SBI-US Money Market Deposit Account (MMDA) Rates

State Bank of India is providing services in multiple arenas like Pension Funds, General Insurance, Custodial Services, Private Equity, Mobile Banking, Point of Sale Merchant Acquisition, Advisory Services, structured products etc. It has entered into the United States market by establishing its two branches in New York and Chicago respectively. State Bank of India, United States Operations (SBI-US) is offering high interest rates on various saving and financial products.

Money Market Deposit Account (MMDA) is an interest bearing account which can earn extra $$$ for your money lying unused in your locker. There is no minimum deposit required for opening a Money Market Account but you need to maintain a minimum balance for avoiding monthly service charges which are explained as below:

- A minimum balance of $2,500 should be maintained by an individual resident in USA
- A minimum balance of $5,000 should be maintained by a Business/Association based in USA
- A minimum balance of $5,000 should be maintained by a individual resident outside the USA
- A minimum balance of $10,000 should be maintained by a Business / Association outside the USA

Interest Rates:
The interest will be paid on a variable rate according to the market conditions on a weekly basis. Following is a brief of the Annual Percentage Yields (APYs) payable for different balances:
- An APY of 3.03% is paid for a balance below $25,000.
- An APY of 3.09% is paid for a balance between $25,000-$100,000.
- An APY of 3.14% is paid for a balance between $100,000-$250,000.
- An APY of 3.19% is paid for a balance of $250,000 and above.
*The above Annual Percentage Yields (APYs) have been noted as on Mar 5, 2008.The Bank reserves the right to change the rate at any time.

Features of MMDA:
- Interest will be accrued on your end-of-the-day balance and credited to your account at the end of month.
- You can withdraw the interest earnings of the current month in the next consecutive month.
- A maximum of 6 transfers are allowed during a statement period and a fee is levied for writing more checks or transfers.
- Consumers can designate up to two beneficiaries of their choice.
- You may apply for an MMD account via this form: http://www.statebank.com/worddocument/DEP-MC.doc
- For more details please visit this page: http://www.statebank.com/mmd.asp

SBI – US has fulfilled its commitment of providing complete & comprehensive customer service. You can also become a member to yield the benefits!