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Citibank India adjusts interest rates on term deposits (Wef 13 January 2022)

Posted on January 16, 2022January 16, 2022 by Amy A. Stuart
16
Jan

Citibank Term Deposit Interest Rates

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

Mandate 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. Wef January 13, 2022
Citibank Recurring Deposit Interest Rates

Citibank Recurring Deposit Interest Rates

Citibank allows recurring deposits for 365 to 731 days. One can open a recurring deposit account with a minimum deposit of Rs 1,000 up to a limit of Rs 20,000 per month. On recurring deposits below Rs 2 Cr, the bank now offers the following interest rates.

Mandate Interest rate per year 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. Wef January 13, 2022
Citibank Fixed Deposit Interest Rates for Seniors

Citibank Fixed Deposit Interest Rates for Seniors

On deposits below Rs 2 Cr, senior citizens are entitled to an additional rate of 50 basis points. On their term deposits, senior residents will now benefit from the following interest rates for all durations.

Mandate Interest rate per year 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. Wef January 13, 2022
Citibank Tax Saver Deposit Interest Rates

Citibank Tax Saver Deposit Interest Rates

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

Duration in days Interest rate per year Yield
5 years 3.50% 3.81%
Source: Bank website. Wef January 13, 2022

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This entry was posted in Account Payable and tagged income tax.
Amy A. Stuart

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