bank rates

National Deal: 1.5%, 15-Month CD Rates

State Bank of India (California) has special 15-month CD rates available to savers nationwide.

State Bank of India is offering this deal with a $1,000 minimum deposit.It’s paying 1.50% APY with a $1,000 minimum deposit of new money.

Translation: Money you have in an account somewhere other than the State Bank of India (California), even if you’re a customer.

That’s nearly a tenth of a percentage point more than you can earn with the top nationally available 12-month CD rates. (Check out our latest CD Rates Leaderboard.)

But we have to warn you: We’ve found dealing with the State Bank of India to be unbelievably confusing. Confirming that this rate is available nationwide has taken multiple phone calls.

According to two people we spoke with at the California branches, this deal is indeed available if you live out-of-state, as long as you call first and handle the necessary paperwork via mail.

Of course, Californians can buy these certificates of deposit in person at one of the nine California branches, which are in Los Angeles, Artesia, San Jose, Fresno, Canoga Park, San Diego, Bakersfield, Tustin and Fremont.

A customer service representative at the Washington, D.C., branch said this 15-month special offer is also available there.

(Although we do advise contacting the California branches for out-of-state CDs after an awkward phone call with a D.C. rep who suggested that this writer use the interest earned for a romantic dinner with her husband and a babysitter for the kids, and then abruptly ended the conversation when he found out she lived out of state.)

It’s important to note this special 15-month CD offer is not available at the State Bank of India offices in Chicago or New York City. Although the State Bank of India has branches in those cities, and thousands in India, they operate independently and their CD rates are different.

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

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Comments (1)
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One Existing Comment
  1. Kathy at Bankaholic said:
    on May 18th at 07:17 am

    The rate is still available as of May 18, 2011.