Saving money in Citibank Deposits is a safe and secure way of growing customer’s earnings. To make it easy for the customers, Citibank provides different modes for making a deposit – online or by using Citi Mobile smart banking app. Citibank deposits are simpler compared to other banks such as HDFC bank. The deposits amount can be as low as Rs.1000. The funds deposited with Citibank can be used anytime when needed. The interest rates offered are high and the deposit tenure is also flexible. To open a deposit click the investments tab in the menu bar and in the menu that opens, select the deposits option. The deposits made will be linked to the Citibank Account (savings or current).
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Citibank Fixed & Term Deposits
Citibank provides different types of deposits for the benefit of the different group of customers. You can withdraw your money with the help of Citi Bank Debit Cards with out visiting the bank. The different types of deposits are:
- Fixed or term.
- Multi or flexible.
- Senior Citizen.
- Tax Saver.
The fixed or term deposit can be started for a minimum amount of Rs.1000. The minimum available tenure is 7 days. Customers can liquidate the cash after just 7 days. The essential features of the deposit include payment of interest quarterly whether it is a simple interest or a compound interest. If you have any doubts regarding this deposit schemes you can contact Citi Bank Customer Care at any time. Current account customers can avail overdraft facility for an amount equal to 90 percent of the deposit value. The interest rate of the fixed or term deposit does not fluctuate.
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Unlike the fixed deposit, the multi or flexible deposit provides high interest rates and the flexibility to withdraw money in multiples of Rs. 1,000 depending on the available deposit amount.
Recurring deposits are those paid every month for a period of 12 to 24 months. The amount that can be paid every month varies from 1000 to 20000. Making a fixed deposit for a period of five years provides tax benefits as indicated in Income Tax act, 1961. Other Banks like HDFC Bank Deposits, SBI Bank Deposits and Union Bank Of India Deposits also providing different type of Deposit schemes same as the Bank of Baroda.
FAQ’s Related to Citibank Deposits
- Is there an easy way to make payments to recurring deposit without fail every month?
2. What are the tax saving Citibank Deposits?
3. What are benefits associated with senior citizens deposits?