Tax on Citibank Fixed Deposit
Citibank offers Tax Saver Deposits scheme under which you can deposit up to ₹1.5 lacs per financial year to avail income tax benefit under Section 80C of the Income Tax Act of 1961. It comes with a lock-in period of 5 years and with a maximum tenure of 10 years. The bank is also eligible to deduct TDS on interest income if the total on interest incomeon FD ₹40,000 for regular individuals and ₹50,000 for senior citizens. The bank will deduct TDS at the rate of 10% but for senior citizens, the TDS rate is 7.5% if Form 15H is submitted.
Citibank FD Interest Rates 2024
Citibank is one of the major international banks. It is a subsidiary of Citigroup, a multinational financial services corporation and one of the largest financial institutions globally. Citibank operates as a full-service bank, providing various financial products and services to individuals, businesses, and institutions. Citibank offers a wide range of fixed deposit services starting just from ₹ 1,000 at an interest rate ranging from 3.00% p.a. to 7.10% p.a. The fixed deposit scheme offered by Citibank serves as a good investment option for its customers.
Table of Content
- CitiBank Fixed Deposit Rates 2024
- Features and Benefits of Citibank Fixed Deposit
- Types of Citibank Fixed Deposit Schemes
- How to Invest in Citibank Fixed Deposit?
- Eligibility to Open a Citibank Fixed Deposit Account
- Documents Required to Open Citibank Fixed Deposit
- Tax on Citibank Fixed Deposit
- Loan Against Citibank Fixed Deposit
- Fees and Penalty for Premature Closure of Citibank Fixed Deposit
- Frequently Asked Questions (FAQs)