State Bank of India (California) is offering a few competitive CD rates. There's a special 15-month CD with a 1.51% APY. Also, there are some top rates for the long-term CDs: 2.75% APY for 5 years and 2.00% APY for 3 years. Minimum deposit is $1,000. These rates are listed in the bank's rate sheet as of 3/29/2011.
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.
State Bank of India (California) has new account forms avilable online that can be mailed. However, the instructions state that "All applicants must visit the branch of choice for in person ID verification and to complete additional account documentation."
State Bank of India (California) branches are located in Los Angeles, Artesia, Canoga Park, San Jose, Fresno, San Diego, Bakerfield and a new branch in Tustin. It also has a branch in Washington, DC.
The bank has an overall health score at DepositAccounts.com of 3 stars (out of 5) with a Texas Ratio of 25.64% (average) based on December 2010 data. Please refer to our financial overview of State Bank of India (California) for more details. The bank has been a FDIC member since 1982 (FDIC Certificate # 23998).
How It Compares?
Kaiser Federal Bank used to have the best 5-year CD deal in California (and nationwide), but the special CD rate has fallen by 50 basis points to 2.50% APY. For CDs nationally available, the best 5-year CD rate is 3.00% APY at Connexus Credit Union but this requires an active checking account. Without a checking requirement, the best 5-year CD rate is 2.93% APY at Melrose Credit Union. The best 5-year rate at a bank is 2.80% APY at Sovereign Bank. These rates are accurate as of 3/29/2011.
Searching for the Best CD and IRA CD Rates
To search for the best nationwide rates and the best rates in your state, please refer to the following sections of DepositAccounts.com: