Citibank offers a wide range of banking solutions to Non-resident Indians (NRIs) and overseas citizens of India (OCIs), including Citibank NRI account and NRI fixed deposits. NRIs can earn attractive interest rates on NRI fixed deposits. Latest Citibank NRE FD rates range from 2.75% to 3.50% per annum. Interest earned on NRE and FCNR FDs is tax free in India, however, interest earned from NRO fixed deposits is subject to TDS (Tax Deducted at Source).
Citibank NRE FD rates 2022
Citibank NRE FD rates, effective from 03, August 2022, are listed below:
NRE FD less than Rs. 2 crore
| Non-Resident External (NRE) Deposits < Rs. 2 crore | Interest rate (%) |
|---|---|
| 365 to 400 days | 2.75% |
| 401 to 540 days | 2.75% |
| 541 to 731 days | 3.00% |
| 732 to 1095 days | 3.50% |
| >=1096 days | 3.50% |
NRE FD Rs. 2 crore to less Rs. 5 crore
| Non-Resident External (NRE) Deposits Rs. 2 cr to < Rs. 5 cr | Interest rate (%) |
|---|---|
| 365 to 400 days | 2.00% |
| 401 to 540 days | 2.00% |
| 541 to 731 days | 2.00% |
| 732 to 1095 days | 2.00% |
| >=1096 days | 2.00% |
NRE FD Rs. 5 crore to Rs. 10 crore
| Non-Resident External (NRE) Deposits Rs. 5 cr to Rs. 10 cr | Interest rate (%) |
|---|---|
| 365 to 400 days | 2.00% |
| 401 to 540 days | 2.00% |
| 541 to 731 days | 2.00% |
| 732 to 1095 days | 2.00% |
| >=1096 days | 2.00% |
Note:
- Interest rates are subject to change
- Interest accrued is compounded quarterly
Citibank NRO FD rates 2022
Citi NRO FD rates are mentioned in the table below:
| No. of days | Less than Rs. 2 cr | Rs. 2 cr to <Rs. 5 cr | Rs. 5 cr to Rs. 10 cr |
|---|---|---|---|
| 7 – 10 days | 1.85% | 2.00% – 2.85% | 2.00% – 2.95% |
| 11 – 14 Days | 1.85% | 2.00% | 2.00% |
| 15 – 25 Days | 1.90% | 2.00% | 2.00% |
| 26 – 35 Days | 1.90% | 2.00% | 2.00% |
| 36 – 45 Days | 2.55% | 2.00% | 2.00% |
| 46 – 60 Days | 2.55% | 2.00% | 2.00% |
| 61 – 90 Days | 2.55% | 2.00% | 2.00% |
| 91 – 120 Days | 2.55% | 2.00% | 2.00% |
| 121 – 150 Days | 2.55% | 2.00% | 2.00% |
| 151 – 180 Days | 2.55% | 2.00% | 2.00% |
| 181 – 270 Days | 2.60% | 2.00% | 2.00% |
| 271 – 364 Days | 2.75% | 2.00% | 2.00% |
| 365 – 400 Days | 2.75% | 2.00% | 2.00% |
| 401 – 540 Days | 2.75% | 2.00% | 2.00% |
| 541 – 731 Days | 3.00% | 2.00% | 2.00% |
| 732 – 1095 Days | 3.50% | 2.00% | 2.00% |
| >=1096 days | 3.50% | 2.00% | 2.00% |
Note:
- Citi NRO rates are subject to change without prior intimation
- Interest accrued on NRO deposits is compounded on quarterly basis
Citibank FCNR rates
NRIs and OCIs can also open an FCNR account to deposit their overseas income in a foreign currency. Latest FCNR deposit rates by Citibank India are listed below for deposit made in 6 foreign currencies:
| Tenure | USD | GBP | EUR | CAD | AUD | JPY |
|---|---|---|---|---|---|---|
| 365 – 399 Days | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| 400 – 410 days | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| 411 – 729 days | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
| 730 – 1825 days | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% | 0.01% |
Note:
- Rates are subject to change from time to time
- Interest accrued on FCNR deposits is compounded on half-yearly basis
Due to a lengthy process and lots of documents required to apply for NRE FD accounts, NRIs living away from India may face several challenges. At SBNRI, we understand this struggle. You can download SBNRI App to apply for an NRE Fixed Deposit account with nominal documentation with a smooth procedure.
You can also click on the button below for more information and to apply for an NRI FD account. Visit our blog and YouTube Channel for more details.
FAQs
An NRE fixed deposit – principal and interest earned thereon – is exempt from tax in India. However, TDS is applicable on interest earned on non-resident ordinary (NRO) fixed deposits.
An NRE FD account must be re-designated to a normal FD account and NRE FD must be closed. Once you become a resident as per FEMA regulations, the interest earned will be fully taxable.
An NRE FD should remain deposited for a minimum of one year. Citi NRE FD tenure ranges from 1 year to 5 years.
Yes you can withdraw money from your NRE account in India.
Yes, there are no restrictions to open and maintain multiple NRI accounts simultaneously.
Citibank India is a subsidiary of Citigroup and is headquartered in Mumbai, Maharashtra. Citibank and Citigroup are parent organizations of Citibank India.
