State Bank of India is the largest bank in the country of India. The bank's U.S. operations are based in Los Angeles and include FDIC member branches in New York and Chicago.
The parent bank opened in 1806 in Calcutta. It now operates more than 50 banks in over 30 countries. In 2009, Business India named it "The Best Bank."
One of the main services of this bank is to facilitate easy money transfers between accounts in India and the U.S. There is no charge for remittance of rupees but a small charge to transfer U.S. dollars.
U.S. customers can open accounts with either the New York or Chicago branch of the bank. There are three different types of deposit accounts available at both banks. CD terms range from 3 months to 5 years with better bank interest rates for higher balances as well as longer terms.
For the tiered interest rate money market account, the required opening deposit depends on whether the account holder is an individual or business and whether the account is based inside or outside the U.S.
The checking account is a non-interest checking account for customers based in the U.S. The minimum balance to keep the account fee-free is $500 for individuals and $2,500 for businesses. The Chicago branch of the bank offers a standard savings account.
A variety of credit and international trade finance services are available through State Bank of India. These services include FOREX transactions, trade financing, standby letters of credit, risk management advisory services, Eurodollar transactions and credit line management. Loans include lines of credit, fixed-tenor loans and overdraft loans against cash collateral.
The New York and Chicago branches of State Bank of India have been insured by the Federal Deposit Insurance Corporation since 1971 and 1975 respectively. FDIC coverage for eligible deposits was permanently increased from $100,000 to $250,000 per depositor in July 2010. Joint accounts are insured by FDIC up to at least $250,000 per account holder.