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.
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 Simple interest can be withdrawn at monthly, quarterly, or half-year intervals, and paid by wire transfer, check, or deposited into an SBI IL checking or money market account.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.
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.
Existing SBI IL customers can open CDs through their established Online Banking accounts.
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.