ensures continuity of investment.

6. Loan Against Fixed Deposit: Citibank provides the option to avail loans against fixed deposits. Customers can use their fixed deposit as collateral to security against a loan, which might come with favorable terms.

7. Premature Withdrawal: While fixed deposits are designed to be held until maturity, however Citibank offers the option of premature withdrawal with applicable terms and conditions. However, this may attract a penalty or a reduction in interest rates.

8. Senior Citizen Benefits: Senior citizens may be eligible for special interest rates or additional benefits on fixed deposits and Citibank may have specific schemes catering to the financial needs of senior citizens. An Extra 0.5% p.a. interest is offered to senior citizens.

Types of Citibank Fixed Deposit Schemes

The Citibank offers following types of Fixed Deposit Schemes:

1. Citibank Fixed Deposit

The Citibank Fixed Deposit is a good option of investment if you don’t want to take risk and avoid market fluctuations. The scheme yiels interest quarterly. The following table provides the details of the scheme,

2. Citibank Multi Deposits

The Citibank Multi Deposits comes with attractive interest rates along with facility of of premature withdrawal. The following table provides the details of the scheme,

3. Citibank Senior Citizens Deposits

The Citibank Senior Citizens Deposits comes with an extra benefit of higher interest rate for the customer above 60 years of age. The bank also offers you the benefit of a Higher Net Relationship Value. The following table provides the details of the scheme,

4. Citibank Tax Saver Deposits

The Citibank Tax Saver Deposits under Section 80C of the Income Tax Act of 1961. You can enjoytax deduction of up to ₹1,50,000 on the interest income per financial year. The following table provides the details of the scheme,

5. Citibank NRE Deposits

The Citibank NRE Deposits scheme let NRIs deposit their foreign income in terms of Indian rupees. The account can be held jointly with indian residents. The following table provides the details of the scheme:

6. Citibank NRO Deposits

The Citibank NRO Deposits scheme let NRIs deposit their indian income into FD account. It is good scheme for NRIs having number of income sources in India. The following table provides the details of the scheme,

7. Citibank FCNR Deposits

The Citibank FCNR Deposits scheme let NRIs to deposit their foreign income into FD in foreign currency without having to deal with exchange rate fluctuations. The following table provides the details of the scheme:

How to Invest in Citibank Fixed Deposit?

You may open Citibank FD account easily through both online and offline channels. Here are the few easy steps to be followed:

I. Online Methods to Invest in Citibank Fixed Deposit

1. Internet Banking

1. If you are the existing customer, you can easliy login to the net banking portal of the Citibank using your ‘User ID’ and ‘Password’.
2. Go to the menu section and click on the ‘Deposit’ option.
3. Then select the ‘Open Fixed Deposit’ option and enter the amount and the tenure for FD scheme.
4. Fill up the form and after reading all the terms and conditions submit the form along with all the required documents.
5. Then your request will be processed and after document verification, your FD account will be created.

2. Citibank Mobile App

1. Install the Citibank Mobile app and sign in by entering your ‘User Name’ and ‘Password’.
2. Go to the menu section and click on the ‘deposit’ option.
3. Then select the ‘Open Fixed Deposit’ option.
4. Fill up the form and enter the amount and the tenure for FD scheme.
5. Read all the terms and conditions, agree and submit the form along with necessary documents.
6. Then your request will be processed and after document verification, your FD account will be created.

II. Offline Methods to Invest in Citibank Fixed Deposit

If you are someone who is not comfortable with online mode, can invest in FD scheme through offline channel by following few steps,

1. Visit the nearest branch of Citibank.
2. Fill up the form carefully and submit it along with all the required documents.
3. After processing your request and document verification, the bank will create your FD account.

Eligibility to Open a Citibank Fixed Deposit Account

A person shall meet certain eligibility criteria to open Citibank FD account. This includes,

1. A person shall be resident of India.

2. A person shall be Resident of any other country (Non-resident).

3. Hindu Undivided Families/Societies/Trusts.

4. Partnership firms.

5. Public or Private Companies.

6. Sole proprietorship companies.

7. Non-Resident Indians (NRIs) and Persons of Indian Origin (PIO).

Documents Required to Open Citibank Fixed Deposit

1. Duly filled Citibank FD account opening form.

2. PAN card.

3. Proof of Identity – Aadhaar card, Passport, Voter ID, Driving License, PAN card.

4. Proof of Address – Passport, Aadhaar Card, etc.

5. Proof of Age – PAN card, Birth Certificate, 10th certificate, etc.

6. Passport size photographs.

7. Banking Details – Account Number, IFSC code, and Branch Name.

process your request and verify all the documents 

Tax on Citibank Fixed Deposit

Citibank offers Tax Saver Deposits scheme under which you can deposit up to ₹1.5 lacs per financial year to avail income tax benefit under Section 80C of the Income Tax Act of 1961. It comes with a lock-in period of 5 years and with a maximum tenure of 10 years. The bank is also eligible to deduct TDS on interest income if the total on interest incomeon FD ₹40,000 for regular individuals and ₹50,000 for senior citizens. The bank will deduct TDS at the rate of 10% but for senior citizens, the TDS rate is 7.5% if Form 15H is submitted.

Loan Against Citibank Fixed Deposit

As the customers of the Citibank, you have an option to avail loans against the fixed deposits. This type of loan is often considered as an overdraft facility. Here are basic information needed in this aspect:

1. Collateral: The fixed deposit acts as collateral for the loan.

2. Loan Amount: The maximum loan amount is often ranging from 80% to 90% of the deposit amount.

3. Interest Rate: The interest rates on such loans are lower than unsecured loans and is charged on the actual amount utilized and for the duration it is used like in case of overdraft.

4. Loan Tenure: The tenure of the loan against FD is generally linked to the maturity of the fixed deposit. After maturity of FD, you are expected to repay the outstanding loan amount.

Fees and Penalty for Premature Closure of Citibank Fixed Deposit

The premature closure of FD may result in result in a lower interest rate compared to the originally agreed-upon rate. As a penalty, bank generally pay 1% less interest on FD. For example, If the agreed rate of interest was 7%, then in case of premature withdrawal bank will only pay 6% interest to the customer. However, penalty and fees are subject to terms nad condition that may vary as per the FD scheme.

Frequently Asked Questions (FAQs)​

1. What is the minimum deposit amount required to open a Fixed Deposit in Citibank?

Answer:

The minimum deposit amount can vary based on the type of fixed deposit and the specific terms at the time of opening the FD. However, usually in most cases it is ₹1,000.

2. What is the tenure range for Citibank Fixed Deposits?

Answer:

Citibank typically offers fixed deposit tenures ranging from 7 days to 10 years.

3. Can I withdraw my Fixed Deposit before maturity?

Answer:

Yes, premature withdrawal of fixed deposits is allowed, but it may be subject to penalty charges and fees.

4. Can I take a loan against my Citibank Fixed Deposit?

Answer:

Yes, Citibank Fixed Deposit can be used as collateral security against loan.

5. How is the interest on Fixed Deposits taxed?

Answer:

TDS (Tax Deducted at Source) may be applicable if the total interest income exceeds ₹40,000 for regular individuals and ₹50,000 for senior citizens.