Latest Citibank FD Interest Rate April 2023
Citibank FD rates are currently in the range of 3.50% to 7.26% for normal investors, and up to 8.01% for senior citizen depositors. On March 1, 2023, Citi India transferred ownership of its consumer banking business to Axis Bank, and its fixed deposits are now being managed by the latter. Existing customers can continue availing Citibank products; however, they are no longer accepting new customers.
Let’s take a look at the updated Citibank FD rates 2023 and the types of fixed deposit schemes that Citibank brings to the table via Axis Bank.
Citibank FD Interest Rates 2023 Highlights
Here are the essential highlights of CitiBank FDs and interest rates:
| Interest Rate | 3.50% -7.26% for the general public 3.50% – 8.01% for senior citizens |
| Tenure | 7 days to 10 years |
| Minimum Deposit | ₹5,000 |
| Maximum Deposit | No upper limit |
| Lock-in Period | 7 days (5 years for tax saving deposits) |
How to Calculate Citibank FD Interest Rate
There are two ways to compute the interest on fixed deposits – the simple interest way and the compound interest way. Simple interest is where you can earn interest on the principal amount at a predetermined period during the investment tenure.
1. Citibank FD Interest Rate – Simple Interest Calculation
The mathematical formula for simple interest is as follows:
Simple Interest= (P*R*T)/100
Where P is the principal amount, R is the rate of interest and T is the tenure of the fixed deposit
To understand this let’s assume, you have started a fixed deposit with ₹1 lakh for a tenure of 10 years with an interest rate of 7% per annum. Here, P= ₹1,00,000, T= 10 years and R= 6%.
Now, let’s place these values as per the simple interest formula above.
SI= (1,00,000* 6*10)/100 =₹60,000
Your maturity amount= P + SI= ₹(1,00,000+60,000)=₹1,60,000
So, at the end of tenure, your principal amount of ₹1,00,000 will mature into ₹1,60,000
The second method of calculation is compound interest. Here, you can earn interest on your previous period’s interest. This means that your interest income will keep increasing rapidly as interest continues to accumulate and earn more profits. This cycle continues and your money compounds till maturity.
2. Citibank FD Interest Rate – Compound Interest Calculation
The mathematical formula to calculate compound interest is as follows.
A = P (1+R/n) ^ (n * t)
Here, P= Principal amount
- R= Rate of Interest
- n= Number of compounding in a year
- T= Tenure of fixed deposit
Let’s consider the above example where you started a fixed deposit with ₹1 lakh for a tenure of 10 years that compounds quarterly. The rate of interest is 6% per annum.
Now, let’s place these values according to the formula,
A = 1,00,000 (1 + 0.06 / 4) ^ (4 * 10)= ₹1,81,402
Interest amount= A – P= ₹(1,81,402 – 1,00,000)= ₹81,402
That said, if you want to calculate the FD returns quickly and accurately, you can use the Navi FD calculator. Just enter the FD amount, tenure and rate of interest, and our online calculator would show you the FD returns instantaneously!
Calculate Citibank Fixed Deposit Interest Rate
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Factors that Affect Citibank Fixed Deposit Rates
Below are some important factors that tend to affect Citibank’s fixed deposit rates, currently being managed by Axis Bank.
1. Repo Rate Fluctuations
The repo rate is what RBI charges for money lent to commercial banks. Consequently, repo rate fluctuations directly impact the interest rates of fixed deposits and loans. If RBI lowers the repo rates, the bank’s interest rates on fixed deposits are likely to fall, and vice versa.
2. Investor’s Age
This is one of the primary factors that determine your FD interest rates. Every bank offers separate interest rates for regular individuals and senior citizens that could be higher by 50 or 75 basis points.
3. Fixed Deposit Tenure
While starting an FD, you are required to choose a tenure, which helps determine your interest rates and returns. You will notice that for higher tenures, banks usually offer higher interest rates, that, in turn, could proportionally increase your returns.
4. Renewals
Many banks have introduced auto-renewal facilities to renew fixed deposit accounts. This could translate to a higher rate of return if the bank offers a higher FD rate at the time of renewal.
Citibank FD Interest Rate for General Public
Citibank offers a range of interest rates for fixed deposits depending on two parameters – principal amount and deposit tenure. The minimum tenure for Citibank fixed deposit is 7 days. The table below lists the Citibank FD rates in 2023 for deposits below and above ₹2 crore for depositors below the age of 60 years. Do note, Citibank deposits are now being managed by Axis Bank.
| Period | Less than ₹2 crore | Above ₹2 crore |
| 7 days- 14 days | 3.50% | 4.75%-5.75% |
| 15 days-29 days | 3.50% | 4.75%-5.75% |
| 30 days-45days | 3.50% | 4.75%-5.75% |
| 46 days- 60 days | 4% | 4.75%- 6% |
| 61 days < 3 months | 4.50% | 4.75%-6.25% |
| 3 months< 4 months | 4.75% | 4.75%-7% |
| 4 months < 5 months | 4.75% | 4.75% – 7% |
| 5 months < 6 months | 4.75% | 4.75%-7% |
| 6 months < 7 months | 5.75% | 4.75%-7% |
| 7 months < 8 months | 5.75% | 4.75%-7% |
| 8 months < 9 months | 5.75% | 4.75%-7% |
| 9 months < 10 months | 6% | 5%-7.15% |
| 10 months < 11 months | 6% | 5%-7.15% |
| 11 months – 11 months 24 days | 6% | 5%-7.15% |
| 11 months 25 days < 1 year | 6% | 5%- 7.15% |
| 1 year – 1 year 4 days | 6.75% | 5%-7.40% |
| 1 year 5 days – 1 year 10 days | 6.75% | 5%-7.40% |
| 1 year 11 days – 1 year 24 days | 6.75% | 5%-7.40% |
| 1 year 25 days < 13 months | 7.10% | 5%-7.40% |
| 13 months < 14 months | 7.15% | 5%-7.40% |
| 14 months < 15 months | 7.15% | 5%-7.40% |
| 15 months < 16 months | 7.15% | 5%-7.25% |
| 16 months < 17 months | 7.15% | 5%-7.25% |
| 17 months < 18 months | 7.15% | 5%-7.25% |
| 18 months < 2 years | 7.15% | 5%-7.25% |
| 2 years < 30 months | 7.26% | 5%-7% |
| 30 months < 3 years | 7% | 5%-7% |
| 3 years < 5 years | 7% | 5%-7% |
| 5 years- 10 years | 7% | 5%-7% |
Citibank FD Interest Rate for Senior Citizens
Senior citizens usually receive higher fixed deposit interest rates. Let’s take a look at the Citi FD interest rates for senior citizens for deposits below and above ₹2 crore. Do note, these FDs are now being managed by Axis Bank.
| Period | Less than ₹2 crore | Above ₹2 crore |
| 7 days – 14 days | 3.50% | 4.75% – 5.75% |
| 15 days – 29 days | 3.50% | 4.75% – 5.75% |
| 30 days – 45 days | 3.50% | 4.75% – 5.75% |
| 46 days – 60 days | 4% | 4.75% – 6% |
| 61 days < 3 months | 4.50% | 4.75% – 6.25% |
| 3 months < 4 months | 4.75% | 4.75% – 7% |
| 4 months < 5 months | 4.75% | 4.75% – 7% |
| 5 months < 6 months | 4.75% | 4.75% – 7% |
| 6 months < 7 months | 6% | 5% – 7.25% |
| 7 months < 8 months | 6% | 5% – 7.25% |
| 8 months < 9 months | 6% | 5% – 7.25% |
| 9 months < 10 months | 6.25% | 5.25% – 7.4% |
| 10 months < 11 months | 6.25% | 5.25% – 7.4% |
| 11 months – 11 months 24 days | 6.25% | 5.25% – 7.4% |
| 11 months 25 days < 1 year | 6.25% | 5.25% – 7.4% |
| 1 year – 1 year 4 days | 7.50% | 5.75% – 8.15% |
| 1 year 5 days – 1 year 10 days | 7.50% | 5.75% – 8.15% |
| 1 year 11 days – 1 year 24 days | 7.50% | 5.75% – 8.15% |
| 1 year 25 days < 13 months | 7.85% | 5.75% – 8.15% |
| 13 months < 14 months | 7.90% | 5.75% – 8.15% |
| 14 months < 15 months | 7.90% | 5.75% – 8.15% |
| 15 months < 16 months | 7.90% | 5.75% – 8% |
| 16 months < 17 months | 7.90% | 5.75% – 8% |
| 17 months < 18 months | 7.90% | 5.75% – 8% |
| 18 months < 2 years | 7.90% | 5.75% – 8% |
| 2 years < 30 months | 8.01% | 5.75% – 7.75% |
| 30 months < 3 years | 7.75% | 5.75% – 7.75% |
| 3 years < 5 years | 7.75% | 5.75% – 7.75% |
| 5 years- 10 years | 7.75% | 5.75% – 7.75% |
Also Read
Citibank FD Interest Rate for NRI
CitiBank offers various term deposit opportunities for Non-Resident Indians (NRIs). As an NRI individual, you can deposit your preferred amount for a defined tenure and earn interest on it. Below are the NRI accounts that allow non-residents to earn substantial returns from CitiBank fixed deposits.
- CitiBank NRO Fixed Deposit Account
- CitiBank NRE Fixed Deposit Account
- RFC Account (Resident Foreign Currency Account)
- Foreign Currency Non-Resident Account (FCNR Fixed Deposit Account)
1. CitiBank NRO FD Interest Rate
NRO or Non-Resident Ordinary accounts are fixed deposit accounts that allow NRI individuals to manage their earnings made in India while residing outside the country. With CitiBank NRO deposit accounts, an individual can pay or earn rent, and earn pension payments and dividends. Here are the CitiBank FD rates for NRO accounts.
| Tenure | Interests for deposits below ₹2 crore | Interest rates for deposits above ₹2 crore |
| 7 days – 14 days | 3.50% | 4.75%-4.80% |
| 15 days – 29 days | 3.50% | 4.75%-5% |
| 30 days – 45 days | 3.50% | 4.75%-5.50% |
| 46 days-60 days | 4% | 4.75%-6% |
| 61 days < 3 months | 4.50% | 4.75%-6.25% |
| 3 months < 4 months | 4.75% | 4.75%-6.50% |
| 4 months < 5 months | 4.75% | 4.75%-6.50% |
| 5 months < 6 months | 4.75% | 4.75%-6.50% |
| 6 months < 7 months | 5.75% | 4.75%-6.65% |
| 7 months < 8 months | 5.75% | 4.75%-6.65% |
| 8 months < 9 months | 5.75% | 4.75%-6.65% |
| 9 months < 10 months | 6% | 5%-6.75% |
| 10 months < 11 months | 6% | 5%-6.75% |
| 11 months to 11 months 24 days | 6% | 5%-6.75% |
| 11 months 25 days < 1 year | 6% | 5%-6.75% |
| 1 year to 1 year 4 days | 6.75% | 5%-7.25% |
| 1 year 5 days to 1 year 10 days | 6.75% | 5%-7.25% |
| 1 year 11 days to 1 year 24 days | 6.75% | 5%-7.25% |
| 1 year 25 days <13 months | 7.10% | 5%-7.25% |
| 13 months<14 months | 7.15% | 5%-7.25% |
| 14 months <15 months | 7.15% | 5%-7.25% |
| 15 months<16 months | 7.15% | 5%-7.15% |
| 16 months < 17 months | 7.15% | 5%-7.15% |
| 17 months< 18 months | 7.15% | 5%-7.15% |
| 18 months< 2 years | 7.15% | 5%-7.15% |
| 2 years <30 months | 7.26% | 5%-7% |
| 30 months < 3 years | 7% | 5%-7% |
| 3 years < 5 years | 7% | 5%-7% |
| 5 years- 10 years | 7% | 5%-7% |
2. Citibank NRE FD Interest Rate
NRE or Non-Resident External is an account that allows NRI individuals to hold their overseas income in India. NRI individuals can earn up to 7.26% by starting a Citibank NRE fixed deposit account that will convert their foreign earnings to Indian Rupees.
| Tenure | Below ₹2 crore | Above ₹2 crore |
| 1 year to 1 year 4 days | 6.75% | 5%-7.40% |
| 1 year 5 days to 1 year 10 days | 6.75% | 5%-7.40% |
| 1 year 11 days to 1 year 24 days | 6.75% | 5%-7.40% |
| 1 year 25 days <13 months | 7.10% | 5%-7.40% |
| 13 months<14 months | 7.15% | 5%-7.40% |
| 14 months <15 months | 7.15% | 5%-7.40% |
| 15 months<16 months | 7.15% | 5%-7.25% |
| 16 months < 17 months | 7.15% | 5%-7.25% |
| 17 months< 18 months | 7.15% | 5%-7.25% |
| 18 months< 2 years | 7.15% | 5%-7.25% |
| 2 years <30 months | 7.26% | 5%-7% |
| 30 months < 3 years | 7% | 5%-7% |
| 3 years < 5 years | 7% | 5%-7% |
| 5 years- 10 years | 7% | 5%-7% |
3. Citibank FCNR Rates
Foreign Currency Non-Resident account or commonly known as an FCNR account allows NRIs to deposit their foreign earnings in foreign currency. This amount is later converted to Indian currency after applying the prevailing exchange rate. The table below displays the Citibank FD rates for FCNR accounts as per their tenures.
| Period | USD | Euro | AUD | GBP | JPY | CAD |
| 1 year>2 years | 5.50% | 2.90% | 3.70% | 4% | 0.01% | 4.20% |
| 2 years > 3 years | 4.50% | 0.01% | 3.75% | 3.75% | 0.01% | 3.50% |
| 3 years > 4 years | 4.20% | 0.01% | 3.80% | 2.45% | 0.01% | 3.45% |
| 4 years >5 years | 3.85% | 0.01% | 4% | 2.45% | 0.01% | 3.35% |
| For 5 years only | 3.80% | 0.01% | 4.05% | 2.45% | 0.01% | 3.30% |
4. Citibank RFC Rates
Resident Foreign Currency or RFC accounts allow resident Indian individuals returning from abroad to maintain their earnings in foreign currencies in India. You can open this CitiBank fixed deposit with various foreign currencies like British Pounds, Euros, US Dollars and Australian Dollars. Here is the table of Citibank deposit rates for RFC accounts for a tenure of up to 3 years.
| Term Deposit | GBP | USD | AUD | CAD | EURO |
| 30 days to less than 3 months | 0.15% | 0.15% | 0.30% | 0.35% | 0.01% |
| 3 months to less than 6 months | 0.15% | 0.25% | 0.30% | 0.35% | 0.01% |
| 6 months to less than 12 months | 0.15% | 0.30% | 0.30% | 0.35% | 0.01% |
| 12 months and above but less than 2 years | 4% | 5.50% | 3.70% | 4.20% | 2.90% |
| 2 years and above but less than 3 years | 3.75% | 4.50% | 3.75% | 3.50% | 0.01% |
| 3 years and above but less than 4 years | 2.45% | 4.20% | 3.80% | 3.45% | 0.01% |
| 4 years and above but less than 5 years | 2.45% | 3.85% | 4.00% | 3.35% | 0.01% |
| For 5 years only | 2.45% | 3.80% | 4.05% | 3.30% | 0.01% |
CitiBank VS Other Banks’ FD Interest Rate
| Bank Name | Tenure | Interest Rate |
| Axis Bank Fixed Deposits | 7 days to 10 years | 3.50%-8.01% |
| ICICI Bank Fixed Deposit | 7 days to 10 years | 3%-7.50% |
| HDFC Bank Fixed Deposit | 7 days to 10 days | 3%-7.10% |
| Union Bank Fixed Deposit | 7 days to 10 years | 3%-7.30% |
| Bank of Baroda Fixed Deposit | 7 days to 10 years | 3%-7.05% |
| IndusInd Fixed Deposit | 7 days- above 5 years | 3.50%-7.75% |
| SBI Fixed Deposit | 7 days- 10 years | 3%-7% |
| Bank of India Fixed Deposit | 7 days – 10 years | 3%-7.15% |
| Yes Bank Fixed Deposit | 7 days-10 years | 3.25%-7.50% |
| Deutsche Bank Fixed Deposit | 7 days – 5 years | 3%–7.75% |
| Paytm Payments Bank Fixed Deposit | 7 days – 1-year | 2.75%–5.5% |
| Sundaram Finance Fixed Deposit | 12 months to 36 months | 7.45%-8.25% |
| IDFC Bank Fixed Deposit | 7 days-10 years | 3.50%-7.75% |
| Punjab and Sind Bank Fixed Deposit | 7 days – 10 years | 2.80%–7.60% |
| Indian Overseas Bank Fixed Deposit | 7 days-10 years | 4.30%-7.75% |
| Central Bank of India Fixed Deposit | 7 days- 10 years | 4%-6.75% |
| Bandhan Bank Fixed Deposit | 7 days- 10 years | 5%-7.70% |
| RBL Bank Fixed Deposit | 7 days- 20 years | 3.50%-7.80% |
| DBS Bank Fixed Deposit | 7 days to 5 years and above | 2.5%-8% |
| Indian Bank Fixed Deposit | 7 days- 5 years | 2.80%-6.50% |
| Federal Bank Fixed Deposit | 7 days-6 years | 3%-7.25% |
| HSBC Fixed Deposit | 7 days – 2 years | 2.85%- 7% |
| Canara Bank Fixed Deposit | 7 days- 10 years | 4%-7.25% |
| IDBI Bank Fixed Deposit | 0 days- 20 years | 3%-6.75% |
| Punjab National Bank Fixed Deposit | 7 days- 10 years | 3.50%- 7.25% |
| Kotak Mahindra Bank Fixed Deposit | 7 days – 10 years | 4%- 7.20% |
Features and Benefits of Citibank FD
Here are some of the features and benefits of Citibank FDs, now being managed by Axis Bank.
- The minimum deposit tenure is 7 days while the maximum period is 10 years
- There is no upper limit for a maximum deposit amount
- Citibank offers a minimum deposit amount of ₹5000
- TDS charges are applicable as per Income Tax rules
- No risk of loss of principal
Also Read
What Are the Different Types of FD Schemes Offered by Citibank?
Citibank offers an array of fixed deposit schemes to suit your investment plans currently managed by Axis Bank. Here is a list of popular FD schemes by Citibank.
- Tax Saver Fixed Deposit
- Citibank Fixed or Term Deposit
- Citibank Multi/Flexible Fixed Deposit
- Senior Citizen FD
1. Citibank Tax Saver Fixed Deposit
- Minimum FD amount: ₹5,000
- Maximum Deposit: ₹1,50,000
- Minimum tenure: 5 years
- Interest rate: 3.50%-7.26%
- Eligibility Criteria: Indian Resident
2. Citibank Fixed or Term Deposit
- Minimum FD amount: ₹5000
- Maximum Deposit: No upper limit
- Minimum tenure: 7 days
- Interest rate: 3.50%-7.26%
- Eligibility Criteria: Indian resident
3. Citibank Multi/Flexible Fixed Deposit
- Minimum FD amount: ₹5000
- Maximum Deposit: No upper limit
- Minimum tenure: 7 days
- Interest rate: 3.50%-7.26%
- Eligibility Criteria: Indian residents
4. Citibank Senior Citizen Fixed Deposit
- Minimum FD amount: ₹5,000
- Maximum Deposit: ₹1,50,000
- Minimum tenure: 7 days
- Interest rate: 3.50%-7.26%
- Eligibility Criteria: Applicant must be an Indian resident above 60 years of age
Documents Required to Open Citibank FD
Here is a list of all the documents that you need to start CitiBank Fixed Deposit Accounts.
1. Existing Customers
Existing CitiBank customers do not require all the documents as they already have an account. However, they must carry the necessary KYC documents and recent passport-sized photographs.
For new customers, here are the documents required to open an FD:
2. New Customers
- PAN card
- Aadhaar card
- Driving license
- Voter ID
- Passport
- Passport sized photograph
3. Hindu Undivided Family (HUF)
- Documents for KYC
- PAN card
- Passport sized photo
- HUF deed and declaration
4. Public/private Companies
- Passport size photograph
- Company PAN card
- KYC of authorised signatories
- Utility bills
- Bank account statement
- Board resolution of FD openings
- Registration or incorporation certificate
Eligibility to Open CitiBank FD
To enjoy the benefits of term deposit with Citibank, you must be one of the following types of customers.
- An entity or organisation including any government department in India
- Indian citizens and NRI individuals
- Sole proprietorship
- Partnership firms and public or private companies
- Societies, associations or clubs
- Hindu Undivided Family (HUF)
Taxation on Citibank FD Deposit Scheme
Interest earned from fixed deposits is to be reported as ‘income from other sources’ when filing Income Tax Returns. The interests add to your overall income in a financial year and are taxed as per your applicable slab rates.
Besides this, Citibank FD interest rates come with Tax Deducted at Source (TDS). If your annual interest per income exceeds ₹40,000, the TDS deduction will be 10%. However, if you did not submit your PAN card details, the TDS deduction will be 20%.
By investing in Citibank Tax Saver Fixed deposit for a minimum of 5 years, you can claim tax deductions of up to ₹1,50,000 under Section 80C of the Income Tax Act.
Final Word
Citi India, now being managed by Axis Bank, offers competitive FD interest rates among other benefits. However, the tax on FD returns could reduce the real rate of returns. As such, always consider your financial goals, liquidity needs and risk tolerance before finalising any investment decision.
FAQs
New Citibank customers need to get in touch with Axis Bank in order to start a savings and fixed deposit account.
There’s generally no upper limit when it comes to the investment amount in tax-saver FDs. However, the tax deduction benefit under Section 80C of the Income Tax Act would be applicable only on investments up to ₹1.5 lakh in a financial year.
Yes, you can withdraw a callable or regular FD before its maturity date subject to applicable penal charges as per the bank’s terms and conditions. However, you cannot prematurely withdraw from a non-callable or tax-saver FD before the applicable tenure and 5-year lock-in period, respectively.
Disclaimer
This article is solely for educational purposes. Navi doesn't take any responsibility for the information or claims made in the blog.
