STAR CD Plan of Bank of India, New York
'Bank CD' is the instrument uniformly figuring in the investment
options of most investors. Bank of India CDs are safe, FDIC insured &
offer decent returns. There is no brokerage, no fees or hidden costs.
However, the Bank may impose a fee for administrative expenses involved
in any legal action in connection with the CD.
Look at our 'Star CD' plan below.
High Interest: Higher on Large amount
Our rates on certificate of deposits are among the best in the industry.
The rate may vary on day-to-day basis. Large amount CDs ($25000 and above)
earn 5 points higher rates. The interest is simple i.e. not compounded;
therefore, annual percentage yield is same as annual interest rate.
The interest is payable on the day of maturity of deposit. Interest
paid during the year is reported to Internal Revenue Services,
For today's rates please refer to
Current Rates of Interest on STAR CDs.
Maturity Period: Flexible to your needs
You may choose any maturity date with a minimum period of 7 days
to a maximum period of 1 year to suit your needs. Your CD is
automatically renewed for the same period in absence of any other
instruction, at the ruling rate of interest on the date of renewal.
For deposits issued for 360 days, we send maturity notices to the
depositors 2 to 3 weeks before the due date.
Minimum Amount: Easy to Start
The minimum amount accepted is USD 2000/-.
Other Features
- FDIC Insurance Up to $100,000
- Facility to Open Joint & Corporate Accounts
Additional Deposits
Additional amounts deposited into an account will be treated as
fresh deposits & separate certificates of deposits will be issued
for such deposits.
Early Withdrawal:
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 one percent. However, no interest shall
be paid on the deposit which runs for less than 30 days. There is no
other penalty or charge on early withdrawal.
Application Forms
Application forms are available on-line.
More Information
Should you need more information, please call us toll free at 1-800-232-2828 or at
212-753-6100 and speak to Mr.Subhash Arora (Ext. 323) or Mr.Bodh Narain (Ext. 319).
[
BOI Home/
BOI Overview/
Highlights/
Business Opportunities
]
Bank of India, New York Branch is a member of FDIC
Please e-mail your comments and suggestions to
cshari@boiusa.com