Citibank Fixed Deposit Interest Rates in the UAE
|61 – 90 days||0.20%||0.25%|
|91 – 180 days||0.20%||0.25%|
|181 – 270 days||0.25%||0.30%|
|271 – 365 days||0.25%||0.30%|
These rates are subject to change depending upon the bank’s discretion.
Fixed Deposit Accounts offered by Citibank in the UAE
Citibank UAE offers fixed deposits called ‘Timely deposit’. Timely deposit allows investor to deposit a fixed amount of money for a fixed period of time while the bank pays interest for the money deposited. The bank gives you a choice of 5 currencies and various tenors for the deposit. The customer has the option of choosing the tenure period to suit their needs. The bank provides an option of opening the account online thus making banking easier for its customers. Citibank Fixed Deposit is the safest way to build on your wealth.
Features and Benefits of Citibank Fixed Deposit Account
Listed below are the features and benefits of Citibank fixed deposit account.
- The fixed deposit account offered by Citibank is called ‘Timely deposit’.
- The customer can choose the tenure period.
- Offers various tenure options for the customers.
- Offers a very high rate of interest.
- Interest is paid out on the maturity of the account.
- Minimum deposit of AED 1,000.
- Minimal documentation.
- Easy application process.
- Can apply for it online.
- Available in 5 currencies- USD, AED, GBP, AUD and CAD.
- The customer can book the account with a simple text message.
- The account will be automatically renewed on maturity unless instructed otherwise by the customer.
- Bank charges a penalty fee on premature withdrawals.
Other products offered by Citibank, in the UAE are:
What is a fixed deposit account?
A fixed deposit account is a term deposit which allows the customer to build on their idle wealth. In a fixed deposit account, the customer deposits a bulk amount and earns interest on the same amount over a period of time. The interest paid depends on the amount deposited in the account and the time for which it is deposited. The banks allow the customer to make premature withdrawals but the customer will be charged a penalty fee in case of premature withdrawals. Some banks have a reinvestment option with their fixed deposit where the profit and principle amount will be reinvested on the maturity of the account. Another added advantage of fixed deposit account is that customers can avail a loan against their fixed deposit account.
Citibank is a division of the multinational Citigroup and was founded in 1812.Citibank has over 983 branches in North America and it also has a strong presence in UAE, Egypt, Hong Kong, Australia, Malaysia and Korea.
Citibank UAE was established in 1964 and is a branch of Citibank based in the UAE. The bank has over 3,000 employees across 30 branches. The bank provides financial services and products for individuals and corporate sector. The bank offers financial services such as loans, cards, insurance products and fund transfers.