Citibank NRE FD Rates

Citibank offers Fixed Deposit NRE accounts for the NRI's (Non-Resident Indians) and PIO (Person of Indian Origin) with different FD interest rates according to the type and investment figure of the FD account. These NRE FD interest rates are excluded from the tax payments in India. In the Citibank NRE account, the principal amount and the interest earned are fully repatriable.

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Citibank NRE FD for NRIs

Before going into the discussion, one needs to understand the Citibank NRE FD account and interest rates? NRI or PIO can open the NRE FD account in Citibank (in India), where one can invest the money for a specified period and interest rate. On the expiry of the specified tenure, the maturity amount will be given to the deposit holder along with the accrued interest at an FD interest rate. This account is helpful for NRI's foreign income earned outside India to get interest on the principal amount without tax. 

Some of the details of the Citibank NRE Fixed Deposit account and its rate of interest:

  • The NRE FD specified interest rate is calculated daily and paid to the investor every quarterly.
  • The FD tenure: Minimum of one year (365 days), and the maximum is five years (1825 days).
  • The minimum deposit amount in the NRE FD account is Rs. 80,000.
  • FD accounts can open jointly- two or more NRIs/PIOs (or) an NRI/ PIO with the Indian resident relative (either former/ survivor) as a holder of power of attorney. 
  • The currency will be in Indian rupees, i.e., INR.
  • The fund can be transferred to the Citibank NRE FD account from any other Bank's NRE/ FCNR account (or) from overseas.
  • Tax: The interest earned on the principal amounts on NRE FD accounts will be excluded from the Income-tax and wealth tax in India. But the earned interest may be subjected to the tax in other countries where the NRI/ PIO is residing. 
  • The option of automatic rollover is available to the NRIs/PIOs.
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Citibank NRE FD Rates

Citibank NRE FD annual percentage rate (yield) applies to the NRE deposits only. Also, this yield is calculated based on the minimum no. of days in each term. For the Citibank NRE deposits, the accrued interest is compounded quarterly. The Citibank APR for the NRE rupee checking account is 2.5%.

Citibank NRE FD rates are given below:

Non-Resident External (NRE) Deposits <2 crores

Tenure (in days) Comp period  Revised rate Annual Percentage Rate 
365 to 400 days 4 2.75% 2.78%
401 to 540 days 4 2.75% 2.78%
541 to 731 days 6 3.00% 3.06%
732 to 1095 days 8 3.50% 3.61%
>= 1095 days 12 3.50% 3.67%
Guaranteed Return Investment Plan Guaranteed Return Investment Plan

 

Non-Resident External (NRE) Deposits <= Rs.2 crores to < Rs.3 crores

Tenure (in days) Comp period  Revised rate Annual Percentage Rate 
365 to 400 days 4 2.00% 2.00%
401 to 540 days 4 2.00% 2.02%
541 to 731 days 6 2.00% 2.02%
732 to 1095 days 8 2.00% 2.04%
>= 1095 days 12 2.00% 2.06%
Investment Plans for NRIsInvestment Plans for NRIs

Non-Resident External (NRE) Deposits >= Rs.3 crore to < Rs.5 crore

Tenure (in days) Comp period  Revised rate  Annual Percentage Rate
365 to 400 days 4 2.00% 2.00%
401 to 540 days 4 2.00% 2.02%
541 to 731 days 6 2.00% 2.02%
732 to 1095 days 8 2.00% 2.04%
>= 1095 days 12 2.00% 2.06%

 

Non-Resident External (NRE) Deposits >= Rs.5 crore to < Rs.8 crore

Tenure (in days) Comp period  Revised rate  Annual Percentage Rate
365 to 400 days 4 2.00% 2.00%
401 to 540 days 4 2.00% 2.02%
541 to 731 days 6 2.00% 2.02%
732 to 1095 days 8 2.00% 2.04%
>= 1095 days 12 2.00% 2.06%
Investment Plans for NRIsInvestment Plans for NRIs

Non-Resident External (NRE) Deposits >= Rs.8 crore to <= Rs.10 crore

Tenure (in days) Comp period  Revised rate Annual Percentage Rate 
365 to 400 days 4 2.00% 2.00%
401 to 540 days 4 2.00% 2.02%
541 to 731 days 6 2.00% 2.02%
732 to 1095 days 8 2.00% 2.04%
>= 1095 days 12 2.00% 2.06%

 

Non-Resident External (NRE) Deposits >= Rs.8 crore to < Rs.10 crore

Tenure (in days) Regular FD rates 
365 to 400 days 2.00%
401 to 540 days 2.00%
541 to 731 days 2.00%
732 to 1095 days 2.00%
>= 1095 days 2.00%
SIP Investment for NRIsSIP Investment for NRIs

About Citibank Fixed Deposit Interest Rate Calculator

Citibank Fixed Deposit calculator is an easy-to-use, hassle-free tool that helps in quick calculation of the maturity amount and the interest earned receivable at the end of the policy tenure. By entering some basic details, you can calculate the correct FD amount. Here are the steps that an investor needs to follow to calculate Fixed Deposit rates on the FD Calculator:

  • The amount that is invested

  • The Rate of Interest offered

  • The tenure of the Fixed Deposit Account

  • The compounding period, that is, yearly, half-yearly, quarterly, or monthly

  • The FD Amount

Once entered the following details, an investor will come to know:

  • The maturity value of the FD

  • The total interest earned during the complete tenure

Investment Plans for NRIsInvestment Plans for NRIs

Interest option in Citibank NRE FD account: Citibank allows the NRIs/PIOs to choose the interest option between the Simple Interest (SI) and Compound Interest (CI). SI is accumulated monthly and paid quarterly to the NRI to the rupee checking account. CI is accumulated every 90 days and paid on maturity; CI is calculated daily and paid to the NRI every quarterly. 

Conclusion

Citibank is one of the famous banks in India which provides high-interest rates on an NRE FD account for NRIs. The principal amount in the FD account will be compounded according to the specified FD interest rate (changes according to the market conditions).

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