State Bank of India in NY with Attractive 4.58% APY 12-month CD Special

CD rates being pushed by the State Bank of Indian in New York deserves a look from the consumers. The rates are very competitive like for the 1-year CD offer which yields 4.58% APY.

As of October 23, the bank also has the following APY’s and CD programs: 6-month (4.06%), 2-year (4.58%), 3-year (4.58%), 5-year(5.20%). Most of these certificate programs increased by as much as 26 basis points.

These CD offers require a $5000 minimum deposit. Unlike before which gave higher yields as the account accumulates higher deposits, the programs now apply the same rates across all tiers.

The account can be opened by mail or through its NY branch .

Here are some details about the CD programs:

  • Interests are paid on a quarterly basis through the SBI transaction account
    Early withdrawal penalties apply ( 270 days for the 5 year program, 180 days for the 3 year CD, and 90 days for the 1 to 2 year offer)
  • There is a 10 calendar day grace period upon maturity of the CD
  • If applying by mail, consumer must provide a notarized copy of the driver’s certificate
  • Trust accounts, POD’s, and in-trust-for accounts are not being offered currently

    • SBI is covered by FDIC certificate # 33682.

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    Posted on 23rd October 2008 by admin in Best CD (Certificate of Deposit) Rates

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