State Bank of India is zigging while other banks zag.  The bank has recently increased the interest rate paid on their one year CD account while most other banks are reducing their rates.  The State Bank of India offers the highest rate on a one year CD with an APY of 4.68%.  The next best one year CD rate is almost ½% lower than this rate.  There is a $5,000 minimum deposit to open the account and receive the advertised interest rate.

State Bank of India offers a wide array of services including money transfer, deposits, loans and trade services.  In the United States, Bank operates insured branches in New York, New York, and Chicago, Illinois.  The State Bank of India in the U.S offers extremely competitive interest rates.  The deposits held at the bank are insured by FDIC up to $250,000 per depositor.  The bank offers easy transfer of funds to India or elsewhere through State Bank of India’s world-wide network.

The bank allows CD accountholders the option on how they want the interest paid on the CD.  The bank allows the choice between cumulative and non-cumulative interest payments.  If a CD accountholder chooses cumulative interest payments, interest will be compounded at quarterly intervals and paid along with the principal at the time of maturity.  If the accountholder chooses non-cumulative, interest will be credited to the transaction account with the bank at quarterly intervals.

The CD is promoted by the State Bank of India, United States operations; this is the US presence of India’s largest bank.  The U.S. operations of the bank is considered a U.S. branch of a Foreign Institution and has been FDIC insured since December 8, 1971.  The certificate number is 33682.  Its main office is located at: 460 Park Avenue New York, New York 10022

The bank can be reached in the New York office at 212-521-3219, the Chicago office can be reached at 312-621-1200.  The bank web address is www.statebank.com.

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