State Bank of India New York (SBI) is just one of the many overseas offices established under the original, Mumbai-based financial institution. Founded in 1806, State Bank of India currently offers more than 22,000 branches in India and operates 195 overseas offices. The New York office, which was founded in 1970, offers a variety of banking products. In addition, the office specializes in corporate credit, trade finance, and deposits and remittances. The bank’s deposit focus area covers products like checking accounts, money market accounts and certificate of deposit (CD) accounts. Furthermore, SBI’s CDs, which offer some of the best CD rates, come with terms ranging from three months to five years. They additionally branch into three different categories: Retail, Corporate and Senior Citizen certificates.
If you’re looking for more convenient banking options, SBI also offers an online banking feature. Through SBI’s online banking service, you can fulfill basic actions like opening accounts, making deposits or completing transfers.
SBI Retail Certificates
SBI’s Retail certificates function as the bank’s standard CD accounts. With terms from three months to five years, the Retail certificates require a $5,000 minimum to open. Additionally, the bank requires $5000 minimum for personal, U.S. based consumer accounts, while they require $10,000 for accounts of businesses. All Retail CD terms produce competitive interest rates. So if you don’t mind the $5,000 minimum, then you could significantly grow your wealth with a SBI account.
|Retail CD||Minimum Deposit||APY|
|3 Month||$5,000||0.50%||Compare CD Rates|
|6 Month||$5,000||0.80%||Compare CD Rates|
|12 Month||$5,000||1.46%||Compare CD Rates|
|2 Year||$5,000||1.46%||Compare CD Rates|
|3 Year||$5,000||1.46%||Compare CD Rates|
|4 Year||$5,000||1.46%||Compare CD Rates|
|5 Year||$5,000||1.51%||Compare CD Rates|
SBI Corporate Certificates
Similar to its Retail certificates, SBI also offers Corporate certificates with terms ranging from three months to five years. These CDs also require a minimum of $5,000 to open. Strictly for corporate deposits, these certificates additionally allow you to earn at a fixed-rate annual percentage yield (APY). This means that your money will grow at the same rate that you opened your CD with. While market fluctuations typically lead to varying rates, you’ll be locked into the same rate you started with.
|Corporate CD||Minimum Deposit||APY|
|3 Month||$5,000||0.55%||Compare CD Rates|
|6 Month||$5,000||0.70%||Compare CD Rates|
|12 Month||$5,000||0.80%||Compare CD Rates|
|2 Year||$5,000||0.80%||Compare CD Rates|
|3 Year||$5,000||0.80%||Compare CD Rates|
|4 Year||$5,000||0.80%||Compare CD Rates|
|5 Year||$5,000||0.80%||Compare CD Rates|
SBI Senior Citizen Certificates
The third and final CD rates option SBI offers are its Senior Citizen certificates. These CDs come with relatively shorter terms than the previously listed accounts. In addition, its maturities range from one to five years. Finally, the Senior Citizens CDs also allow users to earn at greater APYs than they would with the same maturities for SBI’s other two account options.
|Senior CD||Minimum Deposit||APY|
|12 Month||$5,000||1.56%||Compare CD Rates|
|2 Year||$5,000||1.56%||Compare CD Rates|
|3 Year||$5,000||1.56%||Compare CD Rates|
|4 Year||$5,000||1.56%||Compare CD Rates|
|5 Year||$5,000||1.61%||Compare CD Rates|
2-Year Retail CD Interest Rate Comparison
Compare State Bank of India to Other Competitive Offers
Overview of SBI CDs
While most of SBI’s CD terms and rates are generally competitive, you’ll earn greater return with longer terms. In addition, all of SBI’s CD accounts offer great rates, so you’ll typically earn at decent APYs no matter which maturity you choose. Furthermore, all SBI CDs are FDIC-insured up to $250,000.
For withdrawals made on a CD before it reaches maturity, SBI charges early withdrawal penalties. For instance, if you make an early withdrawal on a CD with a maturity of at least five years, you’ll lose 180 days’ worth of interest. However, there’s an easier way for you to continue growing your wealth through a CD. You can do this by having your account automatically renewed. For instance, SBI will automatically renew your account unless you notify them otherwise.
How Much You Earn With SBI Certificate of Deposits Over Time
Though SBI offers high-yield rates, the bank compounds interest quarterly on all CD accounts. Therefore, your wealth won’t build upon itself as fast as it would if it were compounded daily or monthly. However, you’ll still earn at higher APYs with SBI than you would with other competitors. You can basically generate decent return no matter what term you choose. In addition, larger deposits will produce a greater return. However, you’re likely to generate more savings growth if you start with the 12-month maturity mark.
|Initial Deposit||6-Month CD||12-Month CD||60-Month CD|
How SBI CD Rates Compare to Other Banks’
Though SBI provides highly competitive rates, other competitors like Capital One, also offer similarly high-performing rates when you compare CD rates. Additionally, though solely an online bank, Marcus by Goldman Sachs also generates comparably high interest rates.
While SBI requires a $5,000 minimum deposit, Capital One doesn’t require any for its CDs. In addition, Capital One CD terms range from six to 60 months and compound interest monthly. Furthermore, Capital One allows you to invest in up to 50 CDs simultaneously, while SBI only authorizes you to invest in one.
Marcus by Goldman Sachs also offers similarly competitive rates. For a minimum deposit of $500, you’ll be able to select from a variety of CD terms. Marcus’ longer-term CDs also generate greater returns. However, SBI wins when it comes to high, short-term CD rates. For instance, you’ll earn at a 0.80% APY with a six-month SBI Retail CD. Marcus’ six month CD, however, will only earn you 0.60% APY.
|CD Account||SBI (Retail)||Capital One||Marcus by Goldman Sachs|
Should You Get a SBI CD Account?
Overall, if you’re a resident of New York and don’t mind SBI’s $5,000 minimum deposit, you should consider opening one of its CDs. SBI offers highly competitive rates with three different CD account options for its users to select. In addition, each of its CD terms come with high-yield rates, so you can generally earn decent savings growth despite which term you choose.