APY of 5.41% for a CD

[JPWRana]

This is a LEGIT Bank

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Your Bank at a Glance

State Bank of India (California) (FDIC Cert: 23998)
is a Federal Reserve Non-member and has been FDIC insured since September 3, 1982.
It was established on September 3, 1982.
Its main office (headquarters) is located at:
707 Wilshire Boulevard, Suite 1995
Los Angeles, California 90017
County of Los Angeles

State Bank of India (California) has
2 office(s) located in Los Angeles, California


State Bank of India (California) has 6 Domestic Branches (Offices) located in 1 state(s) and 0 Foreign Offices. (Check to locate Branches (Offices) by state.)


State Bank of India (California)'s website. http://www.sbical.com:80/
Last financial information available about State Bank of India (California).

Historical profile of State Bank Of India (california)
The primary regulator is Federal Deposit Insurance Corporation.

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I got their FDIC info from

http://www2.fdic.gov/idasp/main_bankfind.asp

Their rates are here:

http://www.statebank.com/cd.asp#cc

I thought it was alot when they offered 5.3%.

[ken1706]

Re: APY of 5.41% for a CD

Yup, State Bank of India is legit and FDIC insured. It's like HSBC or ING in that they have US operations, but the parent company is foreign.

In addition to high CD rates, they also have some nice money market rates. The CD rates actually fell recently. Their top 6-month CD use to pay 5.20% APY. Now it's only 4.99%. They've recently been shown on Bankrate.com's lists. So they may have received more deposits lately. This could explain the rate reduction.

[JPWRana]

Re: APY of 5.41% for a CD

huh... having $$$ in there for 6 months can bring HIGHER money than HSBC, ED, or ING. I see that they have been around longer than the top 3 banks too (adds to their credibility).