Citibank Recurring Deposit Interest Rates

Citibank Recurring Deposit

Citibank Recurring Deposit

A Recurring Deposit (RD) is a safe and convenient way of saving money while also earning interest on it. An RD allows you to deposit a fixed amount on a regular basis with your bank, and it is similar to a Fixed Deposit (FD) in that you enjoy a higher rate of interest than a savings account for the same principal amount.

The main difference between an FD and an RD is that a recurring deposit allows you to make ongoing periodic investments in the deposit, whereas in a fixed deposit, you need to deposit the entire lump amount at the time you open the FD account.

Advantages to opening an RD account:

  • Safe and secure form of investment
  • Ideal for people who cannot deposit a large initial lump sum, but want to deposit small amounts on a regular basis
  • Can be opened with small minimum amount.
  • Lump sum received at maturity, similar to an FD
  • The rate of interest is higher as compared to an ordinary saving bank account
  • Interest Rate earned is generally equal to that of an FD
  • Flexible tenures to suit the budget of the individual
  • Recurring Deposit Interest rate is fixed so you are assured of a fixed return
  • Loan / overdraft facility available with some banks.

Citi Recurring Deposit

An RD in Citibank instills a habit of regular savings, where in you can invest a fixed amount every month for a fixed number of months. You can make these installments to a Citibank recurring deposit scheme either by a Standing Order, ECS mandate or by regular direct remittance.

Key Features of Citibank RD Account

  • Allows you to safely deposit small amount of money on a regular basis rather than a bulky one-time payment at opening of the RD.
  • Ideal for people with a regular, steady income who may not be able to spare enough money for the minimum amount to open an FD.
  • Flexible tenure – you can choose tenures which can range from a few months to several years depending on your financial goal
  • Attractive interest rates: Offers a higher rate of interest than a savings bank account—similar to an FD—but with a smaller ongoing investment.
  • Is a safe, low-risk form of investment.
  • Secure from fluctuations.
  • Quick liquidity options and access to your funds when you need it

Types of Recurring Deposits Offered by Citibank:

Regular Recurring Deposit:

  • Minimum Opening Balance for Citibank RD account: Rs. 1,000
  • Monthly instalment amount: Rs. 1,000 to maximum Rs. 20,000
  • Preferential interest rate for senior citizens
  • TDS on Interest is applicable
  • Deposit period: Minimum 12 months to 24 months
  • Nomination facility available
  • Premature Closure of RD Allowed

Citi Recurring Deposit Interest Rates

Citibank RD interest rates are similar to rates offered for FD accounts. You can get the best rates for a Citibank Recurring Deposit by investing in any of its RD schemes. Following is an overview of Citibank RD interest rates including Citibank Short-Term RD Interest Rates. For the latest and accurate RD interest rates in Citi, it is advisable to check with the bank directly.

Tenure Comp Period
< Rs.1 Crore
Revised rate Yield
365 - 400 Days 4 5.50% 5.61%
401 - 540 Days 4 5.75% 5.89%
541 - 731 Days 6 5.75% 5.96%

Citibank Senior Citizen RD Interest Rates

Senior citizens enjoy preferential rates, i.e., 0.50% more on the interest rate as applicable for normal customers. For the latest revised or updated interest rates, it is advisable to contact the bank directly.

How to apply for an RD in Citibank:

If you are an existing Citibank Customer, then you can book an RD right away. You just need to login to Citibank Online or Citi Mobile App for easy booking of Recurring Deposits.

If you are not a Citibank Customer, then you will need to open a Citibank Savings Account in order to book a Citibank Recurring Deposit. Opening one is simple and quick. You can apply for a savings account online. You just need to fill in the online form and a bank representative will get in touch with you to help you with your saving needs.

Citibank Recurring Deposit Calculator:

You can make use of any trusty online RD Calculator to compute the interest and the maturity earned on your invested amount. Using an RD Calculator is easy— you need to enter the instalment amount you want to invest monthly, the duration, the interest rate, method of compounding (monthly, quarterly, half-yearly or annually) and the calculator will provide the maturity amount that you get at the time of maturity of the Recurring Deposit.

You can also calculate the monthly installment amount by entering the total amount that you wish to save at maturity.

Using an RD calculator helps you find out how much you need to save; it lets you calculate the maturity amount and accordingly decide how much you want to invest. You can try various investment amount options and opt for the one that is most suited to your budget and helps achieve your financial goal.

Citibank RD FAQs

What is the minimum and maximum amount required to open an RD with Citibank?

The minimum opening balance for a regular recurring deposit with Citibank is Rs. 1000. The maximum amount is Rs. 20,000

What is the minimum deposit period?

The minimum deposit tenure is 12 months.

How do I apply for a regular recurring deposit?

You can open a Regular Recurring Deposit online if you are an existing customer. You can log in to your net banking account and open an RD from the convenience of your home.

If you are a new customer, you can start with opening a savings account online, which can be linked with an RD account.

Alternately, you can visit your nearest branch and submit the Deposit Account form.

What is the documentation required to open an RD account?

You will require the following documents:

  • Filled-in application form
  • Passport size photograph
  • Proof of residence
  • Introduction letter from an existing customer of Citibank ( if required)
  • Any other KYC documents as required by the bank