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.
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Buy CDs Like there is No Tomorrow; Avoid Money Market Funds by JRodgers - Sep 17, 2008.
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