The State Bank of India (California) is still pushing for their top cd rates of 3.00% APY a 36-month certificate of deposit. Other competitive cd rates are 3.40% APY for a 60-month CD and 2.30% APY for a 2-year CD.

These best cd rates can be enjoyed for a minimum opening deposit of $1,000. These interest rates are still posted on the bank’s website as of March 20 but they can be changed any time.

The State Bank of India owns the State Bank of India (California). They are considered as one of the strongest financial institutions around the globe. The government of India holds control ownership of the bank.

The parent bank also controls State Bank of India (New York) that sends mailers to offer their certificate of deposit and money market deals. The bank in California though seems to require interested individuals to drop by a branch to open an account. Looking at the rates of the two sibling banks, the one in California has the more attractive interest rates for their long term certificates.

State Bank of India (California) has offices spread across the state particularly in San Diego, Bakerfield, San Jose, Fresno, Canoga Park, Artesia, and Los Angeles. It also operates in Washington, DC.

The ratings of the bank are good with BauerFinancial issuing a 4-star review for its soundness and safety while Bankrate.com gave 3 stars. These were based on their September and June 2009 data, respectively.

The bank is a member of the FDIC with certificate number 23998.