Statebank Of India

PLEASE NOTE THAT CURRENTLY WE ARE NOT OFFERING `IN-TRUST FOR', `POD', `TRUST' ACCOUNTS BUT ARE OFFERING REGULAR/JUMBO CDS IN SINGLE OR JOINT NAMES WITH FACILITY TO DESIGNATE BENEFICIARY.

Conventional CDs
Annual Percentage Yield (APY) - Effective Jul 2, 2008 through Jul 8, 2008

Annual Percentage Yield( APY is applicable where interest is payable on maturity for cumulative CD’s).
For opening consumer CD’s Personal check is required .

Please read the complete disclosure of account terms and fee schedule in the Customer Manual before applying for an account. Only the salient features of the Customer Manual pertaining to this type of account are given below.

We make it easy for you to renew your CD. For maturities greater than one month, we will mail you a maturity notice not less than 14 days and not more than 30 days prior to the maturity date. Unless you give us other instructions, we will automatically renew your certificate of deposit for a period equal to the existing term, at the rate offered for that term on the maturity date. We will, of course, promptly advise you of the terms of any renewed CD.

CDs which are automatically renewed carry a 10-calendar-day grace period, including the maturity date. During these
ten days, you may notify us to cancel your CD and withdraw your funds without incurring a premature withdrawal penalty. If you cancel your CD during this time (the grace period), we will not pay any interest from the maturity date until the date of such withdrawal.

If we don't receive your instructions for disposal of the maturity proceeds, and if you have declined automatic renewal,
we will place the maturity amount in a non-interest bearing account.

Should your CD mature on a non-business day (Saturday, Sunday or legal holiday), it will be payable on the next business day and you will continue to earn interest until that time.

Certificates of deposit are non-negotiable and non-transferable. Joint accounts are opened with the right of survivorship unless otherwise stated at the time the accounts are opened.

Choose between cumulative and non-cumulative interest payments. If you choose cumulative interest payments,
interest will be compounded at quarterly intervals and paid along with the principal at the time of maturity. If you choose non-cumulative, interest will be credited to your transaction account with us at quarterly intervals.

Interest earned during the calendar year is reported to the Internal Revenue Service in the year in which the interest is paid.

Interest and principal can be paid only to the account holders.

Deposits or withdrawals are not permissible before the maturity date. However, it has been our practice to permit withdrawals, except to certain corporate depositors. This practice is not binding on the Bank in the future and we reserve the right to refuse such withdrawals. We may require that all holders of a joint account authorize a premature withdrawal of the principal from a CD account. In any case, when premature withdrawals are permitted, the following penalty will be imposed:

The penalty will be calculated at the interest rate which the CD is earning. The penalty will be applied no matter how long the funds have been on deposit and may result in a reduction of the principal. A penalty will not be charged if the account holder dies or is declared legally incompetent.

If you are a consumer, you may designate a beneficiary (or two beneficiaries) of your choice to whom the balance in your account would be payable upon your death. If you designate two beneficiaries, you can also specify the proportion in which they should be paid. In case of joint accounts, the payment to the beneficiary will be made upon the death of all
the account holders. Designation of beneficiary can be done at the time of opening an account or any time thereafter. It can also be cancelled or varied. Apply on form DoB for designating beneficiary.

These deposits give you the return of a conventional CD plus the option of asking for an interest rate reset once during the term of the deposit, on a semiannual anniversary date of your choice. These deposits are available in terms of 2, 3 and 5 years, with the minimum deposit being $10,000. The interest rates on these deposits are the same as on conventional CDs (given at the beginning of this page).

The complete disclosure of the terms and conditions governing these deposits is given on the application form for these deposits, form DEP-FX ( PDF Word ), which please read before applying for these deposits. If you are a new customer for New York Branch, you must also fill form DEP-1 ( PDF Word ).

SBI-Float Deposits (Discontinued from Aug 31, 2007)

These are floating rate term deposits, available for durations of 3 or 5 years, with the minimum deposit being $10,000. The interest rates on these deposits are based on the average rates for conventional CDs of the same tenor and are fixed / re-fixed on the first banking day of January and July each year. That is, on the first banking day of January and July each year, the interest rates applied on these deposits will automatically change to the average interest rate prevailing on that day on conventional CDs of the same tenor as the SBI-Float deposits. The Annual Percentage Rate (APR) and Annual Percentage Yield (APY) for the current half-year are given below:

On the re-fixing date, the interest rates could rise or fall, depending upon how the interest rates for conventional CDs move. There is no minimum guaranteed rate.

In an earlier version of SBI-Float, the interest rates were linked to the Federal Fund Rate (FFR). This version was discontinued from July 1, 2005, but the deposits already taken continue to earn interest on the contracted terms. To view the changes in SBI-Float interest rates of the FFR-linked version, click here.