Minimum deposit
AED 1,000
Citi Time Deposit
Citi Time Deposit locks AED 1,000 or more for a fixed term at a fixed rate, up to 3.6% a year for 3 months in AED. Interest is paid when the term ends.
An existing account with Citi is required, such as Citi Current Account.
At a glance
A Citi Time Deposit is a fixed deposit. You hand Citi a sum for a set period, called the tenor, and the bank fixes the interest rate for that whole period. Your deposit amount is preserved, and the interest is paid in one go when the term ends. The deposit is linked to a Citi bank account, which is where the money comes from and where it is paid back, so you need an account such as the Citi Savings Account first. The minimum is AED 1,000 or its equivalent. Deposits can be placed in AED, USD, CAD, AUD, JPY, CHF, GBP or EUR. If the deposit is in a different currency from your account, Citi converts the money at its prevailing exchange rate, which includes a bank spread.
Fees and balance
Interest
Interest is paid at maturity.
Available deposit tenures
Early withdrawal within 7 days earns no interest. After 7 days, the equivalent shorter-tenure rate (or the immediately preceding tenor rate if none is offered) minus 1 percentage point applies, with a minimum rate of zero.
| Tenure | Annual rate |
|---|---|
| 7 days | 0% |
| 14 days | 0% |
| 21 days | 0% |
| 1 month | 3% |
| 2 months | 3% |
| 3 months | 3.6% |
| 5 months | 3% |
| 6 months | 3% |
| 9–36 months | 0% |
| Tenure | Annual rate |
|---|---|
| 7 days | 0% |
| 14 days | 0% |
| 21 days | 0% |
| 1 month | 3% |
| 2 months | 3% |
| 3 months | 3.6% |
| 5 months | 3% |
| 6 months | 3% |
| 9–36 months | 0% |
In plain words
- Annual rate
- The rate is quoted for a full year. Money held for part of a year earns the matching part of it. More on this
- Tenure
- The length of time you agree to leave the deposit in place. You choose it when you open the deposit, and the rate you get depends on the tenure you pick. More on this
- Paid at maturity
- Maturity is the day the term you chose ends. The interest is paid then, together with the amount you deposited. More on this
What your money earns here
Tenure
6 months
Early withdrawal within 7 days earns no interest. After 7 days, the equivalent shorter-tenure rate (or the immediately preceding tenor rate if none is offered) minus 1 percentage point applies, with a minimum rate of zero.
The amount and the rate stay the same for the whole period, and the interest is paid out, not added to the balance. Try other rates
AED 150
interest over 6 months
3%
a year
interest earned over time
Not every tenor pays, and a longer term does not mean a higher rate. The rate is fixed on the day you book and stays the same until the end. When you book, you tell Citi what should happen at the end: pay the deposit and interest into your account, pay out the interest and renew the deposit, or renew both together for the same tenor. Without an instruction, Citi may renew the deposit for the same tenor at the rate it offers on that day.
Benefits
Eight Deposit Currencies
Place a deposit in AED, USD, CAD, AUD, JPY, CHF, GBP or EUR.
Five Day Cooling Off Period
You have 5 business days after booking to decide not to continue, without incurring any costs.
How to open
Before you apply
1.An existing account with the bank is required.
2.Minimum deposit: AED 1,000.
Application steps
1.Make sure you hold a Citi bank account. The deposit is funded from it and paid back into it.
2.Log on to Citibank Online and set up a Time Deposit, or call 24-hour CitiPhone Banking for help.
3.Choose the currency, the amount (AED 1,000 or more) and the tenor.
4.Pick what happens at maturity: pay out everything, pay out the interest and renew the deposit, or renew both.
Good to know
Good option for
You already bank with Citi, have AED 1,000 or more that you will not need for one to six months, and want to know the rate before you commit.
Consider another account if
You may need the money at short notice, or you want to lock in a rate for 9 months or longer, where the AED tenors pay 0%. An instant-access savings account keeps the money within reach.
If you withdraw early
You can take the money out before the term ends, but the interest changes. Withdraw within 7 days of booking and you earn no interest. After 7 days, Citi pays interest only for the time the deposit was actually held. It uses the rate for that shorter tenor, or the rate of the tenor just below it if there is no exact match, and takes off one percentage point. The rate cannot fall below zero, so no charge is taken from the deposit itself.
Frequently asked questions
Get answers to common questions about the Citi Time Deposit