bank rates

CD Rates Leaderboard For June 13, 2012: 60-Month Leader Increases Its Rates

This is a great page to bookmark so you can always find the best nationally available deals on the most popular CD rates.For the second consecutive week, State Bank of India has increased its 60-month CD rates.

The New York branch of India’s largest bank this morning raised 5-year rates by a tenth of a percentage point, pushing it to the top of the CD Rates Leaderboard.

It now pays 1.91% APY. That’s the same top rate State Bank of India paid until the middle of last month, when it cut interest rates by two-tenths of a percentage point.

State Bank of India (www.statebank.com) requires a $2,500 minimum deposit. It has FDIC-insured branches in California, Illinois and New York, but this deal is only available through the New York branch.

On its website, the bank says this rate is valid through June 19. You can download an application online.

There are just two other banks that offer nationally available deals that pay at least 1.80% APY on 5-year CDs:

  • The National Republic Bank of Chicago (www.nrbchicago.com), which has two branches in Chicago, pays that 1.81% APY with a $1,000 minimum deposit.
  • Barclays (www.banking.barclaysus.com), which is the online American operation of the big British bank, pays 1.80% APY and has no minimum balance requirement.

Banks qualify for our Leaderboard rankings by accepting deposits from all savers, regardless of where they live, either online or through the mail.

We don’t include credit unions because of the restrictions they place in order to open an account.

That doesn’t necessarily make these deals any less valuable (although there are sometimes fees to join); it just means you have to jump through a few more hoops.

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

Have you ever purchased a CD from State Bank of India? Share your experience below by making a comment.

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Comments (2)
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2 Existing Comments
  1. SeniorSaver said:
    on June 13th at 11:38 am

    Once again, SBI is offering a 2 percent brokered 5-year CD through Fidelity at the same time.

  2. Kathy at Bankaholic said:
    on June 22nd at 11:27 am

    State Bank of India’s 1.91% rate is still available — at least until June 26, its website says. And The National Republic Bank of Chicago has raised its 60-month rate to 1.91% APY.