State Bank of India
Article Submitted By: BankMan
State Bank of India's New York branch is offering competitive CD rates for deposits over $5,000 and is FDIC insured.
State Bank of India, the largest bank in India, offers some very good CD rates with a minimum deposit of $5,000 through its US subsidiary.
These CDs are offered through the New York branch and the US operation of State Bank of India is FDIC insured (FDIC Certificate # 33682).
These CDs can be opened online and by mail.
While the bank is FDIC insured, some concerns do arise from looking at the bank's FAQs page:
- Early withdrawal penalty is 90 days of interest for 1 and 2-year CDs, 180 days for the 3 year CD, and 270 days for the 5 year CD. The bank reserves the right to refuse such withdrawals.
- If you're a new customer applying by mail, you will need to provide a notarized copy of your driver's license.
Many account holders have reported that it is very diffcult to get someone on the phone, but the competitive rates and the fact that the NY branch is backed by FDIC insurance make this bank worthy of a look.
See how State Bank of Indias certificate of deposit rates compare to other top cd rates.
Comments
Dr chandan S. Vora, May 12, 2011
Will appreciate your CD rates for different denominations. My webmail address is Chandansvora@earthlink.net and web address is
"http://home.earthlink.net/~chandansvora/. Needed your
fixed term deposit rates too on NRI account.
BankMan, April 14, 2009
@wants_clarification - The address on the FDIC website matches the address on the bank's website. You might want call for further clarification but it looks like the same bank to me.
wants_clarification, December 09, 2008
see the following link for the one with cert# 33683:
http://www2.fdic.gov/idasp/main_bankfind.asp
wants_clarification, December 09, 2008
How do you know that this is the one with cert# 33682. There is another State Bank of India with cert# 33683 and is NOT FDIC-insured.
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