https://www.depositaccounts.com/b...dia-il.htm
Thanks!
Would You Trust Your Money In The State Bank Of India?
Answers
If your question is about the bank being FDIC insured, there is no question ... they are.
Ken posted a link to the FDIC information on the SBI (IL) branch, which also lists the certificate for the SBI (NY) branch. There is also a separate certificate (23998) for the SBI (CA) branches, which can be found here: https://research.fdic.gov/bankfind/detail.html?bank=23998&name=State%20Bank%20of%20India%20(California)&searchName=%22state%20bank%20of%20india%22&searchFdic=&city=&state=&zip=&address=&searchWithin=&activeFlag=&tabId=2
Additionally, "Member FDIC" and "FDIC Insured" have the exact same meaning. You can see the FDIC page here: https://www.fdic.gov/bank/individual/online/safe.html
I fully concur with Shar - FDIC Insured is FDIC Insured!
However, with Ken's post now, I'm wondering. I see at the bank's Website, it does note it is a "member FDIC." As far as I know, that means your deposits are FDIC insured, but with what Ken is saying, I wonder if that really is what it means.
For me, my bottom line is whether the money is FDIC insured, backed by the US government.
I actually looked at opening an account there some years back, but did not. I don't recall way not, but I think for issues other than FDIC insurance.
Given their significance, U.S. regulators have a say in supervision. Do realize though, that the regulations they must comply with depend on much, like whether its U.S. units are chartered in the U.S. or overseas. That’s something you should be sure to know before you put your money in that bank.. The article is actually a bit unclear, it talks about things you better know before you get involved, but it never quite says whether FDIC insurance covers regardless. I think FDIC insurance does cover regardless, but if so, I don't know why the warning about "some" supervision, and that you better know where it is chartered, and the other details in the article -- it warns but doesn't make it clear why.
While you chose to pick a quote about supervision, just three paragraphs later in the article you will find the following which addresses the original question:
DepositAccounts.com, through an email interview, asked Corder to sort through the jargon and answer possible concerns you might have. For example, if you open a CD at one of these banks, even if it is FDIC insured are they any risks compared to a domestic bank with a domestic parent company? "FDIC-insured is FDIC-insured. It doesn’t matter whether the parent is domestic or foreign," says Corder.
That is the bottom line.
one who thinks 2.27 APY is too good to pass up?! :)
In general, I hate banks. At least the American ones contribute something to the American economy. All of the profits of these foreign state-owned banks go back to the foreign government's coffers. Besides that, Mountain America Credit Union is currently offering 2.30% for a 5 year CD. You can bet anything they make off of your CD is being plowed back into the American economy.
Comptroller of Currency site and the links to FDIC
Found way to deep info. Even how they would respond to a bank run on deposits
if failure or a crisis was looming.
