Frequently Asked Questions

1. Is State Bank of India regulated by the FSA?
   Yes. SBI is regulated by the Financial Services Authority. SBI is entered on the FSA's Register and its Register number is 139156. As is explained in our website in the Section "Customer Care", State Bank of India, (the UK Operations) is registered in England and Wales (Registered Number FC 004460Branch No: BR000696), as an Overseas Company with Registered Office: 15-17, King Street, London EC2V 8EA.

 

2. Are you part of the Financial Services Compensation Scheme?
   State Bank of India is regulated by the FSA and 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 £50,000 of your total deposits with us. In practice, this means that each of our customers will be compensated up to a maximum of £50,000 of their total deposits. Where two depositors hold a joint account, each depositor may receive a maximum of £50,000 compensation in respect of their claim, giving a total of £100,000.

 

3. Can a Non-resident Indian submit his life certificate from the UK?
   Yes. Life certificate forms are available on the website of our Parent-- www.sbi.co.in. The pensioner should visit any of our branches or any (Indian) Public Sector Bank branch in the UK with the form and passport and can get it signed.

 

4. Are funds in NRE / FCNR accounts repatriable?
   All amounts in the various NRE / FCNR deposits accounts are fully repatriable.

 

5. Can loans be taken against NRE Fixed Deposits/FCNR deposits?
   Yes. However, these loans cannot be utilised for the purpose of relending, or carrying on agriculture or plantation activities or for investment in real estate business.

 

6. Can I open an NRI account in India from the UK?
   The account will have to be opened in India. However, we can assist you in completing the formalities required for opening an account in India. The requirements and procedure are outlined under the Head "NRI Services" in this Website.

 

7. Can I post my queries regarding my individual transactions on the website and expect a response?
   No. Please raise your query through the secure Internet Banking site of State Bank of India, the UK. Link for the same is available on our Home Page. We will contact you with an appropriate response to your query. You may also like to contact your branch directly, in this regard.

 

8. Is it possible to transfer my funds from a Bank in the UK to my account in a Bank (other than State Bank of India), in India using the SBI Remittance facilities without having an account with State Bank of India either in the UK or in India?
   Yes it is possible to do so. The detailed procedure is explained in this Website under the Head "Money Transfers". However, we suggest that you open an account with any of our branches in the UK, which will enable you to avail the current day's exchange rate and facilitate early credit to the account of the beneficiary.

 

9. Can a draft in Indian Rupees be issued by your branches in the UK?
   The demand drafts can be obtained in Indian Rupees payable at branches in India. However, Bank's remittance facility is quicker and safer mechanism for sending money to India.

 

10. What are the charges for issue of such drafts?
    The charges for issue of drafts in Indian Rupees and all the other charges for remittances to Bangladesh, Nepal and Sri Lanka are given in detail in the Head "Money Transfer" and Section "Charges".

 

11. Where can I access your Website to download Account Opening Forms and other information?
    All the Account Opening Forms are on the Home Page of our Website in the Section "Forms". For NRI Account Opening Forms please see ‘NRI Services'.

 

12. Can I open/ close an account with your branches in the UK, from outside the UK? What is the process?
    It is possible to open an account with us in the UK while you are anywhere in the world, by following the procedure explained in our section "How to open an Account" in the Home Page of our website.
    To close your account in State Bank of India, in the UK from India or anywhere in the world, we shall require your instructions for closure and the account details of the bank where the funds are to be transferred. Closure of Accounts is governed by Clause 13 of Section "General Terms and Conditions" in the Home Page of our Website.

 

13. Can we buy and sell Rupee Currency notes at SBI branches in the UK ?
    Presently this is not possible. But you can make a remittance to India in Indian Rupees or Pound Sterling or US Dollars or Euros.

 

14. What are the Tele Helpline timings?
    As highlighted in the Section "Contact Us" in the Home Page of our Website you can contact us on any Working day from Monday to Friday, 9.30 AM to 4.00 PM.

 

15. Where can I obtain information and documents regarding loan for property to be purchased in India?
    In SBI UK, we do not provide loans to purchase property in India. However, SBI NRI Home loans can be availed from Indian branches for which we render assistance. Please send a mail to mgr.nri@sbilondon.com and you will be guided properly.

 

16. Where can I know about a vacancy for a job at SBI London?
    We display all the vacancies in State Bank of India, UK in our Website under the Head "Contact Us" Section "Recruitment".

 

17. Can a customer trade in shares either in India or in the UK using the SBI UK's website?
    No. We do not have such a facility at present. However, our NRI Branch, Mumbai will help you in opening ‘Demat' accounts. Our NRI Branch, Mumbai may be contacted by email on: dgm.08964@sbi.co.in.