Citibank, today announced the launch of a new fixed deposit product--Citibank Protect & Grow.
The product offers customers the safety of a fixed deposit with the option to channel the interest earned into mutual funds.
Customers will be able to choose any combination of a maximum of four open-ended mutual funds from among those distributed by Citibank, a statement issued here said.
Citibank Protect & Grow is designed to address the needs of investors seeking the potential to obtain returns that are greater than just the interest on the compare fixed deposit. The product offering is available for a minimum deposit of Rs 15-lakh for a minimum tenure of 1 year.
The fixed deposit interest rates, computed quarterly (simple interest), applicable for Citibank Protect & Grow are similar to those on Citibank's vanilla fixed deposits, it said.
"In the current environment, wealth preservation is as important as wealth creation. Therefore, we are very happy to provide our customers with an innovative solution that helps them get more out of their safe money," Citi India's Country Business Manager, Global Consumer Group, N Rajashekaran, said in the statement.
The key advantages of Citibank Protect & Grow is that it operates like a Systematic Investment Plan (SIP). The interest earned on the fixed deposit is invested every quarter into mutual funds, helping investors ride over the market highs and lows and averaging out the cost of purchase.
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Source:business.outlookindia.com
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