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. For CD’s of above $250,000.00, 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. 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.
　　66. Why are Bank of India CDs safe ? Because ______.
　　A. Bank of India is safe
　　B. CD is a safe instrument
　　C. CD is insured.
　　D. Others
　　67. The CDs’ annual percentage yield is ______ annual interest rate.
　　A. the same as
　　B. more than
　　C. less than
　　D. incomparable
　　68. Can CD be renewed for the same period without any other instruction ?
　　A. CD is automatically renewed for the same period in absence of any other instruction.
　　B. CD isn’t automatically renewed for the same period unless having other instruction.
　　C. No, it can’t.
　　D. CD is automatically renewed for the same period with permission by the manager of bank.
　　69. Withdrawal of deposit more than 30 days, but before its date of maturity may be, penalty or charge on early withdrawal.
　　A. allowed , with
　　B. allowed , no
　　C. banned , with
　　D. banned, no
　　70. Star CD has at least ______ advantages.
　　A. 1
　　B. 2
　　C. 3
　　D. 4

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