|Tenure||Regular customers||Senior citizens|
A CitiBank FD account can be opened through different modes like Mobile App, Internet Banking, and offline.
1) Internet Banking
Follow the below-mentioned steps for opening a CitiBank FD account via internet banking-
2) Mobile app - CitiBank Mobile App
3) Opening CitiBank FD Offline
For opening a CitiBank FD account via offline mode, one has to visit the nearest CitiBank branch. Fill out the Canara Bank FD application form and present all the necessary documents with the deposit amount. On successful verification of the application, an FD will be opened.
Individuals or entities satisfying the following criteria can opt for a fixed deposit in CitiBank –
The following documents have to be furnished for opening a CitiBank
An investment in Citibank Tax Saving FD entitles to tax saving up to Rs. 1,50,000 p.a. No other Citibank FD entitled to tax saving under Section 80C of the Income Tax Act.
Also, note that the interest income from the Citibank Fixed Deposit is taxable according to the slab rates of income tax. Also, the interest income is subject to a TDS of 10% if the income from Citibank FD exceeds Rs. 40,000 p.a.
For senior citizens, the limit is Rs. 50,000 p.a. Also, if the investor fails to provide PAN Card details to the bank, the TDS rate will be 20%.
Citibank provides loans against their Fixed Deposits. Investors can receive up to 90% of the deposit as a loan against their Citibank Fixed Deposit. The rate of interest on a loan depends on Citibank's terms and conditions.
Citibank permits premature withdrawal of FDs. The bank levies a penalty for this. According to the bank's rules, the investors will receive interest on their FDs until the withdrawal date, after that, the bank will charge a penalty of 1%.
Did the Citi Bank FD Rates increase in 2022?
Yes, CitiBank updated its FD rates for 2022. CitiBank, like many other lenders, can change its FD rates based on a variety of variables.
In how many years will CitiBank's FD double?
The maturity amount you will get is determined by the deposit amount and the tenure you choose for earning interest on it.
How long does the CitiBank Tax Saver Deposit Scheme last?
CitiBank Tax Saver Deposit Scheme has a 5-year term.
How to Apply for the FD?
Individuals who want to open a Fixed Deposit account with a bank can do so in two ways:
Existing bank account holders can easily open a fixed deposit account online. They just go to the internet, submit their information, and apply for a fixed deposit account.
Individuals who do not have an account with the bank can only invest in the bank's fixed deposit plan if they create an account with Citibank. They will need to apply for a savings account first, and then they may simply create a fixed deposit account.
What is the eligibility?