High CD Rates at State Bank of India
Mar 2, 2006 - 12:36 PM by Ken Tumin
I first noticed high CD rates at the State Bank of India back in November. The bank has continued to have very competitive CD and money market rates. Just recently it started to be listed at Bankrate.com and now it includes a link and comments which indicates that the bank is paying for advertising.
The best 6-month and 1-year CD rates are 5.20% and 5.35% for deposits of over $95K. The rates are also very good for deposits under $50K: 4.99% for 6-months and 5.15% for 12-months. The minimum for certificates of deposit is $1K for US residents.
The bank also has some competitive money market account rates. For deposits under $25K, the APY is 4.49%. The minimum for US residents is $2.5K.
As I mentioned in my November post, the bank has US operations in New York, Chicago and Los Angeles. All are FDIC insured. The bank in New York City seems to be the one being advertised. I can't find information on its online banking system. I emailed some questions to the New York branch last month but never received a response. For those who can't visit the New York branch, deposits would probably have to be made by check and sent through the mail.
The best 6-month and 1-year CD rates are 5.20% and 5.35% for deposits of over $95K. The rates are also very good for deposits under $50K: 4.99% for 6-months and 5.15% for 12-months. The minimum for certificates of deposit is $1K for US residents.
The bank also has some competitive money market account rates. For deposits under $25K, the APY is 4.49%. The minimum for US residents is $2.5K.
As I mentioned in my November post, the bank has US operations in New York, Chicago and Los Angeles. All are FDIC insured. The bank in New York City seems to be the one being advertised. I can't find information on its online banking system. I emailed some questions to the New York branch last month but never received a response. For those who can't visit the New York branch, deposits would probably have to be made by check and sent through the mail.
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Tim (anonymous) - #1, Friday, March 3, 2006 - 4:40 AM
Five percent is pretty good for a CD but I pretty much think they are a waste of time. There are many much more effective ways of growing your money. But, if someone is older and looking for security I think this is a great find. Good work!!
Nice blog.
Banking Guy (anonymous) - #2, Friday, March 3, 2006 - 8:55 AM
Yes, it depends on the person and the circumstance. CDs are not the best for long term growth. But short-term CDs are not much different than money market accounts. If you're saving for something within a year, they can make sense for many people.
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