Time deposits provide a simple way to earn returns on your spare money. A principal amount is deposited for a predetermined tenure and interest is paid at the end of the tenure.
Citi bank time deposits are of two kinds – one for Singapore dollar and the other for foreign currency, providing various flexible options to the customers.
Call the bank’s 24/7 helpline for all your queries.
Why Choose Citi Time Deposit?
- It has a low minimum deposit placement amount of S$10,000 only.
- Benefits like flexible tenure options and attractive interest rates make this investment option extremely rewarding.
Features and Benefits of Citi Time Deposit
- Competitive interest rates.
- Low minimum initial deposit.
- Flexible tenures, ranging from 1 month to 36 months.
- Ease of management of account with Citi’s online banking facilities.
Types of Citi Time Deposit
Singapore Dollar Time Deposit Scheme
- Customers can park their excess funds in Singapore dollars in this scheme and earn interests.
- Tenures ranging from 1 week to 48 months are available.
- Opening an account is easy with Citi’s mobile and online banking.
- The board rate for these deposits are determined based on the deposit amount and tenor.
- You need a checking/savings account before you can apply for this scheme.
Foreign Currency Time Deposit
- You can choose from the following list of major foreign currencies:
- Australian dollar
- New Zealand dollar
- Sterling pound
- Canadian dollar
- Swiss franc
- Japanese yen
- Hong Kong dollar
- US dollar
- Offshore renminbi
- South African rand
- Depending on the exchange rate and dollar-currency movement, you may get a higher return with this deposit scheme.
- Tenures range from 1 week to 12 months.
How to Apply for Fixed Deposit Schemes Offered by Citi?
- If you hold an active current or savings account with Citi, you’re eligible for the product.
- Contact the nearest branch or call the bank’s helpline to proceed further with the application.
- If you are not an existing Citi customer, fill out an online application form with contact details and Passport/NRIC number. Within three working days, Citi will get in touch with you and help you open a time deposit account.
- Some of the documents required may be your ID proof, address proof and other supporting documents. Check with the bank about the documentation requirement.
Citi Fixed Deposit Interest Rates 2018
Singapore Dollar Fixed Deposit Rates
|Term||Deposit Amount/Interest Rate|
|S$10,000 to S$50,000||S$50,000 to S$100,000||S$100,000 to S$250,000||S$250,000 to S$500,000||S$500,000 to S$750,000||S$750,000 to S$1 million||S$1 million to S$3 million|
|1 – 2 week and 1 month||0.05% p.a.||0.05% p.a.||0.05% p.a.||0.05% p.a.||0.05% p.a.||0.05% p.a.||0.05% p.a.|
|2 -3 months||0.08% p.a.||0.08% p.a.||0.08% p.a.||0.08% p.a.||0.08% p.a.||0.08% p.a.||0.08% p.a.|
|6 months, 1 year, 2 years, 3 years||0.1% p.a.||0.1% p.a.||0.1% p.a.||0.1% p.a.||0.1% p.a.||0.1% p.a.||0.1% p.a.|
Citi Foreign Currency Fixed Deposit Interest Rate 2018
- The interest rates offered by the bank on its foreign deposits aren’t available in the public domain.
- Contact Citi to learn more.
|Available tenures||1 week, 1 month, 2 months, 3 months, 6 months, 9 months, 12 months|
|Minimum deposit amount in equivalence to the SGD||S$10,000|
Fixed Deposit Schemes offered by Citi in Singapore
Singapore Dollar Time Deposit
- Citi offers various tenure options in this scheme.
- The minimum amount that needs to be deposited is S$10,000 for all available tenures.
- Your deposits are covered by the Deposit Insurance Scheme for an amount of up to S$50,000.
- The interest you earn is subject to tax if you are a non-Singaporean.
- In order to open a Singapore Dollar Time Deposit Account, you need to be at least 18 years of age.
Foreign Currency Time Deposit
- You get to choose from as many as 11 foreign currencies.
- The minimum amount that needs to be deposited is S$10,000.
- Tenures available fall in the range between 1 week and 12 months.
- You can make premature withdrawals from your foreign currency account with a reduced interest rate earning. In certain cases, penalties will also be applicable.
Frequently Asked Questions
- Will my foreign currency deposits be insured by SDIC?
- How do I find out the board rate for Singapore dollar time deposits?
- What is the minimum deposit amount for foreign currency time deposits?
- Can I convert my FD Account (personal) to a joint account?
- Will the interest earned on my FD account attract tax?
- Is tax applicable on the interest earned on Foreign Currency Time Deposit account?
No. Only Singapore deposits of up to S$50,000 are insured by the Singapore Deposit Insurance Corporation.
The board rate for Citi S$ time deposit scheme depends on the tenure and the deposit amount. Use the calculator on Citi’s website to find out the prevailing board rate for a particular duration and amount of your deposit.
The minimum deposit should amount to S$10,000 in the currency that you are making the deposit.
Yes. Contact the bank to learn more.
If you are a non-Singaporean, you will have to pay tax – withholding tax or income tax – on the interest earned in your FD account.
If you are a non-resident of Singapore or foreigner, then you do not have to pay income tax or withholding tax in Singapore on the interest earned on your Foreign Currency Time Deposit.
News About Citibank Fixed Deposit
Citi announced a New Funds Top-Up promotion where the customers will earn cash rewards and extra bonuses for a steady inflow of funds from other accounts to Citi investment accounts. The offer is valid till February 28, 2018.
05th January 2018
Total Wealth Adviser launched by Citibank Singapore
Total Wealth Adviser is a goals based planning tool which measures performance by the success of investment by meeting the client’s personal goals. The tool targets Citigold customers whose assets under management are $200,000 to $1 million. Customers can monitor their different goals. The tool gives the customer a comprehensive overview of the liabilities and long and short term assets. Clients are also allowed to map goals to portfolio based on the risk tolerance. The aim is to produce an investment portfolio which performs in line with the customers’ expectations. The focus will be shifted from defining performance as return against a benchmark to the short term performance to a customer’s goal.
20th September 2016
Citibank FD Promotion
Runtime: This is an ongoing promotional offer. This will continue till 29th February, 2016
Particulars: Avail interest rate of 1.60 percent per annum with SGD Time Deposits.
The table below will provide you with details about Foreign Currency Fixed Deposit Rates of Interest (Promotional)
Currency 1 month (per annum) 3 months (per annum) AUD 2.00 percent per annum 2.20 percent per annum USD 0.30 percent per annum 0.50 percent per annum NZD 2.80 percent per annum 3.00 percent per annum CNH 4.50 percent per annum 4.70 percent per annum ZAR 5.00 percent per annum 5.20 percent per annum
Terms and Conditions
To know more about the terms and conditions, please, get in touch with the bank.
Citibank Deposit Promotion
Runtime: Till 31 Dec, 2015
Particulars: Citibank InterestPlus Savings Account
Enjoy a bonus interest rate of 2.5 percent per annum along with Shopping Vouchers worth S$200.
Fixed Deposit Promotion
Enjoy a promotional rate of 1.35 percent per annum for a period of 9 months for Singapore Dollar time deposits, when you deposit fresh funds. You will need to deposit a minimum amount of S$50,000 to avail this offer. The maximum deposit allowed per customers is S$5,000,000.
You will also enjoy higher interest rates of 2.05 percent per annum to 4.70 percent per annum for deposits made in foreign currencies such as AUD, NZD, USD, CNH and ZAR for a period of 1 month to 3 months.
New Funds Promotion
Deposit fresh funds to your Citibank Bank Accounts and enjoy Shopping Vouchers worth S$40 to S$500 for deposit amounts of S$50,000 to S$499,999.
Please contact Citibank Singapore to know about all the applicable terms and conditions.