5.61% 12-Month and 36-Month CDs at Statebank of India - New York ($95K+)

Statebank of India has increased the rates on its CDs since my last report in May. The best rates require a minimum $95K deposit. The yields include a 5.61% APY for a 12 and 36-month CD, a 5.56% APY for a 6-month CD and a 5.51% APY for a 2 and 5-year CD. Lower rates are available for a minimum of $50K and a minimum of $5K. These CDs are offered through the bank's New York branch and can be opened by mail. They also have a money market account that can be useful to receive interest payments or when the CD matures.

I first reported on this bank in November 2005. They have often had competitive CD rates and have advertised on Bankrate.com. The bank is FDIC insured (FDIC Certificate # 33682).

Tags: New York, CD rates