Citibank Fixed Deposit Account

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Citibank is a leading international bank offering unmatched products and impeccable services in the UAE. Since its establishment in 1964, the bank has achieved several milestones in the UAE banking system. Citibank offers a wide range of banking products and services focusing on individuals’ profits and financial growth. One such product focusing on financial benefits that Citibank offers is Time Deposit/Fixed Deposit account. For those who are in search of a secure and reliable savings option, Citibank Time Deposit is a suitable solution. The Time/Fixed Deposit is a type of deposit scheme in which the principal amount is locked for a pre-decided, fixed period. The interest earned on the deposit is paid at the time of maturity.

Citibank Fixed Deposit offers a flexible tenure starting from 30 days to 1 year. The account holders have the freedom to choose the term of deposit within the set range as per their needs. Citibank also accepts multiple foreign currencies in their fixed deposit account apart from UAE Dirham. Additionally, the bank offers a competitive rate of interest on the fixed deposit to maximise the return on investment.

Features and Benefits of Citibank Fixed Deposit Account

Citibank offers an enticing set of benefits to its customers through its fixed deposit account. Apart from a decent interest rate, the customers can also avail premium banking services. Here are a few key benefits and features of Citibank’s fixed deposit account in the UAE.

Minimum Deposit Amount

The minimum deposit amount required to open a fixed deposit account in Citibank is AED 1,000.

Flexible Tenure

Citibank offers a flexible tenure that ranges from 1 month to 1 year. The individuals have the flexibility to choose the term of investment as per their convenience.

Loan Repayment Tenure

The bank offers flexible loan repayment tenure on this fixed deposit, starting from the minimum duration of one month to a maximum of one year.

Banking Services

Citibank Term Deposit account holders can avail of banking services round the clock through its online and mobile (Citiphone) banking facility. This makes it very easy for the customers to access their bank account on the go without having to visit the bank. 

Multiple Currencies

This Citibank Fixed Deposit account can be opened in multiple foreign currencies like USD, AUD, CAD, apart from UAE Dirham, which makes it easy for the customers to make international transactions.

Competitive Interest Rate

Citibank offers a healthy interest rate on its time deposit account that yields a better and quick return on the funds over time. However, the rate of interest depends on the amount being deposited and the tenure of investment. A longer duration offers a better rate of interest.

Automatic Renewal

Citibank offers a feature of automatic renewal of the funds. The amount deposited in the time deposit account will be renewed for the next term if you don't wish to withdraw the amount after the maturity period. The tenure of the loan and interest rate is determined by the bank, keeping in mind the recent market returns for time deposits.

Interest Rates Earned on Citibank Fixed Deposits

Following are the interest rates accrued per annum on fixed deposit accounts in Citibank as per the recent market performance of the account.

Tenure of Investment Interest Rates in AED Interest Rate in USD
7-21 Days 0.00% 0.00%
One month 0.02% 0.05%
Three months 0.02% 0.10%
Six months 0.02% 0.10%
Nine months 0.00% 0.10%
Twelve and above 0.00% 0.00%

Note: The Interest Rates on Time Deposit Account are liable to change without prior notice. 

Eligibility Criteria to Open Citibank Fixed Deposit Account in the UAE

An applicant willing to open a Citibank Fixed Deposit account will have to satisfy some eligibility criteria as determined by the bank. Below are some common eligibility criteria for opening a Citibank Fixed Deposit account in the UAE.

Category Details
Minimum Deposit Tenure 30 days
Minimum Deposit AED 1,000

Documents Required to Open a Citibank Fixed Deposit Account

Citibank will require some documents for record and verifications while opening a fixed deposit account. The basic documents will be Identity Proof and Proof of Residence. A valid passport will serve as the proof of identity, while a utility bill or resident visa, etc. will serve as the proof of residence. Individuals who already own a savings or current account can open the Citibank Time Deposit account via online or mobile banking without requiring to reverify their documents.

How to Open Citibank Fixed Deposit Account in the UAE?

Citibank offers an easy application process for opening a fixed deposit account. An individual can choose to visit the bank or apply online for opening an account. For opening a Citibank Fixed Deposit account in the UAE, an applicant has the following options available.

Phone Banking

An applicant willing to open a Time Deposit account in Citibank can call on the customer care number as disclosed by the bank on its portal. The bank representative will then contact them to proceed with the further application process.

Visiting the Branch

The applicant can also visit the nearest branch in order to open a fixed deposit account in Citibank. They have to fill an application form at the branch and submit it along with the required documents.

Online Banking

Citibank offers its customers a safe, secure and user-friendly online banking portal. The applicants can get their accounts opened easily through the online banking portal while on the go.

How to Close Citibank Fixed Deposit Account?

Before applying for account closure, the account holder will have to transfer their account balance (if any) to any other bank account or to Citibank Savings or Current account (if they hold any). The bank may also charge an early withdrawal fee as per its policy for retrieving the funds prematurely. The account holder can close their deposit account in the following ways.

  • Visit the nearby Citibank branch and put in a request for closing the time deposit account.
  • Call on the official customer care number of the bank, talk to the customer care executive and put forward the Citibank Fixed Deposit account closure request.
  • Send a text message to the bank through their online banking facility with the request of closing the account.

Citibank Fixed Deposit Account FAQs

Q1: What is the minimum deposit required for a Citibank Fixed Deposit account?

Ans: The minimum deposit amount required for the fixed deposit account is AED 1,000 or its equivalent in other foreign currencies.

Q2: What are the tenures of investment offered by Citibank for the time deposit account?

Ans: Citibank offers flexible tenure of deposits for the time deposit account and individuals can choose any tenure from the below-mentioned options.

  • 1 month
  • 3 months
  • 6 months
  • 12 months (one year)

Q3: What are the Citibank fixed deposit interest rates in the UAE?

Ans: Following are the rates of interest according to the tenure in both AED and USD.

Tenure (in months) Interest Rate (AED) Interest Rate (USD)
One 0.02% 0.05%
Three 0.02% 0.10%
Six 0.02% 0.10%
Nine 0.00% 0.10%
Twelve 0.00% 0.00%

Q4: What customer services can I avail with a time deposit account from Citibank?

Ans: You can avail of the following customer services with your Citibank Time Deposit account.

  • Citibank Online allows you to make transactions or perform banking activities from any location at any time and anywhere.
  • CitiPhone service offers additional support with the help of the CitiPhone officers round the clock.
  • Citibank Alert Service keeps you updated about your banking transactions and details through email or SMS.

Q5: Can I make my deposits in any currency other than UAE Dirham?

Ans: Yes, Citibank accepts funds in major foreign currencies like USD, CAD and AUD apart from UAE Dirham in its Time Deposit accounts.

Q6: Do I have to pay any charges for setting up standing instructions on my account?

Ans: Yes, Citibank charges a fee of AED 50 in order to set up a standing instruction on the bank account.

Q7: When do I receive the interest on my fixed deposit account?

Ans: The interest accrued on the fixed deposit in Citibank is paid at the end of the maturity period. You will receive the interest on your deposit after the set tenure is over.

Q8: Can I make an early withdrawal on this time deposit?

Ans: Yes, early withdrawals are allowed in the Citibank Time Deposit account; however, the customers will have to pay an early withdrawal charge of AED 50 from the interest earned on their funds.

Q9: Can I renew my fixed deposit for the next tenure in Citibank if I do not wish to withdraw funds after maturity?

Ans: Yes, Citibank provides a facility of auto-renewal on the fixed deposits, which can be availed if you don’t want to withdraw funds after the maturity period is over.