Member
FDIC
New York Branch - Certificate of Deposit AccountsNew York Branch offers you three types of term deposits:
| Conventional CDs |
PLEASE NOTE THAT CURRENTLY WE ARE NOT OFFERING `IN-TRUST FOR', `POD', `TRUST' ACCOUNTS BUT ARE OFFERING REGULAR/JUMBO CDS IN SINGLE OR JOINT NAMES WITH FACILITY TO DESIGNATE BENEFICIARY.
Conventional CDs
Annual Percentage Yield (APY) - Effective
Sep 1, 2010 through
Sep 7, 2010
Amount of CD |
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For opening consumer CD’s Personal check is required .
* Business entities please call to confirm.
Salient Features
Please read the complete disclosure of account terms and fee schedule in the Customer Manual before applying for an account. Only the salient features of the Customer Manual pertaining to this type of account are given below.
- Designation of Beneficiary
- $ 5,000 minimum deposit for U.S. resident consumers and corporate customers
- $ 10,000 minimum deposit for non-US resident consumers
and corporate customers
Low Minimum Deposit
We make it easy for you to renew your CD. For maturities greater than one month, we will mail you a maturity notice not less than 14 days and not more than 30 days prior to the maturity date. Unless you give us other instructions, we will automatically renew your certificate of deposit for a period equal to the existing term, at the rate offered for that term on the maturity date. We will, of course, promptly advise you of the terms of any renewed CD.
CDs which are automatically renewed carry a 10-calendar-day grace period, including the maturity date. During these
ten days, you may notify us to cancel your CD and withdraw your funds without incurring a premature withdrawal penalty. If you cancel your CD during this time (the grace period), we will not pay any interest from the maturity date until the date of such withdrawal.
If we don't receive your instructions for disposal of the maturity proceeds, and if you have declined automatic renewal,
we will place the maturity amount in a non-interest bearing account.
Should your CD mature on a non-business day (Saturday, Sunday or legal holiday), it will be payable on the next business day and you will continue to earn interest until that time.
Certificates of deposit are non-negotiable and non-transferable. Joint accounts are opened with the right of survivorship unless otherwise stated at the time the accounts are opened.
Choice of Interest payment
Choose between cumulative and non-cumulative interest payments. If you choose cumulative interest payments,
interest will be compounded at quarterly intervals and paid along with the principal at the time of maturity. If you choose non-cumulative, interest will be credited to your transaction account with us at quarterly intervals.
Interest earned during the calendar year is reported to the Internal Revenue Service in the year in which the interest is paid.
Interest and principal can be paid only to the account holders.
Early Withdrawal Possible
Deposits or withdrawals are not permissible before the maturity date. However, it has been our practice to permit withdrawals, except to certain corporate depositors. This practice is not binding on the Bank in the future and we reserve the right to refuse such withdrawals. We may require that all holders of a joint account authorize a premature withdrawal of the principal from a CD account. In any case, when premature withdrawals are permitted, the following penalty will be imposed:
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The penalty will be calculated at the interest rate which the CD is earning. The penalty will be applied no matter how long the funds have been on deposit and may result in a reduction of the principal. A penalty will not be charged if the account holder dies or is declared legally incompetent.
Designation of Beneficiary
If you are a consumer, you may designate a beneficiary (or two beneficiaries) of your choice to whom the balance in your account would be payable upon your death. If you designate two beneficiaries, you can also specify the proportion in which they should be paid. In case of joint accounts, the payment to the beneficiary will be made upon the death of all
the account holders. Designation of beneficiary can be done at the time of opening an account or any time thereafter. It can also be cancelled or varied. Apply on form DoB for designating beneficiary.
Easy Application
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