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Save money while enjoying a higher interest rate with Citibank Recurring Deposits. Citibank Recurring Deposit Interest Rates differ for resident and NRI customers. Citibank Senior Citizen RD Interest Rates are higher.
It is important to have the habit of regular saving for future expenses, be it planned or unexpected. Banks offer various schemes to encourage customers to save in a systematic way to realize their dreams.
Recurring Deposit (RD) scheme is one such instrument that allows customers to deposit a fixed amount as monthly instalments for a fixed amount of time and earn interest on that. Since small amounts of money can be deposited regularly, recurring deposits are considered advantageous over fixed deposits, which require a lumpsum amount to be deposited.
About Citibank Recurring Deposit Rate
Citibank offers a convenient and safe way of depositing your money into recurring deposits and earn higher rate of interest. It allows opening recurring deposits on the Citibank Online banking or Citi Mobile smart banking app.
Following are the people who can open and recurring deposit account with Citibank.
Citibank mandates that one needs to have a savings bank account in order to open a recurring deposit. However, it enables one to open a savings account on their website. Account holders are required to complete KYC documentation. All deposit accounts are linked to a customer’s Savings or Current account in order to give them the benefits of higher Net Relationship Value (NAV). Higher the NAV, better privileges on all your investments.
Citibank has been offering banking and financial services in India for the past 20 years. They have features like online banking and the Citi mobile app that makes banking transactions safe and easy. They offer competitive interest rates on all their deposit accounts. The latest interest rates offered on recurring deposits is given below
Senior citizens are offered 0.50% additional interest on deposits below Rs.1 Cr.
For interest rates on deposits above Rs.1 Cr one can contact the nearest Citibank branch.
Higher Net Relationship Value Benefits
Account holders with higher Net Relationship Value (NAV) are offered special privileges for their investments with Citibank.
1.What is the minimum and maximum amount required to open a recurring deposit with Citibank?
The minimum opening balance for a regular recurring deposit with Citibank is Rs. 1000 and the maximum amount is Rs.20,000.
2. What is the minimum and maximum deposit period?
Citibank offers recurring deposit for a minimum tenure of 6 months and a maximum of 24 months.
3. How do I apply for a recurring deposit?
In order to open a recurring deposit account, you need to have a savings account. You can open a savings bank account either at your nearest branch or on the Citibank website. Once you have opened a savings account, with the online banking login ID and password, you can open a recurring deposit with internet banking or on the Citi mobile banking app.
4. Can I close my recurring deposit prematurely?
Yes, you can close your recurring deposit prematurely. However, interest will be calculated after deducting corresponding penalty charges.
5. Is partial withdrawal allowed on my recurring deposit?
No, Citibank does not allow partial withdrawal on your recurring deposit.
6. Can I instruct the recurring deposit to be converted to a fixed deposit upon maturity?
Upon completion of tenure, the maturity benefits shall be credited back to the savings account. The maturity benefits can then be converted to a fixed deposit by filling up the appropriate forms.
7. Can I avail an overdraft facility?
Right now, there is no overdraft facility for recurring deposits.
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