State Bank of India (IL)

Overview / Commentary
19 South Lasalle Street, 2nd Floor
Chicago, IL 60603

Related Posts

State Bank Of India (IL) Offers 4.64% APY 5-YR CD, BUT Retains Early Withdrawal Decision - 1/26/2023

In today's Mobility Credit Union post by Ken, I noticed in the How the 60-Month CD Compares section that State Bank of India (IL) now has a competitive nationwide offer branded as the 60-Month Senior Citizens CD at 4.64% APY. Although this rate may be attractive to some, I wanted to provide a couple of details. First, as you would expect, the CD has an age qualification requirement. It is limited to those aged 60 years and above. However, the key terms I wanted to highlight are those stating that State Bank of India (IL) retains the right to limit early withdrawals. Specifically, page 5, paragraph 5.1 under Certificate of Deposit of the Customer Manual states "We may (at our discretion) permit withdrawal of the principal before the maturity date." (Bold added) Additionally, paragraph 5.10 under Early Withdrawal Penalty states "The principal amount of deposit cannot usually be withdrawn before the Certificate of Deposit matures, unless the Bank consents to the withdrawal

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Reviews (7)

High CD Rates And Excellent Customer Service

Posted by: |

We can't remember getting service from any other institution as good as we received from SBI Chicago . Starting with the CEO and down. Everyone was extremely responsive and helpful. Rates are the best in the country. All the people we dealt with made it extremely easy to open CD accounts. We can highly recommend doing business with this institution.- Ron

Why No Financial Health Rating

I would like to open CD but there in no financial rating or info on this bank. Does anyone know why?


Posted by: |

Terrible website, poorest customer service, slow like worst than a snail. Dis-coordinated database with products and services. Impossible to talk to anyone. How the heck you use 'India' in your bank name. It's a disgrace.

Unusual Banking Practice And Rude

Posted by: |

Most of the time they don't respond politely. I have an active saving account with them, and I transferred money in the past through this bank. Recently when I initiated a transfer, they were requesting me to send my recent pay slip, evidence for source of income, copy of driver license and copy of recent utility bill. I asked them to show a bank in US who is asking all these documents from their existing customer to transfer money. They did not answer my question. I asked to them where do they maintain their customer's information, will that be within United states or a server at outside the country. They did not answer my question. Very rude.

Surprised They Are Allowed To Operate

Posted by: |

Horrendous customer service and absurd level of personal information collected.
How are they allowed to operate as an FDIC member is a mystery worthwhile exploring.

Waste Of Time

Posted by: |

The CD rates posted on their site are correct in one place, but grossly incorrect when you view them during the online account opening process. So I called on the phone and after much confusion was told that I would have to download a paper application and send a check by mail, including a notarized copy of my drivers' license. So if you don't have time for all this nonsense, bank elsewhere.

Current High Rate Not Worth It

Posted by: |

I walked into the State Bank of India Chicago branch this morning to open a CD. The receptionist was polite, but her English was so poor that she had problems taking down my phone number. Then she seemed upset that I had not brought a utility bill with, something that has never been required by any bank or credit union I have dealt with, even though I had a valid State ID and credit cards. I began to fill out the application when I noticed a long warning/disclosure about the dangers of faxing information, that I would not hold them liable, and I believe they rely heavily on this form of communication. They seem to be in the Dark Ages regarding banking/technology. I walked out of the bank as I decided I did not feel secure or have any peace of mind doing business with them.


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State Bank of India (IL) Savings Account Rates

0.75%$500-Savings Account

State Bank of India (IL) Money Market Rates

1.00%$5k-Money Market Deposit - US Based Consumer
1.00%$5k-Money Market Deposit - US Based Businesses & Associations

State Bank of India (IL) CD Rates

5.01%$2.5k-Business 12 Month CD
4.85%$2.5k-Business 24 Month CD
4.85%$2.5k-Business 36 Month CD
4.64%$2.5k-Senior Citizens 60 Month CD
4.59%$2.5k-Business 60 Month CD
4.55%$2.5k-Business 6 Month CD
4.49%$2.5k-60 Month CD
4.43%$2.5k-Senior Citizens 36 Month CD
4.43%$2.5k-Senior Citizens 24 Month CD
4.43%$2.5k-Senior Citizens 12 Month CD
4.33%$2.5k-36 Month CD
4.33%$2.5k-24 Month CD
4.33%$2.5k-12 Month CD
4.30%$2.5k-Business 3 Month CD
3.35%$2.5k-6 Month CD
1.75%$2.5k-3 Month CD

State Bank of India (IL) Locations
State Bank Of India19 S La Salle St Fl 2Chicago, IL 60603

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