Citibank launches unique solution against financial uncertainty

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Mumbai: Citibank N.A. on Thursday announced the launch of Citibank Protect & Grow, a first-of-its-kind product offering 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. 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 fixed deposit. The product offering is available for a minimum deposit of Rs.15 lakhs 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.

Announcing the launch of Citibank Protect & Grow, N Rajashekaran, Country Business Manager, Global Consumer Group, Citi India, 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.”

“We believe that choice is not just a privilege but also a prerogative for our customers. With Citibank Protect & Grow, customers no longer have to choose between capital preservation and potentially higher returns. I am very pleased to present this innovation to our customers and offer them the best of both worlds,” Rajashekaran added.

Sameer Kaul, Citibanking Head, said, “Citibank Protect & Grow places our customers’ needs at the forefront and makes their money work harder for them. We are confident that Protect & Grow will find resonance amongst our customers and reinforce our commitment of driving success for them.”

One of the key advantages of Citibank Protect & Grow is that it operates like a Systematic Investment Plan. 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.