bank rates

State Bank of India 3.55% 36-month CD

State Bank of India

It’s impossible to ignore The State Bank of India when it’s offering one of the best deals around on three-year certificates of deposit.

This huge bank has 13,000 branches in India and two in the United States. Both are FDIC insured and popular with Indian families who need to move money back and forth between the two countries.

Unfortunately, the State Bank of India is a little difficult for new customers to navigate.

The two U.S. branches have different Web sites and offer different interest rates.

The New York branch is the one paying 3.55% on 36-month CDs with a minimum deposit of $5,000.

If you wind up at the State Bank of India’s Chicago branch you’ll find it’s offering a half-point less on 36-month CDs (but one of the best rates on 24-month CDs.)

New accounts can’t be opened on-line.

Depositors must download forms, fill them out by hand, and send them to the New York branch with a check.

So pull out the 8-track tapes and bell-bottom jeans, it’s back to ’60s-style bank-by-mail to get this great rate.

If anyone has done this, we’d love to hear how well it worked — or didn’t.

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Comments (5)
1 Star2 Stars3 Stars4 Stars5 Stars (10 votes, average: 4.20 out of 5)
5 Existing Comments
  1. Nitin said:
    on April 28th at 10:40 pm

    State Bank of India needs to upgrade on the technology front ASAP. However in these times of uncertainty it’ll be worth the effort to fill the form by hand to get a good ROI. State Bank of India also features in the list of Fortune 500 companies.

  2. Money said:
    on April 29th at 07:06 am

    To open an account, you need a check with your name on it. They will not accept any type of bank check or check that doesn’t have your pre-printed on it.

  3. soularinflux said:
    on April 29th at 08:48 pm

    Has anyone ever taken a road trip to get a “local” deal?

  4. zeke said:
    on May 1st at 11:49 am

    Their website says 5years and above for the 3.55% rate.

  5. DealMaven said:
    on May 3rd at 08:35 am

    Yes, the New York branch lowered its rates on April 29. Savers are so desperate for a decent rate right now that banks offering the best rates often get all of the money they need very quickly and can reduce their returns.