Citibank updates its Fixed Deposit interest rates

Citibank India has altered the interest rates on fixed deposits under Rs. 2 crore. According to the bank’s website, the higher rates will take effect on July 15, 2022. The bank now offers deposits with maturities ranging from 7 days to 1096 days and interest rates ranging from 1.85 percent to 3.50 percent in accordance with the amended. Seniors, on the other hand, will receive an interest rate for the same time ranging from 2.35 to 4.00 percent.

Citibank FD Rates

Currently, the bank pays 1.85% interest on accounts that mature in 7 to 14 days, whereas Citibank will pay 1.90% interest on term deposits that mature in 15 to 35 days. The interest rate on fixed deposits maturing in 181-270 days has increased to 2.60 percent, while the interest rate on term deposits maturing in 36 to 180 days has decreased to 2.55%. On deposits that mature in the next 271 to 540 days, 3.00% on fixed deposits that mature in the next 541 to 731 days, and 3.50% on term deposits that mature in the next 732 to 1096 days are the current interest rates offered by Citibank.

Citibank India now permits recurring deposits (RDs) with maturities ranging from 365 to 731 days. On RDs that age in 365 to 540 days, the bank is now paying a 2.75 percent interest rate, and on RDs that mature in 541 to 731 days, a 3 percent interest rate will now be applied. Additionally, Citibank India offers a 5-year fixed deposit programme that saves on taxes. The general public will now earn interest on these deposits at a rate of 3.50 percent, while seniors would earn interest at a rate of 4%. On the other side, senior citizens will receive a rate increase of 0.50 percent, or 50 basis points, across all fixed deposit tenors. Seniors will now be eligible for interest rates on deposits maturing in 7 days to 1096 days that range from 2.35 percent to 4 percent. Following the most recent modification, the bank offers senior citizens a maximum interest rate of 4% on deposits maturing in 732 to 1096 days.