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Citibank Revises Interest Rates On Fixed Deposit: Check Latest Rates Here

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Citibank allows investors to open a fixed deposit account online through Citibank Online or Citi Mobile smart banking app with a minimum deposit amount of Rs 1000. One of the appealing benefits of Citibank's fixed deposit account is that it is linked to your Citibank Savings or Current Account from which you can seek Higher Net Relationship Value (NAV) from the bank. Apart from higher interest rates on deposits, overdraft facility, quarterly compounded interest / simple interest quarterly payout option, tax benefits on deposits, monthly standing instruction option, etc Citibank offers a range of deposit schemes such as Fixed / Term Deposit, Multi / Flexible Deposit, Recurring Deposit, Senior Citizen Deposit, and Tax Saver Deposit. With effect from 31st August 2021, the bank has revised interest rates on its fixed deposit which are as follows.

Citibank Time Deposit Interest rates

Citibank Time Deposit Interest rates

Below are the most recent interest rates on fixed deposits of Citibank for the general public based on deposit amounts of less than Rs 2 Cr.

In Days
P.A. Rate Annualised Yield
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% 2.55%
121-150 Days 2.55% 2.55%
151-180 Days 2.55% 2.56%
181-270 Days 2.60% 2.61%
271-364 Days 2.75% 2.77%
365-400 Days 2.75% 2.78%
401-540 Days 2.75% 2.78%
541-731 Days 3.00% 3.06%
732 - 1095 Days 3.50% 3.61%
>=1096 days 3.50% 3.67%
Source: Bank Website, W.e.f. August 31, 2021

Citibank Time Deposit Interest rates For Senior Citizens
 

Citibank Time Deposit Interest rates For Senior Citizens

For a deposit amount of less than Rs 2 Cr, senior citizens will get the following interest rates on their deposits. For senior citizens, the annualized yield is determined at the lower end of each tenure bucket.

TenureP.A. RateYield
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. August 31, 2021

Citibank Tax Saver Fixed Deposit

Citibank Tax Saver Fixed Deposit

Investors who want to seek tax benefits on their deposits can also open a Tax Saver Deposit account at Citibank. One can invest in the tax saver deposit scheme with a minimum amount of Rs 1000 with a maximum amount of up to Rs 1.5 lakhs for a lock-in period of 5 years. Under the tax saver deposit scheme of Citibank, both regular and senior citizens will get quarterly compounded interest / simple interest quarterly payout options.

Term deposits up to Rs 1,50,000 deposited for five years are eligible for tax benefits under Section 80C of the Income Tax Act, 1961, according to the Finance Act of 2006. Owing to the 5-year lock-in term for Tax Saving Deposits under the IT Act, no premature withdrawals are permitted, which investors should be aware of. Here are the interest rates on tax saver deposits of Citibank for both the general public and elderly people. You can contact your relationship manager or the nearest Citibank branch to know the interest rates on deposits of more than or equal to Rs 10 Crores.

Tenure in DaysP.A. RateAnnualized Yield
5 Years 3.50% 3.81%
Source: Bank Website, W.e.f. August 31, 2021

 

Read more about: fd fixed deposit investment citibank
Story first published: Tuesday, August 31, 2021, 12:00 [IST]
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