Product Details
Bank Name
Citi bank
Eligibility
Individual/s and also in the name of Kartha of HUF.
Interest Rate
7.25%
Tenure
365-400 days
Fixed Deposit Type
RD
Recurring Deposit
Tax Benefits
No
Credit Ratings
[ICRA]A+
Interest Payment Frequency
Simple Interest Quarterly Payout/Quarterly Compounded Interest
Cummulative/Non-Cummulative
Non-Cumulative
Features
The features of the Citibank Recurring Deposits are as given below: The RD account can be opened with a monthly minimum amount of Rs.1000 The maximum amount that can be deposited monthly is Rs.20,000 A monthly standing instruction can be placed to debit the funds directly from your account
Minimum Investment Amount
Monthly Installment Amount: Minimum - Rs1,000; Maximum - Rs20,000. Tenure: Minimum - 12 months; Maximum - 24 months.
Fees and Charges
Pros
Safe and Secure
Habit-forming
Flexible Tenures
Convenient
Higher Interest Rates than Savings Accounts
Automatic Renewal
Cons
Limited Liquidity
The interest earned on RDs is taxable as per your income tax slab.
Pros & Cons
Account Opening and Procedure
How to Open?
Citibank India no longer accepts new applications for their Recurring Deposit (RD) accounts as of March 1, 2023 https://www.online.citibank.co.in/wealth-management/investments/deposits/. Their consumer banking business has transferred to Axis Bank.
However,
Check with Axis Bank:Inquire with Axis Bank to see if they offer similar RD schemes. They might have similar features to Citibank's RD, such as:Minimum deposit amount
Maximum deposit amount
Interest rates
Tenure options
Application Procedure
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