Higher 5-Year CD Rate at State Bank of India New York

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APYMINMAXINSTITUTIONPRODUCTDETAILS
2.14*%$5k-State Bank of India5 Year CD
Accounts mentioned in this post. Rates as of September 24, 2016.

State Bank of India, New York is the new rate leader for 5-year CDs available nationwide. Yesterday, the bank raised its 5-year CD yield from 2.00% to 2.10%. Its shorter-term CDs are much less competitive. Minimum deposit is $5,000. Early withdrawal penalty is 270 days of interest. This rate and a description of the CD features are listed in the bank's CD accounts page as of 10/03/2013. According to this page, rates should remain effective at least through October 8.

Available Nationwide by Mail

I first reported on the State Bank of India New York in 2005. They have long offered competitive CD rates, and they can open CDs by mail for people in any state.

The main downside with the New York branch is the lack of online banking. When I called the bank last year, I was told they will mail you a document of the CD after you mail in the application and check. The rate will lock at the time they receive the application. Also, they require you to have one of the forms notarized. At maturity, they require you to mail or fax a letter instruction. They can either mail you a check or do a wire transfer. Be sure to contact the bank for the latest information. For contact info refer to the “whom to contact” section of the bank’s bank's CD accounts page.

Bank Overview

State Bank of India is a foreign bank, but it has U.S. branches with FDIC insurance in New York, Chicago and California. State Bank of India New York has been a FDIC member since 1971 (FDIC Certificate # 33682). According to CNNMoney, State Bank of India is the largest bank in India.

Searching for the Best CD Rates

To search for the best nationwide CD rates and the best CD rates in your state, please refer to the CD rates section of DepositAccounts.com.

Comments
Anonymous
Anonymous   |     |   Comment #1
India's 10-year government bond yields 8.64%, so you offer Americans a 2.10% yield, and Bank of India makes a profit of 6.54% instantly! This bank is not rated by any of the banking sites. But rush to buy its stock if its traded somewhere.
Anonymous
Anonymous   |     |   Comment #2
Moody's downgraded this bank to negative from stable, but its stock went up over 1% yesterday. Somewhere in the mix they decide to increase deposit rates. I smell a good novel here.
Anonymous
Anonymous   |     |   Comment #3
And the rupee is dropping against the dollar
Competitive CD Rates at State Bank of India - Chicago Branch

State Bank of India is a foreign bank, but it has U.S. branches with FDIC insurance in New York and Chicago. I first reported on the New York branch in 2005. They have long offered competitive CD rates. Currently, the NYC rates aren't noteworthy. However, the CD rates at the Chicago branch are very competitive. The best rates include:

  • 1.51% APY 3-year CD
  • 1.21% APY 2-year CD
  • 1.16% APY 1-year CD
  • 0.80% APY 6-month CD

These require a minimum deposit of $95,000. For a $2,500 minimum deposit, the rates are 10 basis points lower.

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Top 5-Year CD Rate at State Bank of India New York

State Bank of India, New York did something today that is rare. It increased its CD rates. They aren't anything to get excited about, but in today's environment, any rate increase is a pleasant surprise. The most competitive rate is now 1.91% APY for a 5-year CD. The rate increased 10 basis points today. Minimum deposit is $5,000. Early withdrawal penalty is 270 days of interest. This rate and a description of the CD features are listed in the bank's CD accounts page as of 6/13/2012. According to this page,...

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Top CD Rates at State Bank of India - NYC & Chicago Branches

State Bank of India is a foreign bank, but it has U.S. branches with FDIC insurance in New York and Chicago. I first reported on the New York branch in 2005. They have long offered competitive CD rates, and they can open CDs by mail for people in any state. Currently, the best deal is the 5-year CD which has a 2.02% APY. Minimum deposit is $5,000. Early withdrawal penalty is 270 days of interest. This rate and a description of the CD features are listed in the bank's CD...

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4.68% 12-Month CD & 4.32% 6-Month CD at State Bank of India, New York
Update 12/10/08: The CD rates have fallen. Please check the bank's website for the latest rates.

There were two big CD rate hikes at State Bank of India in New York today. The 6-month CD APY is now 4.32%, and the 12-month CD APY is 4.68%. These rates are way above other 6 and 12-month CD rates nationally available. However, the rates for the longer terms declined. Below is a summary of the rates listed at the bank's rate table as of 12/03/08. I've also included the old rates so...

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4.58% 12-Month CD Nationally Available at State Bank of India - New York
State Bank of India in New York is again offering some attractive CD rates. The most competitive is the 1-year CD which has a yield of 4.58% APY. Below is a list of the new and old rates, and how much they've changed.

Old and New CD Yields as of 10/16/2008

Term Old APY New APY Change
6 month 3.80% 4.06% +0.26
1 year 4.32% 4.58%...





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