FD Rates: Foreign bank Citi Bank India (CITI Bank India) has revised FD interest rates. The bank has increased the interest on FDs of less than Rs 2 crore. The bank has implemented these rates from January 13, 2023.
After the revision in the interest rates of Citibank, it is paying 2.10% to 7.25% interest to the common people on FDs maturing in 7 days to 10 years. These new rates are available on FDs of Rs 2 crore or less. New rates will be available only for new FDs and FDs that are being renewed.
Citi Bank FD Rates
The bank is offering an interest rate of 3.00% on deposits maturing in 7 days to 30 days. Citibank is offering 2.15% interest on FDs maturing in 15 days to 35 days. Citibank is offering an interest rate of 3.50% on FDs maturing in 36 days to 180 days. Paying 7.25 percent interest on FDs of 181 to 400 days. 3.50% interest is being paid on FDs of 401 to 1096 days. Citibank is offering a maximum interest of 7.25 per cent on FDs of 181 days to 400 days.
FD rates increased due to increase in repo rate
FD interest rates continue to rise from May 2022. RBI started increasing the repo rate from May last year to control inflation. Since then, the repo rate has been increased by 2.25 percent. Although there was a reduction in the inflation rate in November, but even then the RBI increased the repo rate by 0.35 percent on 7 December. After that all the banks started making the loan costlier. Also started increasing the interest on FD.
These banks have increased interest on FD
After increasing the repo rate of RBI in the banking sector, most of the banks are increasing the interest on FD. Now there is a competition among the banks regarding the interest rates on FDs. Everyday one or the other bank is increasing the interest on FD. Till now banks like Yes Bank, SBI, HDFC, Indian Overseas have increased interest on FDs.