Availability:Market area is New Jersey and Long Island.
A year ago, I wrote about the promotional rate Indus American Bank (New Jersey) was offering on its 13-month CD; that promotional rate of 1.25% APY last for three months.
Yesterday, Indus American Bank raised the rate on that 13-month CD to 1.40% APY – its highest rate ever.
The minimum opening deposit is $2K and there is no maximum balance cap.
According to CSR, the Early Withdrawal Penalty is determined on a case-by-case basis, with the amount being withdrawn and the time left until maturity used as variables in a formula.
Indus American Bank’s market area covers a large area of northern New Jersey and Long Island, New York, with four New Jersey branches located in Iselin, Jersey City, Parsippany, and Plainsboro, and the sole Long Island branch in Hicksville.
While Indus American Bank does offer online banking for account maintenance and bill payment, opening a CD requires an in-person visit to any of the above mentioned branches.
Indus American Bank’s Consumer Application is available for download to expedite the process.
Credit Union Overview
Indus American Bank has an overall health grade of "B" at DepositAccounts.com, with a Texas ratio of 25.61% (average) based on September 30, 2015 data. In the past year, Indus American Bank has increased its total deposits by $15.4 Million, an excellent annual growth rate of 7.96%. Please refer to our financial overview of Indus American Bank for more details.
Indus American Bank (FDIC Charter # 57983) is a relatively young financial institution, having been established in 2005 through the efforts of local New Jersey businessmen and community leaders. In its 10 year history, Indus American Bank has expanded into five locations, with assets in excess of $251 Million.
Indus American Bank has been founded specifically to serve the needs of the South Asians, one of the fastest growing segments of the Asian ethnic group over the coming decade.
How the CD Compares
When compared to the 224 similar length-of-term CDs tracked by DepositAccounts.com, that require a similar minimum deposit and available to New Jersey residents, Indus American Bank’s 13-month CD currently ranks second.
The above rates are accurate as of 2/4/2016.