Citibank Fixed Deposit: Check New Interest Rates Effective As of March 17, 2022

Citibank financial services company has made an interest rate revision on various term deposits. The new interest rate announcement was declared on March 17, 2022 and following the revision, the bank is now offering an interest rate of 1.85% - 3.50% to the general public and 2.35% - 4.00% to senior citizens on term deposits of less than Rs 2 Cr maturing in 7 days to 1096 days. The bank offers a range of deposit options to its customers such as Citibank Fixed Deposit, Citibank Multi Deposits, Citibank Recurring Deposits, Senior Citizens Deposits, and Citibank Tax Saver Deposits. The bank has adjusted the interest rates on all of these deposits.

Citibank Fixed Deposit Interest Rates (Below Rs 2 Cr)

This deposit option requires a minimum investment of Rs 1000 for a tenor ranging from 7 to 1096 days. The bank also provides current account customers with an overdraft facility up to 90% of the deposit value, in addition to quarterly compounded interest / simple interest quarterly payout options. The following are the current Citibank Time Deposit interest rates as of March 17, 2022.

Period in days	Interest rate per annum
7-10 Days	1.85%
11-14 Days	1.85%
15-25 Days	1.90%
26-35 Days	1.90%
36-45 Days	2.55%
46-60 Days	2.55%
61-90 Days	2.55%
91-120 Days	2.55%
121-150 Days	2.55%
151-180 Days	2.55%
181-270 Days	2.60%
271-364 Days	2.75%
365-400 Days	2.75%
401-540 Days	2.75%
541-731 Days	3.00%
732 - 1095 Days	3.50%
>=1096 days	3.50%
Source: Bank Website

Citibank Recurring Deposit Interest Rates

You can use a monthly standing instruction to automatically debit your account towards your recurring deposit account. You can open a recurring deposit (RD) account for a monthly amount ranging from Rs1,000 to Rs20,000 with a maturity time ranging from 12 to 24 months. The interest rate determined upon when the first installment of the Recurring Deposit was booked will apply for the duration of the Recurring Deposit. Citibank is giving the following interest rates on recurring deposits of less than Rs 2 Cr as of March 17, 2022.

Tenor	Interest rate per annum
365 - 400 Days	2.75%
401 - 540 Days	2.75%
541 - 731 Days	3.00%
Source: Bank Website

Citibank Senior Citizens Deposits

Senior citizens can earn an additional 50 basis points per annum on such fixed deposits if they deposit less than Rs 2 crore. Non-resident Indians are not eligible for Senior Citizens Deposits, and the current interest rates on fixed deposits for senior citizens are as follows.

Tenor	Interest rate per annum
7-10 Days	2.35%
11-14 Days	2.35%
15-25 Days	2.40%
26-35 Days	2.40%
36-45 Days	3.05%
46-60 Days	3.05%
61-90 Days	3.05%
91-120 Days	3.05%
121-150 Days	3.05%
151-180 Days	3.05%
181-270 Days	3.10%
271-364 Days	3.25%
365-400 Days	3.25%
401-540 Days	3.25%
541-731 Days	3.50%
732 - 1095 Days	4.00%
>=1096 days	4.00%
Source: Bank Website

Citibank Tax Saver Deposits

Customers who want to claim tax benefits can use Citibank's tax saver scheme. Term deposits up to Rs1,50,000 booked for five years are eligible for tax benefits under Section 80C of the Income Tax Act, 1961, according to the Finance Act of 2006. This product allows you to book up to Rs1.5 lakh every financial year for a tenure of a 5-year lock-in term for Tax Saving Deposits. Citibank is offering the interest rates shown below on tax-saving fixed deposits as of March 17, 2022.

Tenor	Interest rate per annum	Senior citizens
5 Years	3.50%	4.00%