State Bank of India, New York is offering a 36-month (3 year) CD paying 3.55% APY. That's the highest 36 month CD rate since early February.
Overall, we've seen CD rates with terms of 3 years and greater rising over the last couple of weeks. It appears that rates may have bottomed for longer-term certificates of deposit and are now on the rebound.
State Bank of India has periodicially offered aggressive rates to attract deposits. The bank is a subsidiary of one of the largest Indian Bank. The New York branch is FDIC insured, although it has been reported that some of the other US branches, including the LA and Chicago branches may not have valid FDIC insurance. I've had trouble getting through to customer service on occasion.
Comments
fredg
April 15, 2009
This offer requires a very special type of personality. First, you need to be an idiot to lock your money up for such a long period at a rate this low when we are on the verge of hyperinflation. Second, you need to be an idiot to wait on the phone long enough to get ahold of someone at this bank.
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