The State Bank of India operates 22,000 branches in India and 200 overseas offices in 32 countries. Interest rates on CDs for this article are focused on the rates at The State Bank of India-New York.

CDs at the State Bank of India are divided into 3 types. Rates are based on the type of account and length of term invested. The types of CDs are broken down into Retail, Corporate, or Senior Citizen. Senior Citizen CDs start for a term of 12-months.

The rates are based accordingly. SBI has CD terms starting at 3 months up to 5 years in the United States. But as a resident of India doing your banking with the State Bank of India in Mumbai, then you can deposit money for as little as 7 days up to 10 years.

Above APY would be effective only in case of cumulative interest payment at maturity. APY would change in case interest is withdrawn periodically before maturity.  1) Penalty will be applied for early withdrawal 2) Senior citizens are people who are aged 60 years and above.

The interest rate for a 3-month CD is as follows:

  • Retail: 0.50% APY with a minimum deposit of $5000 and dividends paid at maturity
  • Corporate: 0.55% APY with a minimum deposit of $5,000 and dividends paid at maturity
  • Senior Citizen: unable to deposit for this length of term

Conversely, the interest rate for a Senior Citizen 12-month CD is 1.56% APY while the Retail rate is 1.46% and the Corporate rate is 0.80%. The 5-year interest rate for Retail is 1.51% APY while the Corporate interest rate is 0.80% APY, and the Senior Citizen interest rate is 1.61% APY.

As with most financial institutions, there is a penalty for early withdrawal. The penalty can be as much as 0.5% to 1.00% of the interest earned in 180 days.


Unlike Credit Union’s, there is no requirement to be a member. SBI is managed by the Government of India and secured by the Reserve Treasuries who are tasked with the making of money. SBI was founded in June 1806 and was named the Bank of Calcutta. Over the years, 3 primary banks emerged and in 1876, converged as the State Bank of India.

Branches of State Bank of India

As previously stated, SBI operates in 32 countries including the United Kingdom, Canada, the United States and Canada just to name a few. The home office is in Mumbai, India and has over 249,000 employees. 

SBI has benefits for employees too. The biggest benefit is a 0.5% increase in the APY for the staff.

State Bank of India’s Overview

The State Bank of India is committed to its Vision and Mission Statements. Their Vision statement is “Be the Bank of Choice for Transforming India”.  And Their Mission Statement is “Committed to Providing Simple, Responsive Innovative Financial Solutions”.

Since 1973, the State Bank of India has been involved in non-profit-activity. It strives to touch the lives of people anywhere and the program is called Community Services Banking.  SBI incorporates all branches and administration in its welfare outreach.