CITI Bank NRE FD Scheme

Overview

Citi Bank NRE FD account is a provision for non-resident Indians to hold an account in India where they can park their financial assets in an Indian bank account. The central aspect of this scheme is that an NRI customer can deposit their foreign earnings by converting the capital into Indian currency, thereby giving a high-return investment option. With Citibank, customers can get attractive interest rates along with the option of choosing between a simple interest calculation and a compound interest calculation.

This guide will assist the readers in understanding the CITI Bank NRE Fixed Deposits scheme, along with its features, benefits, and other related information.

Eligibility Criteria Citibank NRE Fixed Deposits

There are specific parameters that customers need to adhere to as pre-requisite for availing the benefit of the CITI Bank NRE FD scheme. These eligibility criteria are as listed below.

• The first and foremost requirement to open a CITI Bank NRE FD account is to be either an NRI or a PIO.
• One should be able to make a minimum investment of INR 80,000.
• One can add two or more NRIs, PIOs, or resident relatives for joint account holders.

Documents Required CITI Bank NRE Fixed Deposits

While applying for CITI Bank NRE Fixed Deposit, the applicant should be able to produce certain documents which are mandatory to assess their authenticity as a person. The following documents will be required to open a CITI Bank NRE FD account.

• Residential and Identification proof documents.
• Date of birth and place of birth certificates
• Passport
• Photographs and digital signature
• Copy of Residence and Employment Visa
• Residence and work permit documents

Key Attractions – Features & Benefits of a CitiBank NRE Fixed Deposit Scheme

Citibank NRE FD scheme comes with an array of features and benefits designed to cater to the need of the investors. These features include the following pointers.

• With Citibank NRE FD, one can make fund transfers from outside India as well as within India. However, in the latter case, the customer has to make sure that they are making the transfer from an FCNR or NRE account.
• Account holders can choose whether the interest should be calculated with a simple interest format or with a compounded interest rate structure.
• There is the feature of automatic rollover with Citibank NRE FD
• One has to choose a minimum of a 1-year tenure with a maximum of 5 years.
• With the NRE fixed deposit investment, customers get a tax benefit as the interest earned is exempted from income tax in India.
• All the invested amount is entirely repatriable.

How to Apply for CITI Bank NRE FD?

One can follow the steps mentioned below to apply for CITI Bank NRE fixed deposit scheme.

• Go to the official website of Citi Bank.
• Click on the option “NRI Banking” given on the main menu.
• This will take the user to a new window.
• Under the Banking & Services tab, click on the term deposit section.
• Scroll down and click on “Open NRE Deposit”.
• A small dialogue box will appear in which users can select the country they reside in.
• Once you enter your country of residence, it will take you to a new window where you can register for the online NRI banking portal.
• Opening the CITI Bank NRE FD account can be done from the user’s account dashboard.

When you count on an online process, the minimum deposit amount is INR 80,000.

Download CITI Bank NRE FD Application Form

Customers already availing of schemes from Citibank can download an application form for NRI Deposit Account. The process to do the same is given below.

• Go to the official website of Citi Bank.
• Click on the option “NRI Banking” given on the main menu.
• This will take the user to a new window.
• Under the Banking & Services tab, click on the term deposit section.
• Scroll down the window and locate “Open NRE Deposit”.
• A small dialogue box will appear where users can scroll down to locate the link for the application form.
• This application form for a CITI Bank NRE FD account is suitable for users who are existing customers of CITI Bank.