State Bank of India (Chicago) Adds 15-Month CD

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Deal Summary: 15-month CD Special, 2.89% APY, $2.5k minimum deposit

Availability: Nationwide

Over the holiday weekend, the Illinois branch of State Bank of India (SBI IL) added a 15-month CD Special, earning 2.89% APY. This limited time offer requires a $2.5k minimum deposit, with no stated balance cap.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.68%$2.5k-State Bank of India (IL)15 Month CD Special
Rates as of August 21, 2019.

SBI IL CDs offer simple interest or compounded interest. Simple interest can be withdrawn at monthly, quarterly, or half-year intervals, and paid by wire transfer, check, or deposited into an SBI IL checking or money market account. Compounded interest will be calculated at quarterly intervals and paid out at maturity.

Maturing funds can be distributed via ACH, wire transfer, check, or deposited into an SBI IL checking or money market account. CD closure instructions must be sent to SBI IL via email – no phone or snail mail interactions allowed. There is a 10 day grace period before the CD is renewed.

CD partial withdrawals are not permitted, only early closures. As stated in the Truth-in-Savings disclosure, the Early Withdrawal Penalty reads as follows:

Term of Certificate:

    3 months to less than one year – 30 days interest
    1 year to less than 3 years – 90 days interest
    3 years or more – 180 days interest

Same Name, But Not Quite The Same

Did you know there is more than one State Bank of India? 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.

Availability

Headquartered in Chicago, State Bank of India offers its product line nationwide to U.S. citizens and resident aliens, 18 years or older, who have a valid Social Security number.

Opening a CD Special can be done online or at the Chicago branch located on South LaSalle Street.

Existing SBI IL customers can open CDs through their established Online Banking accounts.

Bank Overview

DA does not have any health information about State Bank of India (FDIC Certificate #33682), as it is a branch of a foreign bank. State Bank of India has been FDIC insured since 1971.

State Bank of India’s roots can be traced back to 1806, beginning with the 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.

SBI is India’s largest bank and, according to the Bank’s website, grew exponentially last year.

On 1st April, 2017, the Bank merged five of its Associate Banks and Bharatiya Mahila Bank with itself. With this first ever large scale consolidation in the Indian Banking Industry, the Bank entered the league of top 50 global banks with assets worth more than USD 531 billion, 209,572 employees, 500 million customers and 740 million accounts.

How the CD Special Compares

When compared to 161 similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationwide, State Bank of India (IL)’s 15-month CD Special APY currently ranks second.

The above rates are accurate as of 11/28/2018.

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

Related Pages: Chicago CD rates, 1-year CD rates, nationwide deals

Comments
Duckduck
Duckduck   |     |   Comment #1
Its a hassle with this bank and their website. Heard from CSR that they will be upgrading soon.

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