State Bank of India in New York recently increased some of its CD rates. The competitive rates include a 4.42% APY 1-year CD, a 4.89% APY 3-year CD and a 5.30% APY 5-year CD. The minimum deposit is $5,000. In the past they used to have higher rates for larger deposits, but currently the rates are the same across for all tiers.

These CDs are offered through the bank’s New York branch and can be opened by mail.

Some important details:

• They are not currently offering in-trust-for, POD and trust accounts.
• For those who want interest payements, interest is paid quarterly to your transaction account at SBI.
• Early withdrawal penalty is 90 days of interest for 1 and 2-year CDs, 180 days for the 3 year CD, and 270 days for the 5 year CD. The bank reserves the right to refuse such withdrawals.
• 10 calendar day grace period at maturity of the CD
• If you’re a new customer applying by mail, you will need to provide a notarized copy of your driver’s license

They have often had competitive CD rates. This is the US operation of State Bank of India and is FDIC insured. State Bank of India is the largest bank in India, and it’s the second largest bank in the world measured by the number of branch offices.

Related posts:

1. Federal Trust Bank – 4.50% APY CD