Citibank FD Interest Rates

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-

• Open the official website of CitiBank.
• Sign in to the net banking portal and enter the username and password.
• In the ‘Menu’, click on ‘Deposit’ and select ‘Open Fixed Deposit’.
• Enter the suitable amount and the tenure.
• Fill out all the further information and submit the required documents.
• After verifying the documents, one can begin depositing the said amount into the FD every month.

2) Mobile app - CitiBank Mobile App

• Download the CitiBank mobile app.
• Sign in with username and password.
• In the ‘Menu’, select ‘Deposit’, and next choose ‘Open Fixed Deposit’.
• Fill in the investment amount and the tenure.
• After verifying the documents, one can begin depositing the said amount into the FD every month.

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 –

• Individuals, including minors, senior citizens, and joint account holders
• Sole proprietors
• HUFs
• Blind and illiterate individuals
• Partnership firms
• Companies
• Educational institutions, trusts, clubs, religious institutions, societies, associations, etc.

The following documents have to be furnished for opening a CitiBank 

FD –

• Identity proof (Passport, PAN Card, Voter ID, Aadhar Card, Driving License)
• Address proof (Passport, Aadhar Card, Utility bills)
• Age proof (Birth Certificate, PAN Card, Service Discharge Certificate)

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%.