Certificate of Deposit account inner page slide

Certificate of Deposit (CD)

Certificate of Deposit (CD)

Boost your savings and get one step closer to meeting your financial goals with our Certificate of Deposit (CD). Experience growth with good returns, when you’re saving with us!


Our services for the Certificate of Deposits include the following:

Minimum Deposit

Certificate deposit limits as defined by SBI are:

  • $ 5,000 - Minimum deposit limit –For U.S. Resident Individuals
  • $ 10,000 - Minimum deposit limit –Non-U.S. Individuals
Options for Payment of Interest

Payment of interest can be done through two options:

  • Non-Cumulative - Can be paid at monthly / quarterly / half yearly or yearly intervals.
  • Cumulative -Will be compounded on quarterly basis and paid on maturity.

All interest earned within each calendar year is directly reported to the Internal Revenue Service – IRS and 1099/1042 is issued as applicable.

Facility of Designation of Beneficiary available

(terms & conditions apply)

Automatic Renewal for Certificate of Deposit - CD

Renewal of CD is done automatically unless informed otherwise.

If your CD is more than 30 days, we will send you a maturity notice not less than 14 days and not more than 30 days prior to the maturity date. If we do not hear from you, and unless you had specifically advised us against automatic renewal when you opened the CD, we will automatically renew the CD for a period equal to the existing term or for a maximum period of one year, whichever term is less. The rate applicable would be rate offered for that term on the date the CD matured. Please note that abandoned property requirements of the State will be applicable to CD also.

Early Withdrawals and Penalties

On the sole discretion of the Bank, unless the Bank gives consent for a special case, certificate of deposit - CD principal amounts cannot be withdrawn before the given date of maturity. With approved early withdrawals, we require to ask all holders of a joint account to authorize any request made.

Partial withdrawal of the principal is not permitted.

Penalties incurred for early withdrawals of the CD and are as follows:


Term of Deposit



No. of Days for Interest Recovery



14 days



14 days



1 month to 1 year



30 days



1 year 3 years



60 days



3 years to 5 years



120 days



5 years and more



180 days


Penalty amounts are calculated based on the rate of interest of the deposit. Penalty will apply, irrespective of the time period that a CD has been maintained with SBI.

In case an account holder is declared legally incompetent or pronounced dead, the penalty will not apply.

Principal Protection

The penalty for early withdrawal would be limited up to the amount of interest paid/payable and will not result in reduction of the amount originally deposited.

How to open Certificate of Deposits

You can open CD account by visiting the Branch or you can download the form Dep-1 & Dep-CD under Forms Section.

Contact Us

For more information or help regarding the certificate of deposit - CD, please get in touch with us at call on 212-521-3200.