State Bank of India (CA) Has Nationwide 13-month Promo CD (2.22% APY)

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Deal Summary: Promo CDs - 13-month (2.22% APY), 7-month (1.61% APY), $10k min/$5m max, new money.

Availability: Nationwide

State Bank of India (California) (SBIC) has raised the rates on its Promo CDs: 13-month (2.22% APY) and 7-month (1.61% APY). Both Promo CDs require a minimum of $10k of new money to open, and are capped at $5m each.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.22%$10k$5mState Bank of India (California)13 Month Promotional CD (New Money Only)
1.61%$10k$5mState Bank of India (California)7 Month Promotional CD (New Money Only)
Rates as of May 20, 2018.

The Promo CDs were added to SBIC’s product line in February, with fairly unremarkable rates: 13-month (1.81% APY) and 7-month (1.36% APY). Last week’s rate increase puts the 13-month Promo CD solidly in the middle of the latest CD Rate Summary’s nationally available 1-year CD category.

As stated in the Account Disclosure (part of the online application), the Early Withdrawal Penalty reads as follows:

CD TYPE 1 YEAR TO LESS THAN 36 MONTHS:
6 - month simple interest on the funds withdrawn.

Same Name, But Not Exactly The Same

In addition to the the State Bank of India (California), there is also the New York-based State Bank of India, and the State Bank of India, Chicago. According to the FDIC’s website,

State Bank of India is a foreign banking organization duly organized and existing under the laws of India. In the United States, the Bank maintains (a) a New York state-licensed, insured branch, (b) an Illinois state-licensed, insured branch, (c) a California state-licensed agency, (d) a representative office in Washington, D.C. licensed by the Federal Reserve, and (e) a wholly-owned bank subsidiary that is chartered in California, State Bank of India (California) Ltd.

The FDIC also notes that,

State Bank of India, New York, NY (FDIC Cert# 33682) and State Bank of India, Chicago, IL (FDIC Cert# 33664) are branches of the same banking institution. Therefore, deposits held in these two branches do NOT receive separate FDIC insurance coverage. Deposits held in the same capacity at each office would be added together prior to applying the insurance limit for that ownership type.

But, the FDIC has determined that,

SBIC is subject to ongoing supervision, examination and regulation by the California Department of Business Oversight and the FDIC. SBIC is a community bank whose customers are primarily small and mid-sized businesses and residents located in the area serviced by the bank.

Bottom line – SBIC (FDIC Certificate # 23998) is a separate entity and has its own separate FDIC insurance coverage.

Availability

Headquartered in Los Angeles, State Bank of India (California) offers much of its product line just to California residents, but the Promo CDs are available nationwide to U.S. citizens, or "other U.S. persons," with a valid Social Security number.

Opening a Promo CD can be done online, or at any of the eight California branches located in Artesia, Fremont, Fresno, Los Angeles (2), San Diego, San Jose, and Woodland Hills.

As stated in the Account Disclosure,

You can make deposit using your debit or credit card, with an account that you own at SBIC, through ACH from an account at another bank, or by mailing a check. Initial funding on credit/debit is processed as a purchase. Subsequent deposits made using the credit/debit card will appear as cash advance on card statement.

Bank Overview

State Bank of India (California) has an overall health grade of "A" at DepositAccounts.com, with a Texas Ratio of 1.51% (excellent) based on December 31, 2017 data. State Bank of India has an excellent capitalization level (19.49%), the result of holding $706.644 million in assets with $137.05 million in equity. Please refer to our financial overview of State Bank of India (California) (FDIC Certificate # 23998) for more details.

State Bank of India (California) was established in 1982 as a California State Chartered Bank. SBIC is currently the 78th largest bank in California, with assets in excess of $706 million and more than 18,400 customer accounts. So there will be no confusion,

State Bank of India (California) is a 100% wholly owned subsidiary of State Bank of
India, our parent bank. Although we are affiliated, we operate as two separate banks.

With total assets in excess of $7.5 billion, State Bank of India is the largest bank in India. SBI’s roots can be traced back to 1806, with establishment of the Bank of Calcutta (later known as the Bank of Bengal). In 1921, the Bank of Bengal, the Bank of Madras, and the Bank of Bombay merged, forming the Imperial Bank of India (IBI). The Reserve Bank of India gained a controlling interest in the IBI in 1955, and SBI was created as the successor to IBI.

How the Promo CD Compares

When compared to the 216 similar length-of-term CDs tracked by DepositAccounts.com, which require a minimum deposit of $10k or less and are available nationwide, State Bank of India (California)’s 13-month Promo CD APY currently ranks sixth.

Interest RateCD Length of TermCredit Union/Bank
2.35% APY14-Month CD Special ($2k min)Synchrony Bank
2.30% APY12-Month CD ($5k min)Colorado Federal Savings Bank
2.22% APY13-Months Promo CD ($10k min)State Bank of India (California)

The above rates are accurate as of 5/14/2018.

To look for the best CD rates, both nationwide and state specific, please refer to our CD Rates Table page.

Related Pages: Los Angeles CD rates, San Francisco Bay CD rates, San Diego CD rates, Fresno-Visalia CD rates, 1-year CD rates, nationwide deals

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

Update: The rates fell just after this post was published. Refer to the table above for the latest rates.

State Bank of India (California) continues to offer competitive CD rates. Rates went down in August and the special 15-month CD is no longer available, but if you're looking for long-term CDs in California, this bank is a good option. The best CDs include a 2.40% APY 5-year CD, a 1.75% APY 3-year CD and a 1.40% APY 2-year CD. Minimum deposit is $1,000. These rates are listed in the bank's rate...

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

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:

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...



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Competitive 2-Year CD at State Bank of India (California) - Local Only

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:

This is a sister bank of State Bank of India in New York which offers CDs and money market accounts by mail. However, it...



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3.00% 36-Month CD at State Bank of India (California) - Local Only
Update 1/02/09: The CD rates have fallen. Refer to the front page of the bank's website for the latest rates.

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...

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Competitive CD Rates at State Bank of India's U.S. Subsidiaries
State Bank of India (California) is offering several competitive CD rates. These include a 2.50% APY 12-month CD and a 2.20% APY 6-month CD. Minimum deposit is $50,000. Lower rates are available with a $1,000 minimum. Below is the list of the bank's CD rates for a $50K minimum as listed in the bank's rate sheet as of 7/26/09 (rate sheet available on the bank's home page).
  • 1.90% APY 3 months
  • 2.20% APY 6 months
  • 2.50% APY 12 months
  • 2.75% APY 24 months
  • 3.00% APY 36 months
  • 3.40% APY 60 months
The rate sheet also lists a...
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