CITI Bank NRO FD Scheme

Overview

Fixed deposit is a very popular investment tool among people. CITI Bank offers two types of fixed deposits to Non-Resident Indians (NRIs) –  Non-Resident Ordinary and Non-Resident External fixed deposits. CITI Bank NRO Fixed Deposits allows depositors to manage their income earned from India. The tenure of the CITI Bank NRO FD ranges from 7 days to 5 years and can be opened jointly.

To know more about the CITI Bank NRO FD, read our guide.

Eligibility Criteria

The following individuals are eligible for CITI Bank NRO FD.

Non-Resident Indians (NRIs)

• Living abroad for studies, business or employment
• Indian individuals deputed by the GOI and UN organisations
• Indian nationals who are employed in specific sectors, including marine, oil rings, or on registered airlines.

Person of Indian Origin (PIO)

• Who has an Indian passport
• Spouses of PIO or citizens of India.
• Parents or Grandparents with Indian passports.

Documents Required

The documents required to apply for CITI Bank NRO Fixed Deposits are quite simple. An NRI must gather the following documents to ensure a smooth and hassle-free process.

• Valid Indian passport
• Visa of the resident country, employment, permanent residence card or residence permit
• Proof of address like voter ID card, aadhaar card, driving license, passport’s address page
• One passport-size photograph

Key Attractions

There are certain points of the CITI Bank NRO fixed deposit that attracts customers. These key attractions are summed up below.

• The tenure of deposits ranges from 7 days to 5 years.
• NRIs and PIOs are eligible to deposit
• The transactions take place in the Indian currency, that is, INR
• Every financial year, USD 1 million is repatriated as per the guidelines of the Reserve Bank of India (RBI).
• After payment of applicable taxes, the Reserve Bank of India (RBI) allows repatriation of only current income up to USD 1 million per fiscal year.

Features and Benefits

The unique features and benefits of CITI Bank NRO Fixed Deposits make it the ideal choice of investment for NRIs. The following points must be considered before applying for it.

• Funds can be transferred from FCNR/ NRE or NRO accounts, Indian income sources and within or outside India.
• The interest of CITI Bank NRO FD can be calculated using compound interest or simple interest formula,
• The automatic rollover option guarantees convenience
• The minimum deposit amount is INR 80,000.
• The fixed deposit account may be jointly-held.
• The interest earned is subjected to Tax Deducted at Source (TDS) in India.
• If the FD is terminated prematurely, the interest has different calculations.
• The interest rates are quite competitive,
• The documents required are simple and easy to gather.
• The customer service of the bank guides the customers at every step.

How to Apply for CITI Bank NRO FD

An NRI must have NRI savings account with the bank to apply for CITI Bank NRO Fixed Deposits. The two methods the bank offers to apply for FD are given below.

Offline

An applicant will be required to visit the nearest branch of CITI Bank. They must then approach a bank representative, acquire the CITI Bank NRO FD form, and fill it out. They must then attach the supporting documents and start their investment journey by making an initial deposit.

Online

The applicant must follow the below-mentioned steps clearly to begin their investment journey.

• Log in to their NRI account using their ID and password.
• Go to the ‘Banking and Services’ option on the top side of the homepage
• Locate the ‘Term Deposits- Non-Resident Ordinary (NRO)’ option
• Once you are redirected to the new page, click on the ‘Apply Now’ option
• Attach the supporting documents after filling out the application form
• Choose your term, interest payout and the principal deposit amount and proceed by making the deposit
• You will receive a message addressing the beginning of your investment journey in the CITI Bank NRO FD.

Download CITI Bank NRO FD Application Form

The following steps must be followed to download the CITI Bank NRO FD forms.

• Visit the official website of CITI Bank
• On the homepage, click the ‘Forms Center’ option
• The new window will open all the forms available to download.
• Choose the form you wish to download