State Bank of India - Business - Business Current Account

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Business Current Account

Salient Features

1.01% AER/Gross variable
FREE first 25 transactions*
Annual fee waived**
Convenient & instant access to funds

*Terms & conditions apply
**Subject to minimum monthly average balance requirements

Terms and conditions

Available only for Small and Medium Sized Enterprises (SMEs) incorporated in the European Economic Area (EEA). As per the European Commission, Enterprises qualify as SMEs, if they have less than 250 employees and a turnover of ≤ €50 million or a Balance sheet total of ≤ €43 million.
All new SMEs are required to provide satisfactory account opening documents. Click here to download the form.
Annual fee will be waived subject to minimum monthly average balance requirement of £10,000.
Interest rate of 1.01% AER/Gross variable will be paid on a monthly basis. A rate guarantee of 1.01% AER/Gross will be given till 31.12.2012.
Interest will not be paid on balances below £10,000 or above the maximum balance of £5million.
A total of 25 free transactions are permitted per month, after which standard charges apply for each transaction as per the existing tariff of charges available on www.sbiuk.com. Free transactions apply to issuance of cheques, deposits of cheques, direct debits, standing orders, funds transfers through faster payments.
Account can be managed in the branch, by post or by using the online banking facility provided with the account.
Maximum limit for transferring funds via online banking will be £50,000 per day. This can be changed at the bank’s discretion.
Please refer to our General Terms & Conditions and Tariff of Charges.

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SBI Branches

State Bank of India
15, King Street, London EC2V 8EA.
Customer Services Telephone - 0800 532 532 (if you are calling from within the UK) or 020 7454 4338 (if you are calling from outside the UK)
Email: customerservices@sbilondon.com

State Bank of India (SBI UK) is authorised and regulated by the Financial Services Authority except in respect of its consumer credit products for which SBI is licensed and regulated by the Office of Fair Trading. FSA registration number is 139156. State Bank of India is a member of the Financial Services Compensation Scheme established under the Financial Services and Market Act 2000. The Financial Services Compensation Scheme protects deposits held with our UK branches. Payments under this scheme are limited to £85,000 of your total deposits with us in UK. In practice, this means that each of our customers will be compensated up to a maximum of £85,000 of their total deposits. Where two depositors hold a joint account, each depositor may receive a maximum of £85,000 compensation in respect of their claim, giving a total of £170,000.

State Bank of India is a bank incorporated and headquartered in India and is regulated by the Reserve Bank of India.'

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* AER - Stands for Annual Equivalent Rate and illustrates the interest rate if it was paid and compounded once each year. Gross is a contractual rate payable before deduction of income tax at rate specified by law.

** Free for Instant Access Savings Account Holders meeting minimum monthly balance requirements

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