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Tariff of Charges

Tariffs of charges for BUSINESS customers
Effective from 01 March 2012

The schedule is valid for all our branches in UK

A. CURRENT/ SAVINGS/ OVERDRAFT ACCOUNTS
1. Annual Maintenance Fee £80.00/ €120.00/ $160.00 per annum. (charged on account anniversary)
2. Transaction Charges 60p for each credit and debit on all Current and Overdraft Accounts levied on a quarterly basis.
3. Special Presentation of a Cheque
(quick confirmation of payment) 		£20.00 per presentation.
4. Standing Orders A flat fee of £10.00 for local BACS transfers. Standing orders for transfers to India: Remittance charges only. A charge of £10.00 if the Standing order cannot be effected.
5. Duplicate Statement of Account £3.00 per page,
minimum £5.00.
6. Cheques/ Direct Debits returned unpaid by us £12.00 per item.
7. Cheques presented in clearing returned unpaid £10.00 per cheque.
8. Stop payment of a cheque £10.00 per cheque.
Maximum: £50.00
9. Issue of Banker's Cheque £10.00 per cheque.
10. Unauthorised overdraft If any of the account goes into overdrawing (without any sanctioned limit in place): 10% above the Base Rate for the number of days the account remains overdrawn

B. REMITTANCES
1. Inland/ Foreign Remittances by Demand Draft/ Swift  
(i) Demand Draft: 2 per 1000/- pro-rata Min. £12.00/ €18.00/ $25.00, max. £150.00/ €200.00/ $300.00.
(ii) Swift: As (i) above PLUS £20.00/ €30.00/ $40.00
(ii) Chaps: £25.00/ €40.00 per payment
2. Stop/ Cancellation or Amendment of Payment:  
(i) Draft: £12.00/ €18.00/ $25.00 per demand draft.
(ii) Swift: £15.00/ €23.00/ $30.00 per Payment
3. BACS Payment: £1.00 per item; minimum £25.00
4. Cash Transactions: As in Item G4 below

C. DOCUMENTARY LETTERS OF CREDIT
(a) Letters of Credit Opened by us  
1. Opening of Letter of Credit 0.1% per month or part thereof, minimum £50.00/ €75.00/ $100.00.
2. Usance/ Acceptance/ Deferred Payment 0.1% per month or part thereof, minimum £40.00/€60.00/ $80.00 in addition to above.
3. Forwarding £40.00/ €60.00/ $80.00.
4. Amendments £50.00/ €75.00/ $100.00 per amendment where no alteration in the time or value. Amendments in time or value will be charged as per rate for opening a Letter of Credit.
5. Pre-advising £40.00/ €60.00/ $80.00.
6. Payments under our Letters of Credit 0.2%, minimum £50.00/ €75.00/ $100.00.
(b) Letters of Credit Advised by us  
1. Advising a Letter of Credit £50.00/ €75.00/ $100.00.
2. Pre-advising a credit £40.00/ €60.00/ $80.00.
3. Advising an Amendment £40.00/ €60.00/ $80.00 per amendment.
4. Confirming a Credit (a) 0.30% per quarter or part thereof and
(b) Usance: 0.10% per month or part thereof
5. Payments under Letter of Credit 0.2%, minimum £50.00/ €75.00/ $100.00.
6. Payments under Clean/ Reimbursement Credit 0.05%, minimum £50.00/ €75.00/ $100.00.
Maximum: £2500.00/ €3750.00/ $5000.00
7. Transfer of Letter of Credit 0.4% of the amounts transferred, minimum £100.00/ €150.00/ $200.00.
8. Assignment of Letter of Credit 0.3% of the amounts assigned, minimum £100.00/ €150.00/ $200.00.
9. Acceptances/ Usance/ Deferred Payment Commission 0.1% per month, minimum £60.00/ €80.00/ $120.00.

D. COLLECTIONS
(a) Inward Bills
Bills received for collection on drawees in UK for payment/ acceptance		  
1. Documentary/ Clean Bills 0.2%, minimum £50.00/ €75.00/ $100.00, maximum £150.00/ €225.00/ $300.00 plus postage.
2. Unaccepted/ Unpaid Bills £25.00/ €40.00/ $50.00 per month.
3. Issue of Delivery Order £40.00/ €60.00/ $80.00.
(b) Outward Bills  
1. Outward Bills for Collection 0.2%, minimum £50.00/ €75.00/ $100.00, maximum £150.00/ €225.00/ $300.00 plus postage.
2. Foreign Currency instruments presented by us returned unpaid: £25.00/ €40.00/ $50.00 per instrument

E. GUARANTEES/ SURETIES
Issue of Inland/ Foreign Financial Guarantee/ Surety 0.5% per quarter or part thereof, minimum £60.00/ €80.00/ $120.00.

F. CREDIT FACILITIES
1. Arrangement fee for setting up of new limits/ enhancements i) Upto £2.00 million : 1.50%
ii) 2.00 million and above upto 5 million: 1.25% minimum £30,000
iii) 5.00 million and above upto 10 million: 1.00% minimum £62,500
iv) 10.00 million and above upto 15 million: 0.75% minimum £75,000
v) 15.00 million and above upto 20 million: 0.50% minimum £12,500
vi) 20 million and above: 0.20% minimum £112,500
2. Fee for renewal of above credit facilities 50% of (I) above, minimum £100.00/ €150.00/ $200.00.
3. If the arrangement is exceeded (the outstanding is in excess of the sanctioned limits) Interest of 10% above the Bank Rate for the number of days the account has run irregular.
4. Application fee for setting up of new limits/ enhancements (all limits other than against the bank’s own fixed deposits) Applicable will be provided by the bank at the time of application.

G. MISCELLANEOUS
1. Bankers reference (Status Enquiry) £25.00
2. Communication charges: Postage £10.00
Courier £25.00
Swift £20.00/ $40.00
Fax £5.00
3. Information/ certificate to be submitted to the Auditors of the constituents £40.00 for standard letter
£10.00 for each additional requirement e.g. Trade, Credit, Safe custody, etc.
4. Cash handling charges for deposit of cash £3.00 per thousand or part thereof, minimum £3.00 at the time of each instance.
5. Customers requiring confirmations for receipts into accounts £10.00 per request.
6. Issue of chaser for Bills/ Payments First two chasers free, then £15.00/ €20.00/ $30.00 each instance thereafter.

Notes

  1. If you have availed any facility/ service and entered into a contract, which categorically states a rate different from the services mentioned above, the rate mentioned in the said contract would apply.
  2. The scheduled charges apply to normal transactions. Any other out of pocket expenses such as stamp duties, telephone charges, correspondent’s commission, etc., if any, on actual basis will be payable additionally.
  3. Wherever $ is used, it means US$.
  4. In case of business denominated in Sterling, Euro and US Dollar, the tariff would be recovered in respective currencies. In case of other currencies (or if the Euro/ US$ rates are not mentioned), the tariff would be computed taking Sterling equivalent of the currency concerned.
  5. For any other services not listed herein, the customer may ascertain the charges in advance from the Bank in writing.
  6. The Bank reserves the right to amend the Schedule of Charges after due notice (in writing to customers at the last recorded address by ordinary post). A copy will be posted in the bank’s notice board.
  7. In case of any discrepancy in the bank charges or if it is not consistent with the contract with you, please bring it to the notice of the bank immediately.

Other Important Information

  1. Statements of Accounts are issued to all customers at least once each year, or at shorter intervals if requested by the account holders.
  2. Please note that Duplicate Statement will not be issued free of charge if Original Statement has not been received due to postal delays in the country of the Customer.
  3. In keeping with Money Laundering Directives, the Bank does not encourage cash transactions. At its discretion, the Bank may refuse to pay cash if the customer is not able to provide satisfactory proof of identification and address and may refuse to accept cash without proof of its source.
  4. Account holders are reminded of their right that they may give instructions at any time that they do not wish to receive marketing material.
  5. All services listed herein may not be available at all of our branches in the UK. For queries please call your nearest branch.

16,000 STATE BANK GROUP BRANCHES IN 32 COUNTRIES
146 MILLION CUSTOMERS | IN THE UK SINCE 1921


State Bank of India is regulated by the FSA and register 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 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.