bank rates

CD Rates Leaderboard For April 25, 2013

The confusing way the U.S. branches of the State Bank of India are set up can be forgiven because they frequently offer top nationally available CD rates.

But those rates vary from branch to branch, as do minimum deposit requirements.

The Chicago branch of India’s largest bank is currently offering two deals that top our CD Rates Leaderboard.

With a $2,500 minimum deposit, it pays 1.05% APY on 12-month CDs and 1.41% APY on 36-month CDs.

The 1-year offer is good enough to tie three other banks for the best nationally available deal. But the 3-year offer is all by itself on top of our Leaderboard, if only by one one-hundredth of a percentage point. (Texas-based NexBank pays 1.40% APY with a $10,000 minimum deposit, but allows you to purchase certificates of deposit online.)

With the Bank of India deal, you’ll either have to visit its Chicago branch or download paperwork from its website ( and mail in the CD application.

We confirmed with a customer service representative that this deal is available nationally.

We’re currently tracking a few offers from State Bank of India’s New York branch, but none of those are as good as what you’ll find in Chicago.

Banks qualify for our rankings by imposing no restrictions on who can buy their certificates of deposit, either online or through the mail.

Compare these returns with the best CD rates from scores of banks in our extensive database.

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