• Citibank Fixed Deposit

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    Citibank Fixed Deposit Rates

    Citi time deposits are available in Singapore dollars and 11 other major currencies, ranging from Euro to South African Rand. These fixed deposits (FD) offer higher rates of interest than traditional savings accounts. A minimum of S$10,000 is required to open an account and tenures vary from 1 week to 48 months.

    What Are the Features and Benefits Associated with Citi Fixed Deposit Accounts?

    The main features and benefits include:

    • Higher interest rates: These rates depend on the type of currency your account is in. You may earn up to 0.1% p.a. on SGD term deposits.
    • A broad variety of tenors: Those available for the SGD term deposit range between 1 week and 48 months, while those for foreign currency deposits range anywhere between 1 week and 12 months.
    • Initial deposit: A minimum initial deposit of S$10,000 is required.

    S$ Time Deposit

    This account enables you to deposit funds in Singapore dollars and earn generous interest on the amount deposited. You should also know that the Singapore Dollar Fixed Deposit account is covered under the Deposit Insurance Scheme provided by SDIC.

    You may view and operate your fixed deposit account using online banking. CitiPhone Banking and Automated Voice Response are always available for additional queries and assistance.

    S$ Time Deposit Interest Rates

    You can determine which tenor and deposit amount suit your savings goals from the table below:

    Term (Tenor) of Fixed Deposit Amount in Deposit (S$) Interest Rate Earned
    1 week 10,000 - 3 million 0.05%
    2 weeks 10,000 - 3 million 0.05%
    1 month 10,000 - 3 million 0.05%
    3 months 10,000 - 3 million 0.08%
    6 months 10,000 - 3 million 0.1%
    12 months 10,000 - 3 million 0.1%
    24  months 10,000 - 3 million 0.1%
    36 months 10,000 - 3 million 0.1.%

    Requirements to Open a SGD Time Deposit

    • You may have to open a savings or checking account alongside the time deposit.
    • A minimum deposit of S$10,000 is required to open an account.

    Promotions

    Singapore Dollar (SGD) 3-month Time Deposit Investment Bundle Promotion

    If you make investments in Bonds, Unit Trusts or Structured Notes, you stand to earn more on your SGD Time Deposit. The Citi Time Deposit Investment Bundle allows you to earn an interest rate of 2.50% on a 3-month p.a. deposit.

    The following terms and conditions may apply:

    • The purchase of this investment bundle must be made within the Promotion Period, i.e. by 31 October 2018.
    • Only New Funds may be placed within the Time Deposit - which will be valued once you reach the Investment settlement date.
    • Any unit trust, structured note, or bond distributed by Citi with a net sales charge of a minimum of 1% is referred to as an “Investment” in this context.
    • Any Investment that is in the form of a foreign currency will be converted to SGD using a rate specified by Citi to determine the amount under Maximum Time Deposit Placement for this promotion to apply.
    • For early termination of the Time Deposit, a penalty charge will be applied. This will be deducted from the amount withdrawn, which may result in you not earning any interest for the term.
    • Investment products like structured deposits, dual currency investments, and foreign currency deposits are not insured by the SDIC. This means that if your bank defaults, your investment may not be returned to you.

    The following table illustrates the calculation for the maximum deposit amount further:

    Offer Name Promotional Rate (% p.a.) Tenor Min. Deposit Amount (S$) Maximum Deposit Amount (S$)
    SGD 3-month Time Deposit Investment Bundle 2.50 3 months 50,000 5 million or 2 times the Deposit Amount (DA), whichever is lower.

    E.g:

    DA = 50,000

    2 x DA =100,000

    Max. DA = 5 million

    The lower of the two = 100,000

    The above table is only for illustrative purposes. Actual amounts may vary. Contact the bank for actual figures that apply to you.

    Deposit Insurance Scheme

    Any SGD fixed/time deposit account is protected by insurance from the Singapore Deposit Insurance Corporation for an amount of up to S$50,000 for each depositor for every scheme. Regardless of whether your bank defaults or not, your principal will be returned to you.

    How Can You Apply for the SGD Time Deposit Account?

    Visit one of your nearest Citi branches or call their 24-Hour CitiPhone Hotline for more details.

    Foreign Currency Time Deposit

    This account offers tenors ranging from 1 week to 12 months. You may use online banking to view and operate your foreign currency fixed deposit account. For additional assistance, CitiPhone Banking and Automated Voice Response are also available.

    This account allows you to deposit funds and earn interest on 11 different currencies that include:

    • Sterling Pound (GBP)
    • Australian Dollar (AUD)
    • South African Rand (ZAR)
    • Euro (EUR)
    • New Zealand Dollar (NZD)
    • Offshore Renminbi (CNH)
    • Japanese Yen (JPY)
    • Swiss Franc (CHF)
    • Hong Kong Dollar (HKD
    • US dollar (USD)
    • Canadian Dollar (CAD)

    What You Need to Know

    • Foreign currency deposits are not insured by SDIC.
    • Time Deposits available in Japanese Yen have tenors of 1 month and below.
    • Tenors available for Time Deposits in Swiss Franc and Euro are 1 week and below.
    • If you terminate your Foreign Currency Time Deposit ahead of the maturity date, it will result in penalty charges - which will be deducted from the withdrawn amount.
    • You may receive a lower principal amount in the currency of deposit, and further, may not earn any, or limited, interest.
    • For Offshore Renminbi and South African Rand, pre-termination will not be allowed.
    • When it comes to foreign currency investments, when you change the foreign currency in the account back into your home currency, you may or may not receive net gains.

    How to Apply for a Foreign Currency Time Deposit Account

    Please visit your nearest Citi branch to open an account, or call their 24-Hour CitiPhone Hotline for more information.

    Frequently Asked Questions

    1. Will my foreign currency deposits be insured by SDIC?
    2. No. Only Singapore deposits of up to S$50,000 are insured by the Singapore Deposit Insurance Corporation.

    3. How do I find out the board rate for Singapore dollar time deposits?
    4. 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.

    5. What is the minimum deposit amount for foreign currency time deposits?
    6. The minimum deposit should amount to S$10,000 in the currency that you are making the deposit.

    7. Can I convert my FD Account (personal) to a joint account?
    8. Yes. Contact the bank to learn more.

    9. Will the interest earned on my FD account attract tax?
    10. 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.

    11. Is tax applicable on the interest earned on Foreign Currency Time Deposit account?
    12. 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

    • CNY-Special Top-Up Promotion on Citi Transfer-In Investments

      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.

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