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.
(10 votes, average: 4.20 out of 5)
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