Bank of India - Star CD Plan

Bank Certificate of Deposit(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. For CD's of above $100,000.00, please contact our dealer Mr. S.B.Singh on 212-753-6100 ext.403.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 30 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. There is no grace period for automatic renewal of deposits on maturity. For deposits issued for 1 Year or more , we send maturity notices to the depositors 2 to 4 weeks before the due date.

Minimum Amount: Easy to Start

The minimum amount accepted is USD 2000/-

Other Features

1. FDIC Insurance Up to $100,000

2. 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.

Privacy Policy Notice available on-line.

Verification of Customer Information form 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. D.S.Shekhawat (Ext 398) or Mr. P. Singh (Ext 404).