Dedicated to Deposits: Deals, Data, and Discussion

Competitive CD Rates at State Bank of India (California) - Local Only

POSTED ON BY

State Bank of India (California)

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:

  Tags: California, State Bank of India (California), CD rates

Related Posts

Comments
7 comments.
Comment #1 by Anonymous posted on
Anonymous
You are better off with a 5 year treasury note at 2.25% you don't have to pay state income taxes especially if you live in california where the state income taxes are so high . The other reason is you can't trust the banks or credit unions as far as the early withdrawal penalties go,for example Fort Knox credit union just raised their EWP from 90 days to 180 days retroactively,what's next?

3
Comment #3 by Anonymous posted on
Anonymous
Actually, in CA you are better off buying bonds than this CD. On the wire now:

California GO Bonds 4/1/16 rated A1 by Moodys, 2.53% and exempt from federal AND state taxes

Santa Clara University bonds 4/1/16 rated AA3 by Moodys, 2.64% and exempt from federal AND state taxes

1
Comment #4 by Anonymous posted on
Anonymous
if a bank or credit union raises there ewp do they notify the account holders. Do the account holders have any options. If on hearing the ewp has been raised Can the account holder close the acount at the original ewp and put there money somewhere else.

We do have the option to black ball any  banks and credit unions that do this.

I was recently offered a credit card by capital one - zero interest till 12/11, after that introduction period the rates goes up to 22.99!!!

I would be happy if I could get 5 or 6%

with interest rates so low, at practically nothing, raisng the ewp, I am ****ed.

 

1
Comment #5 by Anonymous posted on
Anonymous
To #4:  Usually you get notified that the change in EWP is coming and have time to close the CD with the original EWP before the new one takes effect.  My own experience with this was 30 days notice.

1
Comment #6 by Sandra posted on
Sandra
Now open: a branch in Fremont, CA.

1
Comment #7 by Anonymous posted on
Anonymous
I have not seen any recent reviews all Listings are from 2011 and that too Within few days of each other , do you Think they r genuine

1