Highest yielding 12 month CD rate in California
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The State Bank of India’s 12 month CD may hold the highest rate for one-year maturities. Thanks to BankVibe reader Eric for submitting it.
Currently the State Bank of India has an FDIC insured, 1year “high-value” CD rate of 2.50% APY for balances above $50,000. As of the today, the national average for twelve month CD’s sits at roughly 1.65% APY.
State Bank of India (California) is a chartered subsidiary of the actual State Bank of India.
Here is their story…
The origin of the State Bank of India goes back to the first decade of the nineteenth century with the establishment of the Bank of Calcutta in Calcutta on 2 June 1806. Three years later the bank received its charter and was re-designed as the Bank of Bengal (2 January 1809). A unique institution, it was the first joint-stock bank of British India sponsored by the Government of Bengal. The Bank of Bombay (15 April 1840) and the Bank of Madras (1 July 1843) followed the Bank of Bengal. These three banks remained at the apex of modern banking in India till their amalgamation as the Imperial Bank of India on 27 January 1921.
Here are the CD rates offered by the State Bank of India subsidiary in California:
- 12 month CD yielding 2.50% APY with a minimum deposit of $50,000 (yields 2.30% APY with a minimum deposit of $1,000)
- 24 month CD yielding 2.65% APY with a $1,000 minimum or 2.75% APY with a $50,000 deposit
- 36 month CD yielding 2.75% APY with a $1,000 minimum or 3.00% APY with a $50,000 deposit
- 60 month CD yielding 3.25% APY with a $1,000 minimum or 3.40% APY with a $50,000 deposit
