Frequently asked questions on Fixed Deposits.


1. What is the range of tenure for which I can open a FD account?
You can deposit money for as short a period as 60 days and upto 5 years.

2. At what frequency will I receive interest on my FD?
Interest earned on your Fixed Account balance shall be credited to your account on a quarterly basis in the month end of Aswin, Poush, Chaitra and Asad.

3. Is TDS applicable on FDs?
Tax is deducted at source, from the interest on Fixed Deposits, as applicable, as per the Income Tax Act, (Individual: 5% and Corporate: 15%).

4. How do I approach Citizens Bank to open a FD?
You can just walk into any of our branches.

5. Will I get a FD receipt?
Yes, if you request for your FD receipt, we will deliver it to you at the time of opening your account.

6. Can I redeem my FD before the original term?
Yes, FD can be closed before the original term of the FD. In the event of the Fixed Deposit being closed before completing the original term of the deposit, interest will be paid at the rate applicable on the date of deposit, for the period for which the deposit has remained with the Bank. In case of premature withdrawal the deposit may be subject to penal rate of interest as prescribed by the Bank on the date of deposit.

7. Can I obtain a loan from Citizens Bank on the security of my FD?
Yes, Loan facility is available up -to 90% of principal. You can just walk into any of our branches.

8. Is there any auto renewal facility available on FDs?
Yes, you can opt for auto renewal at the time of opening the FD or anytime before the FD matures. Auto renewal allows your FD to get renewed automatically for the same period as the original deposit. However under auto renewal option the fixed deposit receipt is with the custody of the Bank and Memorandum of Deposit (MOD) is issued in lieu of fixed deposit receipt.

9. What are nomination facilities available on FDs?
The facility of Nomination is available for relationships in the names of individuals. Unless otherwise specifically given in writing by depositors, nomination in deposit accounts will be at Customer ID level.