State Bank of India (California) is offering 2.10% APY on a 2-year CD. The other terms are not quite as competitive. The next best one is a 1.50% APY 12-month CD. Minimum deposit is $1,000. Note, interest is not compounded so the rate equals the APY. These rates are listed in the bank's rate sheet as of 4/27/2010.
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.
The California bank currently has a higher 2-year rate than its NY sister bank which has a 2.02% APY. However, the NY bank has higher rates for the other terms.
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 12/31/09 data) and 3 stars (performing) at Bankrate.com (based on 9/30/09 data). The bank has been a FDIC member since 1982 (FDIC Certificate # 23998).
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