12-Month Senior Citizens' CD at State Bank of India

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Deal Summary: 12-Month Senior Citizens’ CD, 1.71% APY, $100k min/$500k max, account holder(s) must be at least 60 years of age at time of application.

Availability: Nationwide

New York-based State Bank of India (SBI) offers a line of Senior Citizens’ CDs, which can be opened by individuals 60 years or older. Joint accounts are available, but “each of the account holders to meet the eligibility criterion separately.” In other words, all named account owners have to be at least 60-years old at the time of application.

Of the five Senior Citizens’ CDs offered, the 12-months (1.71% APY) has the most competitive rate. The 5-year is also quite competitive (2.47% APY). Although two balance tiers ($100k+ and $250k+) are listed, the 1.71% and 2.47% APYs apply to both tiers.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.47*%$100k$500kState Bank of India5 Year Senior Citizen CD
1.71*%$100k$500kState Bank of India12 Month Senior Citizen CD
Accounts mentioned in this post. Rates as of October 16, 2017.

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 Simple interest can be withdrawn at monthly, quarterly, or half-year intervals, and paid by wire transfer, check, or deposited into an SBI checking or money market account.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

As stated on Senior Citizens’ CD page, the Early Withdrawal Penalty reads as follows:

Maturity period of 1 year to less than 3 years,
90 days interest will be recovered at the contracted rate.

Same Name, But Not Quite The Same

In addition to the New York-based State Bank of India, there is also a 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.

The Chicago SBI also offers the Senior Citizens’ CDs earning approximately the same APYs, but with a lower minimum deposit of $50k. While Chicago SBI has an online application, the Senior Citizens’ CDs currently cannot be opened online.

APYMINMAXINSTITUTIONPRODUCTDETAILS
2.48%$50k-State Bank of India (IL)Senior Citizens 5 Year CD
1.71%$50k-State Bank of India (IL)Senior Citizens 1 Year CD
Accounts mentioned in this post. Rates as of October 16, 2017.

Availability

Headquartered in New York City, State Bank of India offers its product line nationwide to U.S. citizens, Green Card holders, and Resident Aliens. While most of its product line is available through its online application, the Senior Citizens’ CDs are currently not included in “most.” A Senior Citizens’ CD can be opened at the NYC branch located on Park Avenue or by mail.

The Senior Citizens’ Certificate of Deposit page details the application process, which is described as “Follow these 3 simple steps and open an account with us.”

The Consumer Account Application (including W-9 and W-8BEN forms) is available as a download on SBI’s website. There is also a separate Application for Certificate of Deposit that needs to completed.

Bank Overview

DA does not have any health information about State Bank of India (NY) (FDIC Certificate #33682), as it is a branch of a foreign bank. State Bank of India (NY) has total assets of $7.5 billion and has been FDIC insured since 1971.

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 CD Compares

When compared to the similar length-of-term CDs tracked by DepositAccounts.com, which require a similar minimum deposit and are available nationwide, State Bank of India’s 12-month Senior Citizens’ CD APY currently ranks first.

The above rates are accurate as of 9/14/2017.

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

Related Pages: New York CD rates, 1-year CD rates, nationwide deals

Comments


#1 - This comment has been removed for violating our comment policy.
Nutgraf
Nutgraf   |     |   Comment #2
Before you jump on board this CD, be aware that the application is longer and more tedious than most, and must be submitted by US Mail if you can't go to a branch. Also, the application states that if you apply by mail the "Copy of Primary Photo ID must be attested" which I assume means a trip to a notary public. Too much trouble for me even at this great rate.
kris sharma 7144010206
kris sharma 7144010206   |     |   Comment #3
How do I get an application to obtain 1.71% C.D.Rate for the seniors?Is that available for on line customers only
Shabs
Shabs   |     |   Comment #4
You can contact the bank on 212-521-3312 for more details.
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