State Bank of India (California) is offering some competitive long-term CD rates. The most competitive one is a 3.00% APY 3-year CD. The other ones include a 2.30% APY 2-year CD and a 3.40% APY 5-year CD. Minimum deposit is $1,000. These rates are listed in the bank's rate sheet as of 12/23/09. Note, interest must be paid out at least annually so the interest rate is the same as the APY.
On the front page of the bank's website it states:
State Bank of India (California) is fully owned by State Bank of India, one of the strongest banks in the World, with controlling ownership by Government of India.
This is a sister bank of State Bank of India in New York which offers CDs and money market accounts by mail. However, it appears the California bank requires a branch visit to open accounts. If you have more info on this, please leave a comment. The California bank currently has higher rates on the long-term CDs.
State Bank of India (California) has branches in several cities of California including Los Angeles, Artesia, Canoga Park, San Jose, Fresno, San Diego and Bakerfield. It also has a branch in Washington, DC.
The bank's ratings for safety and soundness are above average: 4 stars (excellent) at BauerFinancial (based on 9/30/09 data) and 3 stars (performing) at Bankrate.com (based on 6/30/09 data). The bank has been a FDIC member since 1982 (FDIC Certificate # 23998).
Other Competitive Certificate of Deposit Rates
- CD rates at DepositAccounts.com
- My weekly list of hot nationwide and local CD deals