Dedicated to Deposits: Deals, Data, and Discussion

3.00% 30-Month CD at Indus American Bank in NJ & NY

POSTED ON BY

Indus American Bank
Update 12/29/09: The 30-month CD special is no longer listed at the bank's website. I called the bank, and according to the CSR, the special is still available, but there's now a balance cap of $25,000. Also, it's now only available to New York and New Jersey residents.

Indus American Bank has a special 30-month CD with a 3.00% APY. Minimum deposit is $2,000, and the maximum is $250,000. Early withdrawal penalty is 6 months of interest. The special is listed at the bank's CD page as of 11/24/09.

Applications are accepted by mail. Refer to the bank's new account page for the details about what needs to be mailed.

You can also open the account at one of the bank's branches which are located in Iselin, Parsippany, Jersey City, New Jersey and in Hicksville, New York.

Indus American Bank's ratings for safety and soundness are average: 3 stars (adequate) at BauerFinancial and 3 stars (performing) at Bankrate.com. Both ratings are based on 6/30/09 financial data. Note, BauerFinancial has the wrong name for this bank (Industrial rather than Indus).

The bank has been a FDIC member since 2005 (FDIC Certificate # 57983).

Thanks to the reader who emailed me info on this special.

Other Competitive Certificate of Deposit Rates

  Tags: New York, Indus American Bank, CD rates, New Jersey

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Comments
2 comments.
Comment #1 by Anonymous posted on
Anonymous
Yes, really.

Off the wire this morning:

FDIC Deposit fund had negative $8.2B balance in Q3

That's broke. Bankrupt. Kaput. Gone. Poof. Dead. Rotting. A corpse.

Yes, yes, I know, Treasury has their back. But let's not forget - The FDIC does not have a legal "full faith and credit" guarantee from the US Federal Government and Treasury.

It has a "sense of Congress" resolution, but not a formal, legally-binding guarantee.

-1
Comment #2 by larkin (anonymous) posted on
larkin
Just went to their website; looks like this special has ended.

1