Interest rates

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

Investment

oi-Vipul Das

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Financial services company Citibank has revised interest rates on various time deposits. The new interest rate announcement was declared on March 17, 2022 and following the revision, the bank now offers 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 adjusted the interest rates on all these deposits.

Citibank fixed deposit interest rates (below Rs 2 Cr)

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

Period in days Interest rate per year
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 to 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 ranging from 12 to 24 months. The interest rate determined when booking the first payment of the recurring deposit will apply for the duration of the recurring deposit. Citibank gives the following interest rates on recurring deposits below Rs 2 Cr as of 17 March 2022.

Tenor Interest rate per year
365 – 400 days 2.75%
401 – 540 days 2.75%
541 – 731 days 3.00%
Source: Bank website

Deposits for seniors Citibank

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

Tenor Interest rate per year
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 Savings Deposits

Customers who wish to benefit from tax advantages can use Citibank’s tax savings program. Term deposits of up to Rs1,50,000 reserved for five years are eligible for tax benefits under Section 80C of the Income Tax Act 1961 in accordance with the Finance Act 2006. This product allows you to set aside up to Rs1.5 lakh every financial year for a tenure of 5-year blocking term for tax savings deposits. Citibank is offering the interest rates shown below on Fixed Rate Term Deposits effective March 17, 2022.

Tenor Interest rate per year the elderly
5 years 3.50% 4.00%

Article first published: Friday, March 18, 2022, 12:34 p.m. [IST]