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Our certificates of deposit carry a guaranteed fixed rate for
the entire term of the CD. This rate is determined by us (based
on market conditions) on the day you open or renew the account.
Jumbo CDs earn special rates. On non-cash items you earn interest
from the second business day after the day of deposit. The interest
your CD earns is simple and is not compounded and is computed
on the end-of-day balance.
Interest Rates (APY): With effect from
till
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| Duration |
Less
than
$50,000 |
$50,000
to less than $95,000 |
$95,000
and above* |
| 1 Month |
--- |
--- |
-- |
| 3 Months |
3.29 |
3.29 |
3.29 |
| 6 Months |
4.06 |
4.06 |
4.06 |
| 1 Year |
4.16 |
4.16 |
4.16 |
| 2 Years |
4.32 |
4.32 |
4.32 |
| 3 Years |
4.42 |
4.42 |
4.42 |
| 5 Years and above |
5.20 |
5.20 |
5.20 |
|
= Annual Percentage
Yield
* For rates for amounts above $150,000, please contact the Asst.
Manager (Deposits) at (212)521-3283 or the Vice President (Deposits)
at (212)521-3280 between 9 am and 6 pm EST Monday through Friday.
Deposit a specific amount of money, known as the principal, with
us for a fixed period of time and get a guaranteed rate of return
for the entire term of the certificate of deposit.
Choose the maturity date to meet your personal or business needs:
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Our Jumbo CDs ($95,000 and over) mature from
14 days onwards
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CDs of $50,000 to less than $95,000 carry a
minimum 30-day maturity
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CDs less than $50,000 have a minimum term of
3 months.
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Member
- FDIC
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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 in
your name.
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.
Interest payment
You choose how your interest is paid. Just tell us whether you
want the interest credited to an existing checking or money market
account held with us or receive an official check by mail.
When you open or renew a CD, you may choose to withdraw interest
quarterly for Jumbo CDs or half-yearly for CDs with a maturity
of at least one (1) year. Interest earned during the calendar
year is reported to the Internal Revenue Service in the year in
which the interest is paid.
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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:
|
Term of Deposit
|
No. of Days
for Which Interest will be Recovered
|
| 14 days |
14 days
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| 1 month to less
than 1 year |
30 days
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| 1 year to less than 3 years |
90 days
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| 3 years to less
than 5years |
180 days
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| 5 years &
over |
270 days
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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.
| Other
Features |
| FDIC Insured
|
| Efficient
and Personal Services |
| Accounts Open
to Individuals and Corporations |
| Special Rates
for Jumbo CDs |
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Please download form DEP-1 (Account
Opening Form for Individuals). To enable you to fill the form
correctly and complete the other formalities, please download
DEP-1(CL) (Check List for Opening
New Account). Please also download and complete the Bank Reference
Form (DEP-1(BR)).
If you are a U.S. resident, please download and complete form
W-9. Others should download and complete
form W-8BEN.
If you wish to give instructions through fax for operating your
account, please download and complete form DEP-1(FA).
For any clarification, please contact the Asst. Manager (Deposits)
at (212)521-3283 (email: amdep.nyb@statebank.com)
or the Vice President (Deposits) at (212)521-3280 (email: vpdep.nyb@statebank.com).
For obtaining form for opening corporate accounts, please send
an e-mail to the Asst. Manager (Deposits) at amdep.nyb@statebank.com,
and the forms will be sent to you by mail.
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This is a non-interest bearing statement account available to
US based corporations, with no restrictions on the number of withdrawls
or credits. While corporations do not require any minimum deposit
to open the account, a monthly service charge will be levied if
the balance falls below $ 2500 on any day of the month.
A checking account for non-USA based business/association/corporation
will be opened as per Bank's convenience & policy on mutually
agreed terms and conditions.
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This is an interest bearing statement account from which withdrawls
can be made in accordance with certain prescribed restrictions.
There is no minimum deposit required for opening Money Market
Accounts, however, minimum balances as follows are required to
be maintained to avoid monthly service charges :
| An
individual resident in USA |
$ 2,500
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| A
Business/Association based in USA |
$ 5,000
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| Non-US
based Accounts |
$ 10,000
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| An early
withdrawl fee will apply if you close your account within
3 months of opening |
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Interest paid on this account will be a variable rate which can
change on a weekly basis depending upon market conditions. The
Bank reserves the right to change the rate at any time.
Interest Rates (Annual Percentage Yield): With effect
from
|
Balance
below $10,000
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Balance
of $10,000 and more
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3.03
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3.09
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Interest will accrue on your daily balance. Interest earned during
the month will be credited to the account at the close of business
on the last calendar day of the month or at the close of business
of the following business day, should the last calendar day be
a Saturday, Sunday or legal holiday and will be available to you
on the first or second business day, respectively, of the following
month. Accrued interest will be credited to your account prior
to closing the same.
Your MMD account earns simple interest which accrues daily based
on the end-of-the-day balance. Although interest accrues daily,
you may not withdraw the earnings until the first business day
of the following calendar month, when the same is credited into
the account, provided the account is not closed. If not withdrawn,
interest is added to and becomes part of the account balance.
Since interest is added to your total account balance, any credited
interest which remains in the account is, therefore, effectively,
compounded monthly.
- A maximum of 6 transfers are permitted during a statement
period, of which not more than three may be by checks to third
parties. However, any number of cash withdrawals at our teller
counters are permitted to account holders alone, when they use
our special withdrawal forms which are available at the teller
counters in the branch.
- These withdrawal forms cannot be tranferred to a third person.
- Should more than 3 checks be paid or more than 6 transfers
be effected in a statement period, an excess check writing fee
will be levied per check or transfer.
- Federal regulations require that if you continuously violate
the above prescribed limits on the number of transactions, we
close your account or reclassify your account.
- We also reserve the right to refuse any transaction(s) which
exceed the permissible limit.
- We are required by law to reserve the right for 7 days advance
notice before permitting a withdrawal. However, we do not presently
exercise this right.
Please download the forms given above in the section under Fixed
Rates CDs. The forms and instructions for opening MMD accounts
are the same as for CD accounts.
For obtaining form for opening corporate accounts, please send
an e-mail to the Asst. Manager (Deposits) at amdep.nyb@statebank.com,
and the forms will be sent to you by mail.
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IMPORTANT
INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT
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To help
the government fight the funding of terrorism and money
laundering activities, Federal law requires all financial
institutions to obtain, verify, and record information
that identifies each person who opens an account.
What this means for you: When you open
an account, we will ask for your name, address, date
of birth, and other information that will allow us to
identify you. We may also ask to see your driver's license
or other identifying documents. |
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