State Bank of India New York Reviews: Checking, CD and Money Market Accounts

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Updated on Wednesday, July 1, 2020

State Bank of India New York’s checking account options

Checking Account

This non-interest earning free checking account doesn’t offer anything special.
  • Minimum opening deposit: $50
  • Monthly account maintenance fee: None
  • ATM fee: None, however you may be charged a surcharge fee if you use an out-of-network ATM.
  • ATM fee refund: None
  • Overdraft fee: $10

You won’t earn any interest with this checking account, but you do get the ability to write an unlimited number of checks. One of the odd things about this account is that it can’t actually be overdrawn. But that doesn’t mean you’re home free from fees just yet.

In general, when you try to withdraw money or write a bad check and you don’t have enough money in your account, a bank may choose to either pay it for you and charge you an overdraft fee, or return the check to the vendor unpaid and charge you a “non-sufficient funds” or “insufficient funds” fee.

With this account, State Bank of India New York will do the latter: they’ll refuse the payment, meaning that you’ll be charged a “insufficient funds” fee and you could potentially face a returned check fee from the vendor too.

How to get State Bank of India New York’s Checking Account

You can sign up for this account either by mailing in an application or signing up online. If you choose the online option, it’ll take about half an hour. You’ll also need to provide your government-issued ID, social security number, and other information.

SEE DETAILS Secured

on State Bank Of India’s secure website

Basic Checking Account

This standalone checking account has a lot of hidden fees.
  • Minimum opening deposit: $25
  • Monthly account maintenance fee: $3 per month if your balance drops below $500
  • ATM fee: None, however you may be charged a surcharge fee if you use an out-of-network ATM.
  • ATM fee refund: None
  • Overdraft fee: $10

State Bank of India New York designed this checking account for people who just want a basic checking account and no other State Bank of India New York accounts. You’ll need to meet a few requirements before you can open this account, including:

  • Be a resident of New York state
  • Don’t keep any other accounts with State Bank of India New York
  • Receive some form of recurring direct deposit, like government benefits or a paycheck

In return for these limitations, you can make up to eight withdrawals (including writing checks) per month. If you exceed that limit, you’ll pay a hefty $5 fee for each withdrawal after that.

How to get State Bank of India New York’s Basic Checking Account

You can open this account online. Fair warning: it can take half an hour or more to apply online, and you’ll need to provide a government-issued ID card.

SEE DETAILS Secured

on State Bank Of India’s secure website

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How State Bank of India New York’s checking accounts compare

Honestly, we have no idea why you’d want to open either of these two checking accounts. None of them offer any perks or other favorable terms beyond a standard checking account. And its “basic checking account” is less helpful than most true basic checking accounts, since you can’t even really write very many checks each month.

We suggest giving these checking accounts a hard pass in favor of a better checking account that actually will reward you with better terms and the ability to earn interest.

State Bank of India New York’s CD rates

Certificate of Deposit

These CDs offer good rates, but watch out for the early withdrawal penalties.

Term

APY

3 months

0.25%

6 months

0.50%

12 months

1.10%

2 years

1.11%

3 years

1.21%

4 years

1.21%

5 years

1.21%

  • Minimum opening deposit: $5,000
  • Minimum balance amount to earn APY: $5,000
  • Early withdrawal penalty: This depends on the term of your CD. You’ll pay the following amounts depending on your term length:
    • For the 3 month and 6 month CDs, you’ll pay 30 days’ worth of interest
    • For the 12 month and 2 year CDs, you’ll pay 90 days’ worth of interest
    • For the 3 year and 4 year CDs, you’ll pay 180 days’ worth of interest
    • For the 5 year CD, you’ll pay 270 days’ worth of interest

If you’re looking to earn a good rate for your long-term deposit, this might be a good bank to consider. You’ll earn high rates, and you can choose two different options for how interest is paid out. You can either receive interest paid out to you periodically (if your CD is for a 12 month or longer term), or rolled back into your account and paid out at the end (this is the default option for CD terms under six months).

One important thing to note with this account is that you can’t make a partial early withdrawal. In other words, if you want to withdraw some of the money, you’ll need to withdraw the entire amount — and pay an early withdrawal fee on all of it.

You’ll get a notice about two to four weeks before your CD matures. Once it does mature, it’ll roll over into another CD. If you have the three month or six month CDs, they’ll be rolled back over into the same type. Any other CDs, however, will be changed into 12 month CDs. You do get a 10-day grace period to withdraw the money or make any changes to the CD without penalty.

How to get State Bank of India New York’s CDs

You can also open these accounts online. You’ll need to provide a way to fund your new CD account (such as with the routing information from your current bank) along with your social security number and a government-issued ID.

SEE DETAILS Secured

on State Bank Of India’s secure website

Member FDIC

Senior Citizen Certificate of Deposit

These CDs offer an even better rate for senior citizens.

Term

APY

12 months

1.21%

2 years

1.21%

3 years

1.31%

4 years

1.31%

5 years

1.31%

  • Minimum opening deposit: $100,000
  • Minimum balance amount to earn APY: $100,000
  • Early withdrawal penalty: This depends on the term of your CD. You’ll pay the following amounts depending on your term length:
    • For the 12 month and 2 year CDs, you’ll pay 90 days’ worth of interest
    • For the 3 year and 4 year CDs, you’ll pay 180 days’ worth of interest
    • For the 5 year CD, you’ll pay 270 days’ worth of interest

Senior citizens, rejoice! State Bank of India’s regular CDs offer a good rate, but if you’re age 60 or older, you can earn an even better rate. You can also choose to receive interest payments paid out every so often (monthly, quarterly, or semi-annually) or have the interest rolled back into your CD and paid out when the account matures.

As with State Bank of India New York’s regular CDs, you can’t make a partial early withdrawal if you need to take out the money early. Your only option in that case is to withdraw the whole shebang, and pay fees on the entire amount too.

State Bank of India New York will send you a notice sometime between two and four weeks before your CD matures. When it does mature, the bank will renew it for a regular CD — not another Senior Citizen CD — with the same term length. You can withdraw the money penalty-free or change the account (including re-opening another Senior Citizen CD) within 10 days after it renews, however.

How to get State Bank of India New York’s Senior Citizen CDs

Unfortunately, you can’t open these accounts online currently. Instead, you’ll have to fill out a paper application form and mail it in.

SEE DETAILS Secured

on State Bank Of India’s secure website

Member FDIC

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How State Bank of India New York’s CD rates compare

State Bank of India New York actually offers some pretty fantastic rates on CDs. In fact, they’re on par — or even higher — than our current top CD picks. The only things we don’t like about them are that it can be a hassle to open the Senior Citizen CDs since you can’t do it online presently, and that you can’t make a partial early withdrawal from these CDs.

State Bank of India New York’s money market account

Money Market Deposit Account

You can earn higher rates the more you keep in your account, but remember the FDIC limits on coverage.

APY

Minimum Balance Amount

0.20%

Under $25,000

0.25%

$25,000 - $249,999.99

0.25%

$250,000 - $1,999,999.99

0.30%

Over $2,000,000

  • Minimum opening deposit: $0
  • Minimum balance to earn APY: $0.01
  • Monthly account maintenance fee: $10 if your account balance falls below $2,500
  • ATM fee: None, however you may be charged a surcharge fee if you use an out-of-network ATM.
  • ATM fee refund: None
  • Overdraft fee: $10

This money market account doesn’t offer a bad rate, but it’s not the best. You can more than double your interest rate from the lowest tier to the highest tier by keeping $2,000,000 or more in the account, assuming you do have that much cash laying around. But, keep in mind that the FDIC only protects your deposit up to $250,000, so this might not be the best idea anyway. If the bank goes under (an unlikely event, but it’s possible for any bank), you could lose that excess cash.

This account also is governed under federal Regulation D rules. That means that you are allowed up to six certain withdrawals out of this account per month (not including ATM or in-person withdrawals at a branch). If you go over this limit, you’ll pay a $5-per-item transaction fee. And if you exceed these limits often enough, State Bank of India New York might switch this over to a checking account. As we’ve already discussed, those accounts are not very good, so you’ll want to avoid that fate.

Finally, one more sticking point is that you have to already have a checking account with State Bank of India New York if you want to use a debit card with this account.

How to get State Bank of India New York’s Money Market Deposit Account

You can open an account by mailing in an application or by applying online. You’ll need to provide your name, social security number, and a government-issued ID, among other things.

SEE DETAILS Secured

on State Bank Of India’s secure website

Member FDIC

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How State Bank of India New York’s money market account compares

The rates that State Bank of India New York is offering on its money market account isn’t anything to write home about (literally). We also don’t like the fact that you need to maintain a separate checking account if you want to use a debit card with this account — a requirement that seems highly unnecessary since most banks will let you have a debit card without imposing any other odd restrictions on it.

Instead, if you want to earn the best rates possible for the money in your money market account, consider one of these top-performing money market accounts instead.

Overall review of State Bank of India New York’s banking products

If you’re looking for a high-yielding CD, State Bank of India New York is definitely one of the banks that should make your short list of candidates. Its money market and checking accounts, however, are hard passes. You can get much better rates for these products elsewhere.

Furthermore, State Bank of India New York’s website is somewhat difficult to navigate and full of grammatical errors and conflicting information — something that’s hardly confidence-inspiring. We suggest talking to a customer service representative directly before opening an account with this bank just to double-check that their policies haven’t changed and that you fully understand what you’re getting into.

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