Product Details
Bank Name
Citi bank
Eligibility
Individual/s and also in the name of Kartha of HUF.
Interest Rate
3.50%
Tenure
5 Year
Fixed Deposit Type
Tax saver
Tax Saver Deposit
Tax Benefits
Investments in Citibank Tax Saver Deposits qualify for a tax deduction under Section 80C of the Income Tax Act, 1961. This allows you to reduce your taxable income by the amount you invest in the deposit, up to a maximum limit of Rs. 1.5 lakh per financial year
Credit Ratings
[ICRA]A+
Interest Payment Frequency
Simple Interest Quarterly Payout/Quarterly Compounded Interest
Cummulative/Non-Cummulative
No information provided
Features
Deposits under this scheme are eligible for a tax deduction of up to Rs 1.5 lakh under Section 80C in each financial year Minimum deposit: Rs 1,000 Tenure: 5 years (lock-in period) Interest options: Simple Interest Quarterly Pay-out/Quarterly Compounded Interest
Minimum Investment Amount
Rs 1,000
Fees and Charges
Pros
Tax Benefits
Guaranteed Returns
Safe Investment
Cons
Low Interest Rates
Long Lock-in Period
Early Withdrawal Penalty
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, you can check with Axis Bank
Application Procedure
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