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5.09% 1-year CD at State Bank of India


Please see these latest posts on State Bank of India for recent information, and please refer to the bank's website for the latest official rates.

The US operations of the State Bank of India (SBI) has some very good rates on 6-month and 1-year CDs. The 6-month CD has a rate of 4.63% APY and the 12-month CD has a rate of 4.89% APY. The minimum required deposit for both is only $1K for US residents. You can get higher interest rates on the CDs with higher deposits. For over $50K, the 6-month and 12-month rates are 4.73% and 4.99%. For deposits over $95K, the rates are 4.84% and 5.09%. The full list of conventional CDs and rates are listed at this page.

SBI has decent money market account rates. To avoid a monthly maintenance fee, a balance of $2.5K is required for US residents. Deposits below $25K earn 3.71% APY. SBI also offers some simple checking accounts.

SBI has branches in New York and Chicago. It seems to be open to any US resident. However, I wasn't able to get any information on the online banking system. For those who can't visit the branches, deposits would have to be made by check and sent through the mail.

Is this bank legitimate? Is it safe?

It seems to be FDIC insured. The FDIC's database does list the three State Banks of India (one in Chicago, one in New York and one in Los Angeles). Only the SBI (California) has a website that's listed in the FDIC's database.

Bankrate.com only lists SBI (California). It does have a decent 4/5 star rating (sound).

The contact page describes SBI (California) as a subsidiary of the State Bank of India. One thing that I found strange on the bank's contact page is the email addresses for the Chicago, LA, and Washington offices. They are using Yahoo, MSN and ATT email services.

Wikipedia states that SBI is the largest bank in India, and the largest in the world if measured by the number of branch offices and employees. In the external links section of the article, the website link to the US operations of SBI (www.statebank.com) is provided.

For those interested in this bank, I would recommend more research. It's probably similar to other foreign banks with US operations like HSBC and ING. But I would like to see a better website along with the website listed at the FDIC.

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Anonymous   |     |   Comment #1
30 years ago when I went to college in India I had an account in this bank. My parents still have an account there. Yes, it is India's biggest bank. It is a Govt. owned with zillions of locations. Now SBI operatretes a subsidiary in the US under FDIC charter. The CD is legit. I had it for a year. Indians know that what your compromise for safety is service. Run by govt. employees you get the kind of service you would expect. Everything works, just slowly. I communicated with them by email and got responses though not right away.