Citibank Fixed Deposit Rate

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Citibank Fixed Deposit Rate

Citibank Fixed Deposit Rate - FD Rate in India

A Fixed Deposit (FD) is one of the most popular financial instruments among the general population in India as it is a safe and reliable investment instrument which provides a higher rate of interest as compared to a regular savings account. It is considered to be a low-risk form of investment which translates to savings in the long run. The rewards are proportionately low as well when compared to investing in the stock market, but is free from volatility and fluctuation.

Money can be deposited in an FD account for a period that typically ranges from 7 days to 10 years. Banks are free to set their own FD interest rate which in India can generally range from 3.5% - 8% depending on the tenure and amount among other factors. If you have saved some extra money that you wish to invest, opening an FD is a simple and safe option, with minimal documentation required.

Apart from banks and NBFCs, corporates also offer fixed deposits.

Citibank Bank deposit rates

The rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank. Citibank Bank Interest Rates typically ranges from 4%-9% per annum.

The defining criteria for a fixed deposit is that the money cannot be withdrawn before maturity, unless on payment of a penalty. Once the deposit matures, the bank credits the original amount plus the interest earned to the bank account specified when the FD is opened. The money deposited earns the same fixed rate of interest throughout the entire FD period (except for certain kinds of floating rate deposits).

Citibank offers convenient and flexible Fixed Deposit schemes, which is a safe mode of investing your funds. You can book deposits with Citibank on Citibank Online or Citi Mobile Banking App.

Citibank FD rates

Following is an overview of Citibank Term Deposit Rates and Citibank Short-Term Fixed Deposit Interest Rates.

(Do keep in mind that these rates can change at any time and can be changed at the sole discretion of the Bank. For the latest rates, it is advisable to check with Citibank directly.)

Citibank Interest Rates on Fixed Deposits 2015 – 2016:

Period < Rs1 crore >=Rs1 crore < Rs2 crore >=Rs2 crore < Rs3 crore >=Rs3 crore < Rs5 crore >=Rs5 Crore <=Rs10 Crore
P.A. Rate Annualized Yield P.A. Rate Annualized Yield P.A. Rate Annualized Yield P.A. Rate Annualized Yield P.A. Rate Annualized Yield
7-10 Days 3.00% 3.00% 5.00% - 5.50% - 5.50% - 5.50% -
11-14 Days 3.00% 3.00% 4.75% - 5.50% - 5.50% - 5.50% -
15-25 Days 3.25% 3.25% 6.25% - 5.50% - 5.50% - 5.50% -
26-35 Days 3.50% 3.50% 5.50% - 5.50% - 5.50% - 5.50% -
36-45 Days 4.50% 4.50% 5.50% - 5.50% - 5.50% - 5.50% -
46-60 Days 5.75% 5.75% 5.50% - 5.50% - 5.50% - 5.50% -
61-90 Days 6.25% 6.25% 5.75% - 5.75% - 5.75% - 5.75% -
91-120 Days 6.25% 6.25% 5.75% 5.75% 5.75% 5.75% 5.75% 5.75% 5.75% 5.75%
121-150 Days 6.25% 6.27% 5.75% 5.76% 5.75% 5.76% 5.75% 5.76% 5.75% 5.76%
151-180 Days 6.25% 6.28% 5.75% 5.78% 5.75% 5.78% 5.75% 5.78% 5.75% 5.78%
181-270 Days 6.25% 6.30% 5.75% 5.79% 5.75% 5.79% 5.75% 5.79% 5.75% 5.79%
271-364 Days 6.25% 6.35% 5.75% 5.83% 5.75% 5.83% 5.75% 5.83% 5.75% 5.83%
365-400 Days 6.25% 6.40% 5.75% 5.88% 5.75% 5.88% 5.75% 5.88% 5.75% 5.88%
401-540 Days 6.25% 6.42% 5.75% 5.89% 5.75% 5.89% 5.75% 5.89% 5.75% 5.89%
541-731 Days 6.25% 6.50% 5.75% 5.96% 5.75% 5.96% 5.75% 5.96% 5.75% 5.96%
732 - 1095 Days 6.25% 6.60% 5.75% 6.05% 5.75% 6.05% 5.75% 6.05% 5.75% 6.05%
>=1096 Days 6.25% 6.82% 5.75% 6.23% 5.75% 6.23% 5.75% 6.23% 5.75% 6.23%

Citibank Bank FD Interest Rates for Senior Citizens

Citibank Bank offers special Senior Citizen FD Rates which is usually slightly more than the rates as applicable for a regular FD. Currently, the bank offers Senior Citizens Fixed Deposits only for amounts less than Rs. 1 Crore. Please note that Senior Citizens Fixed Deposits are not available for NRIs.

Senior Citizen Citibank FD Rate:

Tenure Comp Period < Rs1 Crore
Revised rate Yield
7-10 Days 0.00% 3.50% 3.50%
11-14 Days 0.00% 3.50% 3.50%
15-25 Days 0.00% 3.75% 3.75%
26-35 Days 0.00% 4.00% 4.00%
36-45 Days 0.00% 5.00% 5.00%
46-60 Days 0.00% 6.25% 6.25%
61-90 Days 0.00% 6.75% 6.75%
91-120 Days 100.00% 6.75% 6.75%
121-150 Days 100.00% 6.75% 6.77%
151-180 Days 100.00% 6.75% 6.79%
181-270 Days 200.00% 6.75% 6.81%
271-364 Days 300.00% 6.75% 6.86%
365-400 Days 400.00% 6.75% 6.92%
401-540 Days 400.00% 6.75% 6.95%
541-731 Days 600.00% 6.75% 7.04%
732 - 1095 Days 800.00% 6.75% 7.16%
>=1096 Days 1200.00% 6.75% 7.41%

How to Calculate Citibank Fixed Deposit Interest

There are various online resources which you can use to calculate the interest accrued on your Citibank FD. There are several online sites that allow you to instantly calculate the interest earned, by the means of an online calculator. All you have to do is enter the FD amount, tenure and rate of interest – the calculator will do the hard number work. You can use the calculator with different combination and as many variations as you want, and the calculator will give you instant and accurate results.

You can also calculate the interest earned and the maturity value on the principal amount using the following formula.

Calculate Citibank FD

A = P x (1 + r/n)nt

I = A - P

Where

A = Maturity Value

P = Principal Amount

r = Rate of Interest

t = Number of Years

n = Compounded Interest Frequency

I = Interest Earned

Citibank FD Premature Withdrawal Penalty

Breaking a fixed deposit before the maturity date is possible and might come in handy if you are in an urgent need for funds – for example, in case of a medical emergency.

In such cases, the bank will allow partial or complete withdrawal of the deposit before completion of the period of the deposit. For such premature withdrawals, you need to submit a Liquidation Form to the bank. The bank generally charges a nominal amount as penalty, subject to terms and conditions you agreed to upon the time of opening the FD account.

Citibank FD – FAQS

What is the minimum amount required to open an FD with Citibank?

You can open an FD account with Citibank for as low as Rs. 1,000

For how long can I keep my deposit?

You can open a fixed deposit account for any period ranging from 7 days to 10 years.

I am a new customer and wish to open an FD with Citibank. How do I do that?

If you are not a Citibank customer, you need to open a Citibank savings account in order to open an FD with the bank.

Can I deposit additional amount in my FD account from time to time?

No. It is possible to deposit the amount only once - at the time of opening of the deposit account. If you want to invest any additional amounts, then you will need to open a new FD account.

What is the eligibility for opening an FD account with Citibank?

All resident Indian individuals, including minors, are eligible to open a Fixed Deposit Account.

What is the documentation required to open an FD account in Citibank?

The documentation generally required is Identity proof, Address proof, Signature proof and Age proof (for senior citizens). The bank, upon its discretion, might ask for more documentation.

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