Citibank India Adjusts Interest Rates On Fixed Deposits (W.e.f. January 13, 2022)

Citibank India has revised its interest rates on various term deposit schemes. On January 13, 2022, the bank revised its interest rates, and the new rates apply to Time Deposits, Recurring Deposits, Senior Citizens Deposits, and Tax Saver Deposits. Citibank India offers competitive interest rates, as well as flexible tenors and the opportunity to launch a fixed deposit account online with a minimum investment of Rs. 1000. In this article, we will briefly outline Citibank's modified fixed deposit rates.

Citibank Time Deposit Interest Rates

With a minimum investment of Rs 1000 and a variable tenure of 7 days to 1096 days, one can open a Citibank fixed deposit account. The interest rates shown below are payable quarterly on a compounded interest / simple interest basis.

Tenure	Up to Rs 2 Cr	Rs 2 Cr to Rs 3 Cr	Rs 3 Cr to Rs 5 Cr	Rs 5 Cr to Rs 8 Cr	Rs 8 Cr to Rs 10 Cr
7-10 Days	1.85%	2.00%	2.85%	2.00%	2.95%
11-14 Days	1.85%	2.00%	2.00%	2.00%	2.00%
15-25 Days	1.90%	2.00%	2.00%	2.00%	2.00%
26-35 Days	1.90%	2.00%	2.00%	2.00%	2.00%
36-45 Days	2.55%	2.00%	2.00%	2.00%	2.00%
46-60 Days	2.55%	2.00%	2.00%	2.00%	2.00%
61-90 Days	2.55%	2.00%	2.00%	2.00%	2.00%
91-120 Days	2.55%	2.00%	2.00%	2.00%	2.00%
121-150 Days	2.55%	2.00%	2.00%	2.00%	2.00%
151-180 Days	2.55%	2.00%	2.00%	2.00%	2.00%
181-270 Days	2.60%	2.00%	2.00%	2.00%	2.00%
271-364 Days	2.75%	2.00%	2.00%	2.00%	2.00%
365-400 Days	2.75%	2.00%	2.00%	2.00%	2.00%
401-540 Days	2.75%	2.00%	2.00%	2.00%	2.00%
541-731 Days	3.00%	2.00%	2.00%	2.00%	2.00%
732 - 1095 Days	3.50%	2.00%	2.00%	2.00%	2.00%
>=1096 days	3.50%	2.00%	2.00%	2.00%	2.00%
Source: Bank Website. W.e.f. January 13, 2022

Citibank Recurring Deposit Interest Rates

Citibank allows recurring deposits for a tenure of 365 to 731 days. One can open a recurring deposit account with a minimum installment amount of Rs 1000 up to a limit of Rs 20,000 per month. On recurring deposits of less than Rs 2 Cr, the bank is now offering the following interest rates.

Tenure	Interest rate per annum	Yield
365 - 400 Days	2.75%	2.78%
401 - 540 Days	2.75%	2.78%
541 - 731 Days	3.00%	3.06%
Source: Bank Website. W.e.f. January 13, 2022

Citibank Fixed Deposit Interest Rates For Senior Citizens

On deposits of less than Rs 2 Cr, senior citizens are eligible for an additional rate of 50 basis points. On their term deposits, senior residents will now get the following interest rates across all tenors.

Tenure	Interest rate per annum	Yield
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%	3.05%
121-150 Days	3.05%	3.05%
151-180 Days	3.05%	3.06%
181-270 Days	3.10%	3.11%
271-364 Days	3.25%	3.28%
365-400 Days	3.25%	3.29%
401-540 Days	3.25%	3.30%
541-731 Days	3.50%	3.58%
732 - 1095 Days	4.00%	4.14%
>=1096 days	4.00%	4.23%
Source: Bank Website. W.e.f. January 13, 2022

Citibank Tax Saver Deposit Interest Rates

Citibank also offers a tax-saving deposit scheme that allows depositors to claim tax benefits under Section 80C of the Income Tax Act of 1961 on deposits of up to Rs. 1,50,000 that are maintained for a period of five years. A minimum deposit of Rs 1000 is required for a 5-year lock-in period, and no premature withdrawals are permitted. Interest is calculated quarterly and paid out quarterly, either as compounded interest or simple interest.

Tenure in days	Interest rate per annum	Yield
5 Years	3.50%	3.81%
Source: Bank Website. W.e.f. January 13, 2022