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 sheet as of 9/7/2011.
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 available 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 several California cities including Los Angeles, Artesia, Canoga Park, San Jose, Fresno, San Diego, Bakerfield, Fremont and 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 16.97% (average) based on June 2011 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 These CD Rates Compare
It used to be easy to find a 2.50% APY on a 5-year CD, but that's no longer the case. Only one internet bank, Airbanking, is offering a 2.50% APY 5-year CD. Airbanking also has top CD rates for other terms (1.50% APY for 2 years and 1.90% APY for 3 years). Rates are accurate as of 9/7/2011.
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: