Dedicated to Deposits: Deals, Data, and Discussion

Competitive CD Rates at State Bank of India's U.S. Subsidiaries

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State Bank of India (California) is offering several competitive CD rates. These include a 2.50% APY 12-month CD and a 2.20% APY 6-month CD. Minimum deposit is $50,000. Lower rates are available with a $1,000 minimum. Below is the list of the bank's CD rates for a $50K minimum as listed in the bank's rate sheet as of 7/26/09 (rate sheet available on the bank's home page).
  • 1.90% APY 3 months
  • 2.20% APY 6 months
  • 2.50% APY 12 months
  • 2.75% APY 24 months
  • 3.00% APY 36 months
  • 3.40% APY 60 months
The rate sheet also lists a competitive money market account. It's a tiered-rate account with rates of 2% APY for $50K to $100K and 2.15% APY for $100K to $250K.

State Bank of India (California) is a U.S. subsidiary of the foreign bank holding company, State Bank of India. According to Wikipedia, State Bank of India is the largest bank in India.

I've long been reporting on their New York subsidiary which offers deposit products nationwide. However, it appears this California subsidiary requires a branch visit. Branches are located in the California cities of Los Angeles, San Diego, San Jose, Fresno, Bakersfield, Artesia and Canoga Park.

New York CD Rates

The New York subsidiary has long offered competitive CD rates, but currently most of their rates are lower than the California subsidiary. Rates include 2.07% APY for 12 months and 2.42% APY for 24 months as of 7/26/09. Refer to my previous post on details on these CDs and the application process.

Chicago CD Rates

There's also a Chicago subsidiary which also has a few competitive CD rates including a 2.32% APY for 12 months and 2.43% APY for 24 months as of 7/26/09. The link to the CD rate table is located at this page. Based on their Guide to Opening a New Account, it appears you can open these CDs by mail.

FDIC/Financial Info

These subsidiaries have different FDIC charters. The California one has been a FDIC member since 1982 (FDIC Certificate # 23998). Its ratings for safety and soundness are decent: 3 stars (performing) at Bankrate.com and 4 stars (excellent) at BauerFinancial. Both ratings are based on 3/31/09 financial data.

Thanks to the reader P.R. Pamidi who mentioned this California bank in the comments.

Other High Certificate of Deposit Rates
  Tags: New York, money market accounts, California, Illinois, CD rates

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Comments
Comment #1 by Bozo (anonymous) posted on
Bozo
To: All
Re: The 2 year CD

It's not great, but it's better than a poke in the eye. Averaged with my 3.2% 2 year at First Republic, it's 3% or thereabouts. Maybe rates will inch up a tad before my Alliant 2 year comes due next January.

It does appear rates are starting to level off and come up a bit at 2 years plus.

Always ladder.

Regards to all savers,

Bozo

1