3.00% 30-Month CD at Indus American Bank in NJ & NY
Dec 29, 2009 - 3:13 PM by Ken Tumin
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.
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| Indus American Bank Locations: 4 Health Rating:  |   |
| Latest Review: "typically desi indian style bank. please do not wast your time to go there. ke..." | |
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Anonymous - #1, Tuesday, November 24, 2009 - 11:32 AM
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.
larkin (anonymous) - #2, Tuesday, December 29, 2009 - 2:09 PM
Just went to their website; looks like this special has ended.
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