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Certificate of Deposit

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Bank of India’s New York Branch was established in December 1978. At present, it is operating from 277 Park Avenue in Manhattan. We also have an agency office in San Francisco, operating since Decemb View More...

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Certificate of Deposit

What is a Certificate of Deposit A Certificate of Deposit, also called a CD Account, is a secured investment option, denominated in US Dollars, earning a fixed rate of interest for the entire period of deposit and is used by individuals and business entities.
Who can open such an account Individuals (Single Accounts / Joint Accounts) and Corporates
Deposit Amount Minimum amount accepted is USD 2,000.00 for a period of 30 days to 360 days.
Deposits up to USD 250,000.00 are FDIC insured.
Maturity Period or Tenure of the Deposit Account Minimum period of 30 days to a maximum period of 360 days (1 year).

Upon maturity, in absence of any other instruction, your CD is auto-renewed for the same period, at the prevailing rate of interest on the date of renewal.
Rate of Interest Rate of Interest w.e.f. December 7, 2018
Period CD ROI in % per annum on 360 days basis (Proposed) w.e.f. 12/07/2018 Annual Percent Yield (not considering rollover of deposit)
30 days 1.90 1.90

 

90 days 2.00 2.00

 

180 days 2.15 2.15

 

270 days 2.20 2.20

 

360 days (1 year) 2.75 2.75

 

# In general, the annual percentage yield (APY) for account disclosure is the annualized rate that reflects the relationship between the amount of interest that would be earned by the customer for term of the account and the amount of principal used to calculate that interest on simple basis on daily balance
 
The interest is payable on the day of maturity of deposit.
 
Interest paid during the year is reported to the Internal Revenue Services.
 
No interest shall be paid on the deposit which runs for less than 30 days.
 
Special Features 1. FDIC Insurance Coverage up to USD 250,000.00

2. Safe Investment.

3. Rate of Interest is among the best in the industry.

4. Nomination facility is available.
Is withdrawal before maturity period allowed? Withdrawal of deposit before its date of maturity may be allowed at bank's discretion. In that event, interest will be paid at the rate applicable for the period for which the deposit remained with the bank or the contracted rate, whichever is lower, as prevailing on the date of deposit, less 0.25 PERCENT. However, no interest shall be paid on the deposit which is kept with us for less than 30 days. There is no other service charge on early withdrawal.
Links Application for opening CD Accounts with all required documents
W-9 Tax Payer Identification Number & Certificate – applicable to US applicants
W-8BEN Certificate of Foreign Status – applicable to non-US applicants
(Individuals)
W-8BEN-E Certificate of Foreign Status – 
applicable to non-US applicants
(Corporates)
Contact Details If you need more information, please call us on our toll free number 1-800-232-2828 or speak to our staff in CD Department at 646-720-0411 / 646-720-418 or Vice President (Operations) at 646-720-0392.