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STATE BANK OF INDIA
Terms and Conditions
Effective from 1 November 2009
Terms and Conditions for your Account
  1. Introduction

    These Terms and Conditions contain important information which you should read carefully as they explain our obligations to you and your obligations to us.

    You should also check our Website for product specific terms and conditions and for our Tariff of Charges, which apply to your dealings with us, as these also form part of our contract with you.

    You should read all these Terms and Conditions carefully and keep them in a safe place for future reference, as they form a legal contract between you and us.

    We can provide you with additional or up to date copies of these Terms and Conditions (and any other documents which form part of the contract between you and us) upon request. These Terms and Conditions are also available on our Website.

    General Terms and Conditions

    Meaning of Words

    In these Terms and Conditions, a number of words and phrases are printed in bold type because they have a special meaning, which is explained here:
    • Account means your State Bank of India account(s) and services taken with us from time to time;
       
    • Authorised Signatory means the Account holder(s) in case of an individual Account and a designated person or persons who are allowed to operate the Accounts on behalf of a firm or organisation;
       
    • Banking Hours means the hours your branch is open for business;
       
    • Base Rate means the base rate set by the Bank of England or any successor authority that takes over responsibility for setting such a rate;
       
    • BIC or Swift code is an alphanumeric code of 8 or 11 characters used for making international payments through the swift system;
       
    • Cut-off Time means the UK time within which a transaction or a request should be made by you in order to be processed on the same Business Day. Cut-off Time depends on the cut-off time for the particular method of making or receiving payments. Cut-off time also depends on the currency in which the payment is to be made or received for example "cut-off" time for making a Sterling payment is 1.00pm, for making a cash payment is 4pm, and for Euro it is 12.00 pm. Instructions for payment in US Dollar can be given up to 2.00 pm. Also "cut off" time is different for each of our branches. You may contact your Account maintaining branch for information on the Cut-off Time specific to your branch;
       
    • General Terms and Conditions means the general terms and conditions applying to your Account and dealings with us.
       
    • IBAN (International Bank Account Number) is a unique identification number issued by us for a customer Account which has the bank branch identification along with the Account number;
       
    • Sort Code is a 6 digit identifier code used for making bank to bank payments within the UK;
       
    • Specific Terms and Conditions means the specific terms and conditions which apply to your Account in addition to the General Terms and Conditions.
       
    • Transaction Time means the time taken for processing a customer request;
       
    • Tariff of Charges means the Schedule of Charges as amended from time to time in accordance with the General Terms and Conditions and provided to you at the time of opening the Account;
       
    • Terms and Conditions means this document and specific terms and conditions.
       
    • Website means our internet presence at www.sbiuk.com and for internet banking www.onlineSBIglobal.com;
       
    • Working Days means Monday to Friday except public holidays;
       
    • "we", "us" and "our" means State Bank of India;
       
    • "you", "your" and "yourself" refers to each person who is named as the Account holder and it refers to any company or other business entity which is an Account holder. If there is more than one of you then it refers to all of you individually and jointly. We explain more about what this means for joint Account holders in sections 2 and 17.1 below.
       
  2. Opening an Account

    2.1. Accounts can be opened by individuals, partnership firms, companies, charitable organisations, trusts or any other organisations formed within the legal framework.

    2.2. Our application form for the Account for which you are applying will contain the eligibility criteria for opening that Account. You should read the application carefully to ensure that you are eligible. The information contained in the application form, including that filled in by you, forms part of our contract. If you have any queries please contact us on 08081680304.

    2.3. If you are an individual, you may be able to register with us to receive interest gross. Otherwise interest will be paid net of income tax at the prescribed rate. Interest on Accounts is subject to deduction of tax at the lower rate, unless we have received a completed HMRC Form R85.

    2.4. The agreement between us relating to the Account is made up of these Terms and Conditions and includes any other special conditions such as interest rates, notice periods and charges whether on our Website or in paper form. Please see sections 6.2 and 15.1 for details of when we may make changes to these Terms and Conditions or your Account.

    Proof of your identity and address

    2.5. When you open an Account with us, we need to obtain sufficient proof of your identity and address to enable us to satisfy our legal obligations and protect you, the public and us against fraud and misuse of the banking system. Please note that in some instances we may need to ask you to send in further information or documents or ask you to visit your local branch. From time to time we may also need to update the proof of identity and address we hold for you or make any other enquiries necessary.

    2.6. Until we have sufficient evidence to verify your identity and address, we will not permit payments from your Account.

    2.7. You may have more than one Account with us and these Terms and Conditions will apply to each Account unless you are otherwise notified.

    Joint Accounts

    2.8. Anyone who is eligible to open an Account with us may be accepted by us to open a joint Account.

    2.9. We are not able to treat the tax status of each of the joint Account holders differently for the purposes of applying interest, so unless you are all eligible to receive interest gross we will pay interest net of tax. For further details please see section 6.4 below.

    2.10. Each joint Account holder is responsible for complying with these Terms and Conditions. If one of you breaks any of the terms of your agreement with us we are able to take action against any or all of you.

    2.11. If we find out that any one of you is declared bankrupt, we may put a hold on the joint Account and refuse to pay out any amount from it until we receive instructions from the Account holder who has not become bankrupt and the person appointed to handle the bankrupt person's assets.

    2.12. We will send statements to each of the Account holders, but you can opt out of receiving more than one statement, in which case we will send the statement relating to your Account to the first named Account holder, unless you otherwise advise us. If you opt out of receiving more than one statement then a notice to the first named Account holder/the one Account holder counts as a notice to all of you.

    2.13. Unless you have previously given us instructions to the contrary, we are entitled to accept the authority of any joint Account holder to give instructions on behalf of all other Account holders relating to the Account until it is cancelled by any such other joint Account holders, or treated by us as cancelled as described in section 13 or by operation of law.

    2.14. If any one of the joint Account holders tells us of a dispute between them, we may treat this as notice of cancellation of the authority of any single joint Account holder. If we do, any further transactions will need the authority of all the joint Account holders.

    2.15. In the event of the death of any joint Account holder, then subject to any rights we or a third party may have, any money in the Account will be at the disposal of the survivor(s).

    2.16. We may make information about a joint Account available to any other joint Account holder by telephone, letter or electronically.

     
  3. Instructions

    3.1. Any request or instruction should be given in writing signed by the Authorised Signatory. Firms, companies and other organisations should use their letterhead in giving instructions. We do not accept instructions by email or over the telephone.

    3.2. Unless agreed in writing with us personal customers may not issue instructions by fax or as a scanned copy by email or by email.

    3.3. Instructions by fax and/or as a scanned copy by email can only be accepted from corporate customers if we have agreed to this in writing.

    3.4. All instructions given to us should be in English.

     
  4. Third Party Mandates

    4.1. The Account holder(s) can authorise another person to operate the Account by executing a third party mandate in our standard format. The Account holder(s) will continue to be responsible for the actions or omissions of the mandate holder.

     
  5. Paying into your Account

    5.1. Once your Account is open, you can make further payments into your Account:

    • by instructing another bank or building society to make an electronic BACS transfer from your Account with them to your Account with us;
       
    • by visiting one of our UK branches and depositing a cheque or cash with one of our cashiers;
       
    • by bank credit across the counter at any UK bank or building society using one of our paying-in slips. These institutions may charge for the service;
       
    • by standing order through another bank or building society;
       
    • by post with a paying-in slip or letter to your Account holding branch. Please do not send cash by post;
       
    • by CHAPS, an electronic same-day payments system, within the UK;
       
    • or by international electronic transfer from other countries. Please ask us for details.
       
    Paying in by cheque

    5.2. When you pay a cheque into your Account through another bank, the value of the cheque is added to your Account balance on the date we receive the funds, which is normally two Working Days after you have paid it in. When you send a cheque to us by post, the value of the cheque is added to your Account balance on the date we receive it and pay it into your Account. In both cases, they are 'uncleared' funds and not yet available to you for withdrawal. We must first ask the bank of the person who issued the cheque to confirm they will pay us the value (to 'clear' the cheque). If the other bank refuses to pay us its value, the value of the cheque is deducted from your Account as at the date it was added.

    5.3. If you paid the cheque in at another bank, the funds will be available for withdrawal on the fifth Working Day after they were added to your Account. If you sent the cheque to us by post, the funds will be available for withdrawal on the fourth Working Day after they were added to your Account.

    5.4. We pay interest on cheques from the fourth Working Day after they have been added to your Account. For example if you pay a cheque in on Monday before the Cut-Off Time we will pay you interest from Friday.

    Cleared funds

    5.5. The value of the cheque will become ‘cleared' funds by the end of the fifth Working Day from the Working Day when the funds were added to your Account (provided they are deposited before the Cut-off Time on a Working Day). This means that the funds cannot be reclaimed from you as a result of a cheque being returned unpaid.

    5.6. Proceeds of foreign currency cheques deposited and cleared in the Account will be converted at the exchange rate in use by us on the day of conversion. If proceeds are received by us in a currency other than the currency in which the cheque was drawn, we will not accept liability for any loss that may occur as a result of fluctuations in foreign currency exchange rates. All foreign currency cheques will be subject to our collection fee set out in our Tariff of Charges, and those of the drawee bank wherever applicable.

    5.7. When you pay cash into your Account, your funds will start earning interest from the day the funds are paid into your Account, provided the funds are received before the Cut-off Time. When you pay cash or make an electronic transfer into your Account through another bank, the funds will normally be available to withdraw on the third Working Day after we receive them.

    5.8. If a cheque which you have paid into your Account is returned unpaid, its value will be deducted from your Account together with our cheque return charges set out in our Tariff of Charges. We will inform you when this has been done. Depending on the reasons why the cheque was unpaid, we will either ask for payment again from the bank of the person or business that issued it, or return it to you.

    5.9. Cash is accepted only at our counters and during our Banking Hours before the Cut-Off Time, subject to satisfactory proof of source of funds. Cash handling charges apply as set out in our Tariff of Charges.

    5.10. Payments into your Account will be credited on the following Working Day with the appropriate value date as outlined above. The transaction may take longer time if your instructions are incomplete or partially incorrect or in any way gives rise to suspicion in which case the matter would be investigated before any decision is taken regarding application of funds. We will not be held liable for such delays and no back valuation will be permitted in such cases.

     
  6. Interest

    6.1. When you have money in your Account, you will be eligible for credit interest. We will work this out on the amount actually in your Account at close of business each Working Day ,this does not include cheques that have not cleared. You start earning interest on your Account from the day that cash funds are added to your Account. Interest is calculated on a daily basis according to our interest rate schedule available from your local branch we credit interest in accordance with these Terms and Conditions and our interest rate schedule.

    6.2. We may vary the Account interest rate for any one or more of the following reasons:

    • if there is a change in relevant law, regulation, code of practice or to reflect a recommendation, requirement or decision of any applicable court, ombudsman, regulator or similar body;
       
    • to reflect any change in the Base Rate;
       
    • to reflect changes or expected changes in the costs we pay to others and/or changes in inflation, or the costs of the services or facilities we provide;
       
    • to reflect any change in interest rates charged by other UK competing banks or financial institutions
       
    • to reflect any changes in money market interest rates or the cost to us of money we lend;
       
    • to reflect any reorganisation of our business by it being acquired by or by our acquiring another bank or organisation
       
    • to reflect any event beyond our reasonable control.
       
    6.3. Any interest rate changes may be effective immediately. New rates will be published on our Website within three Working Days of a change. We will let you know of any changes in interest rates within 60 calendar days by letter, e-mail, publishing in our branches or through our Website. Details of our current interest rates will be published on our Website and on any communication we send you. If you wish to change or close your Account due to notice of a reduction in rates, you must notify us within the 60 calendar day period. If you do not notify us we will consider that you have accepted the change.

    6.4. We will pay you interest after deduction of tax at the applicable rate. If you are eligible and have completed, signed and returned to us the correct form from HMRC we will pay you interest gross. Please note if you are joint Account holders then we will always pay interest net of tax unless both of you are eligible for interest gross for which you would each have to provide a form as outlined above.

    6.5. We will maintain a list of the historic rates for your Account, for savings and current accounts. You can access these historic rates either by viewing our Website or by requesting a copy by telephoning us on 08081680304. We will also provide you with a copy once a year with your statement as set out in section 18.

    6.6. Details of interest chargeable for overdraft Accounts agreed by us will be explained in the facility letter issued to you for such Accounts.

     
  7. Payments out of your Account

    7.1. You can make payments from your Account as long as there are enough available funds in your Account to cover the payments. We will take into account any other payments which we have paid or agreed to pay from your Account that day, or which have been authorised for that day, such as standing orders and direct debits. When a payment or standing order is due on a day which is not a normal Working Day, we will make the payment on the next Working Day. Please note that we do not offer overdraft facilities or any borrowing facilities on any personal savings Accounts and may refuse to make payments where there are insufficient available funds irrespective of funds you may hold in other Accounts with us. We will charge you a fee - as shown on our Tariff of Charges- if we have to refuse a payment.

    7.2. When you want to make payments from savings Accounts which do not have a cheque facility, you can either speak to one of our cashiers at a UK branch or send us a withdrawal form or letter telling us how you would like the payment to be made. We can:

    • transfer funds by BACS to a specified account at another UK bank; please ensure that you provide us with your beneficiary's account details each time you want us to make a payment on your behalf. Allow at least three Working Days from the day we receive your instructions for these transfers to clear. The funds will be taken from your Account on the day we initiate the payment in accordance with your request and will arrive in the beneficiary's account two Working Days later
       
    • transfer funds by CHAPS, an electronic payments system, to another bank account within the UK; funds are cleared on the same day. Please refer to our Tariff of Charges for our charges for this service.
       
    • transfer funds to a bank account in another country by international electronic transfer. Please enquire for further details. If you want to make a payment in a currency other than sterling, please contact us and we will advise you how this can be done and what our charges will be. The bank receiving the payment may also impose charges that are outside our control.
       
    7.3 Payment may be made by the Account holder issuing a cheque wherever cheque books are issued by us. Cheques should be issued in the currency of the Account. We may not pay the cheque issued by you if there are insufficient funds in your Account or effecting such payment exceeds the agreed overdraft limit. A cheque issued may not be paid due to other reasons for example if amount in words and figures differs, out of date i.e. date on the cheque is more than 6 months prior to the date of presentation, post dated or Authorised Signatory's signature differs. The cheque may not be paid in case of suspicion of any fraudulent activity.

    7.4. You can request us to stop payment of a cheque. Such request should be in writing mentioning Account and cheque details and signed by Authorised Signatory. There is a charge for this service as set out in our Tariff of Charges. You should take care when issuing a cheque to prevent forgery. All our cheques are marked ‘A/C Payee' and are payable only through the payees Account. You can request a banker's cheque or draft in your known name or a third party by making a written request. Charges as mentioned in our Tariff of Charges will apply for the same.

    7.5. Withdrawals may be allowed by way of direct debits received through clearing.

    7.6. Payments can be made by electronic transfer through Swift by providing us with a written request signed by you. You should provide your Account details from which the payment will be made, the beneficiary's IBAN, correct details of the recipient bank, including the bank's Swift (BIC) address and the purpose of remittance. For payments within the UK, you must provide the account number and Sort Code of the beneficiary's bank. If there are funds in the Account, payments will be made within one Working Day of receiving your instructions.

    7.7. Any payment made by electronic transfer including through Swift will be sent to the beneficiary's bank on the same day. However, the value date on which the beneficiary's account will be credited will depend on the beneficiary's bank. In case of payments requested in currencies other than the currency of the Account, the currency conversion would be done at our exchange rate that applies on the day of the conversion.

    7.8. Payments made out of your Account would be based on the information provided by you. In case the information provided by you is incorrect we will make reasonable efforts to recover the funds involved in the payment transaction and may charge you for any reasonable costs incurred in recovering your funds.

    7.9. We no longer accept standing orders for outward payments from deposit Accounts.

    7.10. Any outward payment request received after the Cut-Off Times will be considered to have been received on the next Working Day.

    7.11. For security reasons, we may contact you by telephone or by email to seek confirmation of a payment request received through a messenger, by post or by fax.

    7.12. You must notify us of any loss suffered by you on any Account or any unauthorised or incorrectly executed payment transactions as soon as you become aware of them but not later than 13 months from the date of debit in the Account, otherwise we shall not be liable to you. However, this condition shall not apply if we fail to provide you with the information of the payment in line with Section 18.1 of these Terms and Conditions.

    7.13. For payments involving currency conversion, the rate we will apply will be the rate on offer on that day. The rate is made available to you at our branches or over the telephone. If a payment is made involving foreign currency and the payment is returned, we will reconvert the returned payment to the original currency at our prevailing exchange rate and credit your account. We shall not be liable for any loss in exchange on account of the conversion.

     
  8. Transaction Processing Time

    8.1. The processing time for payments into and out of your Account may be more than the time set out in Sections 5 and 7 due to the following reasons:

    • defective request or insufficient or incorrect details in your instructions to us;
       
    • to comply with our legal or regulatory obligations;
       
    • order by a competent court;
       
    • order or stipulation by any other law enforcing body;
       
    • business disruption on account of natural calamity, riot, war, terrorist activity, industrial action, equipment failure or any such event which is beyond our control.
       
    In above circumstances, we will not be liable for any delay or loss suffered by the Account holder(s).
     
  9. Right of Set Off

    9.1. We may use any Account/s held by you with us which are in credit to reduce or repay any amount you may owe to us in other Account/s held by you in the same name. In the process we may appropriate fixed deposit/s held by you with us for a certain period along with the interest payable by us. In cases where the credit balances are in a different currency than the balances owed to us, then the currency conversion would be done at the prevailing market rate.
     
  10. Cheques you issue

    10.1. If your Account has a cheque facility and you issue a cheque on your Account, it will normally be deducted from your Account two Working Days after the recipient pays it into their Account. For example, a cheque paid in on a Monday will normally be deducted from your Account on a Wednesday. More time may be needed for a cheque paid into a building society account or any bank outside England and Wales, or any account held at a non-clearing bank.
     
  11. Charges

    11.1. When you open your Account, we will give you details of our Tariff of Charges for the day to day running of your Account. You can also find out about these charges by contacting our Customer Services Department or looking at our Website.

    11.2. If we increase any of these charges or introduce a new charge, we will tell you at least 60 calendar days before the changes take effect. We will tell you the charge for any other service or product before we provide it to you, and at any time should you request it. Before we deduct charges for standard Account services from your Account, we will give you at least 14 calendar days notice of how much we will deduct.

    11.3. If any sum due and payable by you is not paid on the due date, you will be liable to pay the interest (both after, as well as before, any judgment) on such sum at such a rate or rates as we may from time to time stipulate from the date the payment is due up to the date of payment.

    11.4. Payments from your Account will be made in accordance with the notice period applying to your Account. You choose this notice period when you open your Account. For example, if your Account is on 90 calendar days' notice, you will need to allow 90 calendar days from the day we receive your instructions before we make the payment. You can give notice for a withdrawal by telephone or fax. However, we will only carry out the withdrawal if we have received confirmation of your request in writing which also notes the date of your original call or fax before the date you want the payment to be made.

     
  12. Early Access Charge

    12.1. Where restrictions on access apply to savings account you may have early access to your savings at short notice (a minimum of one Working Day) but, unless we have agreed otherwise, we will charge you the interest due on the amount withdrawn for the part of your notice period for which you have not given notice. So if you withdraw £500 on 15 calendar days' notice from an Account set up on 90 calendar days' notice, then the interest you would have earned on that £500 for 75 calendar days (i.e. 90 - 15) will be deducted from your Account. However this provision will not apply and you will get a full capital refund if your Account has been opened with us for less than the notice period.

    12.2. If you are a holder of a Fixed Deposit, in the event of your death, we will repay the capital value and accrued interest without notice or loss of interest, but only once we receive the necessary legal confirmation of status and authority. Alternatively and only if requested, a fixed deposit may continue until the end of the term. Whereas if you hold a fixed deposit jointly with another person or with other persons, and if one of you should die, the survivor(s) may elect to transfer the account to his/her/their sole name(s) for the remaining term or they may receive the capital value and accrued interest without notice or loss of interest.

    12.3. If you are a holder of a fixed deposit, in the event that you are made bankrupt, we will repay the capital value and accrued interest without notice or loss of interest, but only once we receive the necessary legal confirmation of status and authority. Alternatively and only if requested, the Fixed Deposit may continue until the end of the term. The same provisions apply where you hold a Fixed Deposit jointly with another person or with other persons and one party is made bankrupt, although in these circumstances we will require instructions from both the person appointed to deal with the Bankrupt’s affairs and the joint Fixed Deposit holder(s).

     
  13. Closing your Account

    13.1. You may close your Account at any time. Additionally for a period of 30 calendar days after the date you open your Account with us, you have the right to cancel your contract with us by closing your Account. Subject to 11.4 and 12.1 above, the funds deposited will be returned to you together with any interest earned except for our Fixed Deposit and Notice Account please see the Specific Terms and Conditions. No charges will be levied for cancelling the Account within this initial 30 calendar day period from Account opening.

    13.2. We may close your Account if you fail to operate your Account in accordance with these Terms and Conditions or regularly fail to ensure that there are sufficient cleared funds in your Account to make requested payments. If we close your Account, we will write to you and, unless there are exceptional circumstances including but not limited to unauthorised borrowing, we will give you 60 calendar days' notice of our intention to close your Account(s). We will repay any credit balance to you and we may require you to repay any money owed to us. Please see section 17 on your liability to us.

     
  14. Dormant Accounts

    14.1. If you have money in a dormant Account, it will always be your property (or if you die it will become part of your estate). This is the case no matter how many years pass.

    14.2. Please note that we may suspend operation of an Account that has been inactive for at least 12 months. Before reactivation of a dormant Account, you may be required to provide suitable evidence of your identity and your legal claim on the Account.

     
  15. Changes to these terms

    15.1. We may from time to time amend our Terms and Conditions for the following reasons:

    • if the change is favourable to you;
       
    • to comply with our legal obligations;
       
    • to reflect changes in general banking practice;
       
    • to reflect regulatory changes;
       
    • where required to do so, or to reflect a decision or recommendation as the result of any ruling by a competent Court or any other law enforcing body;
       
    • to reflect changes in costs associated with the relevant technology, the costs we pay to others relating to the Account or services and/or our costs of providing the Account, service or facilities.
       
    15.2. We will tell you about any other changes to these Terms and Conditions and when they come into effect by placing a notice with your statement, on the Website or by email or by post.

    15.3. If we decide to make any change to these Terms and Conditions we will give you 60 calendar days' notice of the change. If we make any changes to these Terms and Conditions that does not disadvantage you, we may make them immediately and tell you about them within 60 calendar days of having done so.

    15.4. If the changes are not to your advantage you may wish to close your Account within 30 calendar days of the date of the notice of the changes. If you reject the proposed changes, we may take this as a rejection of the contract with us and a notice of termination. We will contact you to before we close your Account. If we do not hear from you, we will consider that you have accepted the changes we have made to the Terms and Conditions.

     
  16. Our liability to you

    16.1. If we do not carry out your request or delay doing so or do not do carry out your request correctly, we will be liable for any direct loss as a result and the amount of interest that you did not receive from us as a result of our failure or late action or mistake if 16.2 below does not apply. We will not be responsible to you for any indirect losses or losses that we could not reasonably have expected to foresee or to occur.

    16.2. Our responsibility in relation to section 16.1 above is subject to the following.

    16.2.1. We will not be responsible to you for any loss you may suffer if we or any of our agents or correspondents are prevented from or delayed in providing you with any banking or other services due to compliance with laws preventing money laundering, fraud or terrorist financing, strikes, industrial action, failure of equipment or supplies, or other causes beyond our reasonable control.

    16.2.2. We will not be responsible for any payments from the Account or any loss you may suffer including any indirect loss, caused by:

    • your failure to keep your password, user name and memorable word or other confidential information about your Account secure;
       
    • your failure to take all reasonable precautions to prevent unauthorised or fraudulent use of your password, user name or memorable word or other confidential information about your Account; or
       
    • your failure to comply with the security obligations set out in these Terms and Conditions and the security recommendations on our Website.
       
  17. Your liability to us

    17.1. You are responsible for payment of any debt that arises on your Account. If you have a joint Account, you will each be responsible for any money owing on your Account, both individually and jointly. This means that if one of you is unable to repay the money owing, the other Account holder(s) can be required to pay the amount due in full, even if your relationship has changed or ended. Where a joint Account holder has an Account with us in their sole name, and that Account has a credit balance, we can use money in that Account to repay any money owing to us on the joint Account.

    17.2. If any Accounts you hold with us are in credit, we may use the credit to reduce or repay any amounts you owe on other Accounts you hold with us in the same name. If we decide to do this, we will tell you why and when it will be done.

     
  18. Statements

    18.1. Statements for all Accounts are issued in July and January free of charge. Statements are additionally issued in April and October for Accounts with a cheque facility. You can also choose a statement frequency that results in a statement every time there is a transaction on your Account or you can choose another frequency, for example weekly or monthly. You can also contact us and request an up to date statement for your Account at any time, free of charge.

    18.2. We recommend that you carefully check your Account history regularly. If any entry appears to be wrong, you should tell us as soon as possible.

     
  19. Internet banking

    19.1. If you have indicated that you would like us to provide internet banking services, the following terms and conditions also apply for those Accounts registered for online banking. As with the General Terms and Conditions, we may change the following terms and conditions in this section 19 at our discretion and give you at least 60 calendar days written notice, except where specifically stated otherwise. The changed terms and conditions will apply from the date specified in the notice.

    19.2. Section 19 sets out the rules governing your internet access to your Account(s) and explain our obligations to you, and your obligations to us, when operating these Accounts.

    19.3. We offer Online Banking facilities to all Account holders. Please log on to https://www.onlinesbiglobal.com/64GB/web/Index.htm and download a registration form for individual accounts and Corporate Registration form for Company/business accounts. The completed registration form should be sent to the Branch Manager where you have your Account.

    19.4. You will then be sent your ID, password and transaction password for internet banking. 'Net banking' enables you to do the following:

    • View your Account on line
       
    • Transfer funds between Accounts
       
    • Make payments
       
    • Pay bills
       
    • Remittances
       
    • Order drafts
       
    • Request cheque books
       
    • Other related enquiries
       

    Use of websites

    19.5. You can access your Accounts through the Website after you receive the User ID and passwords sent to you by us.

    19.6. Service will be available in respect of all operating Accounts with the same account identifier which you have mentioned in your application. All other Accounts not listed in the registration form will be available on the Website for the purpose of enquiry only.

    19.7. All requests received from you are logged and transmitted to your local branch for their fulfilment. The requests became effective from the time these are recorded/registered at the respective branch.

    19.8. When using our Websites, the terms of use applicable to the relevant Website will apply.

    Availability of internet banking services

    19.9. We work hard to make sure our internet banking services are available at the times you wish to use them. However, we cannot and do not guarantee their availability, nor their access to, and use of, our Websites will be uninterrupted or error free. From time to time we may need to suspend provision of the internet banking services for repair, maintenance or upgrade purposes.

    19.10. We will not, in any event, have any liability to you if we are prevented from, or delayed in, providing any internet banking services due to the failure of any telecommunication link or other equipment or infrastructure not owned or controlled exclusively by us and/or any acts or omissions of third party telecommunications or internet service providers.

    Instructions

    19.11. For the purposes of this section 19 and the web requirements you agree:

    1. to provide written confirmation of your request to make a withdrawal from your Account; and
       
    2. to provide all other instructions in relation to the operation of your Account in writing (unless we have made other specific and documented arrangements), you can comply with these requirements by providing us with the relevant details using your authenticated security details on our Website.
       
    However, please pay careful attention to the security notice set out in the following section and comply with it.

    Security notice

    19.12. Internet banking is safe and convenient as long as you take a number of simple precautions, including (but not limited to) the following:

    • keep your computer secure. Make sure that any computer you are using benefits from up-to-date anti-virus and spyware software and a personal firewall. If you use a public computer (for example, in an internet café), you should ensure you do not leave any personal details stored on that computer after you have finished using it;
       
    • keep your username and passwords secret. This includes but is not limited to taking the following precautions:
       
    • destroying any password notification immediately after receipt from us;
       
    • never writing your password or username details in a way that might be understood by someone else or recording them on any item or in any place that might be accessed by someone else;
       
    • taking all reasonable care to ensure that no-one sees your password or username when you use them;
       
    • you are advised to avoid choosing a password that is generic in nature, guessable/inferable from personal data such as name, date of birth, address, telephone number, driving license/car number etc;
       
    • treat e-mails you receive with caution and be very wary of e-mails or calls asking you to reveal any personal security details. We or the police will never contact you to ask you for your internet banking password or username information;
       
    • always access our Website via the www.sbiuk.com or by typing the address into your web browser. Please ensure that you double check the spelling is correct when typing our address into the browser, before using the Website that you are directed to. We will never send you an e-mail with a link through to our internet banking Website;
       
    • follow any further security advice we may offer from time to time on our Website;
       
    • Visit www.banksafeonline.org.uk
       
    19.13. There is no way to retrieve the password from the system. In case you forget your password, you will have to approach the branch to re-set the password.

    19.14. Please remember that internet communications are not secure unless the data being sent is encrypted. We cannot accept any responsibility for any unauthorised access by a third party and/or corruption of data being sent to us by e-mail.

    19.15. If you are a victim of internet fraud and someone gains unauthorised access to your Account, then we will refund the full amount of money taken from your Account, provided each of the following conditions applies:

    • you have not given your security details including your password or username details to anyone else;
       
    • the loss was not caused by your use of an account aggregation service (i.e. a service provided by another company that allows you to view all of your bank details on a single website);
       
    • you have not sent us incorrect payment instructions;
       
    • you have used reasonable care when using internet banking (e.g. logging off at the end of each internet banking session and not leaving your computer unattended while logged on to the internet banking service);
       
    • you inform us as soon as possible of any security breach, or potential breach, of which you are aware;
       
    • you have not acted fraudulently;
       
    • you have taken the precautions described in these Terms and Conditions and complied with all other reasonable instructions we may give from time to time regarding security details.
       
    19.16. Our promise to compensate you in the circumstances described above only extends to a refund of the amount taken from your Account and does not extend to any additional loss you may suffer in consequence of any unauthorised access to your Account.

    Client browser

    19.17. Your client browser must be Javascript enabled.

    19.18. Any amendments to the functionality listed above will be notified to you within your secure internet banking session.

    Transactions

    19.19. Some specific conditions apply to transactions processed through internet banking:

    19.20. Transactions carried out in internet banking for transfer of funds within the UK or bill payment by the Cut-Off Time will be processed on the same Working Day. Instructions received after the Cut-Off Time will be processed on the next Working Day. The transfer of funds or bill payments will be made through the BACS payment system.

    19.21. An instruction will only be accepted by us if it has been effected through the internet service using your User ID and password. We will not further check the authenticity of an instruction.

    19.22. We may refuse to act on an instruction, for example if the transaction exceeds a particular value or other limit such as the transactions will create an overdraft or exceeds an agreed overdraft limit.

    19.23. You may terminate your internet services by sending a Termination Notice to us. Such termination will be effective from the date we receive the Notice.

    19.24. Banking instructions to pay money from your Account may not be cancelled once you have authorised them and we have accepted them, unless we agree to do so at our discretion. If we do agree we may make a charge as set out in our Tariff of Charges.

    Statements

    19.25. If you have opted to continue receiving your statements in paper format, they will be sent to you at the same frequency as currently set on your Account. [You may change this from the within internet banking section of our Website at any time].

    19.26. If you have opted to receive statements online, please note that official reminders of their availability will only be e-mailed to you bi-annually (January and July). If you have elected to have them produced more frequently, they will be available within your Internet banking area but we will not tell you each time one is produced. In both cases you will be able to view (and print) all your transactions between particular dates online at any time.

    19.27. You are required to check the record of your transactions and statement of Account(s) sent to you from time to time and discrepancy/(ies) if any, should be notified to us immediately.

    Joint Accounts

    19.28. Username and password information will be sent to all Account holders separately, but for the purposes of the General Terms and Conditions and the requirements: (1) to provide written confirmation of your request to make a withdrawal from your Account; and (2) to provide all other instructions in relation to the operation of your Account in writing unless we have made other specific and documented arrangements, one of you can comply with these requirements by providing us with the relevant details using your authenticated security details on our Website. However, please pay careful attention to the security notice set out above.

    19.29. If any of you informs us in writing of a dispute between you, we will treat this information as notice of termination of the mandate, thereby suspending internet access. Any further transactions will need the authority of all of you.

    Variation/Termination

    19.30. We may at any time vary or terminate some or all of our internet banking services. In the case of any material variation, or termination, we will give you as much notice as we reasonably can in the circumstances. Changes will be notified to you through a notification on the Website.

    19.31. For any help, please call our Internet Banking Department on 020 7600 6444 or write to us at the following address:

    Application Administrator (Internet Banking)
    State Bank of India
    15 King Street
    London
    EC2V 8EA
     
  20. Confidentiality

    20.1. We will treat all your personal information as private and confidential (even when you are no longer a customer). Information we hold about you will not be disclosed to anyone (including other companies in our group) unless:

    • we are legally required to disclose;
       
    • we have a public duty to disclose;
       
    • our interests mean we must give the information (for example, to prevent fraud). However, we will not use this as a reason for giving information about you or your Account (including your name and address) to anyone else, including other companies in our group for marketing purposes without your consent;
       
    • the disclosure is made with your consent;
       
    • this is as set out in section 21 below;
       
    • this is as set out in our Privacy Policy
       
  21. Data Protection

    21.1. State Bank of India is a data controller registered with the Information Commissioner under number Z552946X

    21.2. In order to provide you with bank Accounts and other products and services we need to collect, use, share and store personal information about you and your transactions ("Your Information"). This section explains how we will use Your Information.

    What Your Information includes

    21.3. Your Information includes information which we:

    a. obtain from you or third parties, such as employers, joint Account holders, credit reference agencies, fraud prevention agencies or other organisations when you apply for an Account with us or for any of our other products or services, or which you or they give to us at any other time; or
    b. learn from the way in which your Accounts with us are administered and managed, from the transactions made such as the date, amount, currency and the name and type of supplier (for example, supermarket services, medical services, transactions in assets, retail services) and from the payments which are made to and from your Accounts with us.

    Where you provide personal and financial information about others (such as dependents, other family members and a joint Account holder) you confirm that you have their consent or are otherwise entitled to provide this information to us and for it to be used in accordance with these Terms and Conditions.

    How We Use Your Information

    21.4. We and other companies in the State Bank of India group of companies will use Your Information to manage your Accounts, give you statements and provide our services and products, for assessment and analysis (including credit and/or behaviour scoring, market and product analysis), to prevent and detect fraud, money laundering and other crime, to carry out regulatory checks, to meet our obligations to any relevant regulatory authority, to develop and improve our services to you and other customers and to protect our interests.

    Use of Your Information for Marketing Purposes

    21.5. With your permission we and other members of the State Bank of India group of companies may use Your Information to inform you by letter, telephone, text messages, digital television, email and other electronic methods about products and services (including those of others) which may be of interest to you. If you do not want us to contact you about such products and services please let us know by writing to us at State Bank Of India 15 King Street London EC2V 8EA mgr.operations@sbilondon.com
    Third Parties with whom we may share Your Information

    21.6. We may share Your Information with the following third parties, wherever located:

    a) other companies within the State Bank of India group of companies (which means our subsidiaries, our ultimate holding company and its subsidiaries);
    b) our partners and companies and organisations that provide services to us or assist us or act as our agents including but not limited to sub-contractors and professional advisors;
    c) anyone to whom we may transfer our rights and/or obligations under any agreement we have with you;
    d) any third party as a result of any restructure, sale or acquisition of any company within the State Bank of India group of companies;
    e) your advisers (including but not limited to accountants, lawyers or other professional advisors) where authorised by you;
    f) credit reference agencies and fraud prevention agencies;
    g) where we have a duty to do so, or if law or regulation allows us to do so.

    Save as set out above we will not disclose Your Information to anyone unless the disclosure is made with your consent.

    Transfer of Your Information Overseas

    21.7. We may transfer Your Information to another company in the State Bank of India group of companies or to a service provider or agent in another country (including countries outside the EEA) for the purposes stated in condition 21.4 above. We will make sure that the group company, service provider or agent agrees to apply the same levels of protection as we are required to apply to Your Information and to use Your Information in accordance with our instructions.

    Credit Reference Agencies and Fraud Prevention Agencies

    21.8. We may give Your Information to and receive information from credit reference agencies and fraud prevention agencies. We and other organisations may access and use this information to prevent and detect fraud, money laundering and other crimes, to make credit assessments and decisions about credit related services to enable us to manage and take decisions about your Accounts, insurance policies and insurance claims and to recover debt.

    Information held about you by the credit reference agencies may already be linked to records relating to your partner or members of your household where a financial "association" has been created. Any enquiry we make at a credit reference agency may be assessed with reference to any associated records. Another person's record will be associated with yours when:

    a) you make a joint application;
    b) you advise us of a financial assocition with another person; or
    c) if the credit reference agencies have existing linked or "associate" records.

    This "association" will be taken into account in all future applications by either or both of you and shall continue until one of you applies to the credit reference agencies and is successful in filing a "disassociation".

    Credit reference agencies keep a record of our enquiries and may record, use and give out information we give them to other financial institutions, insurers and other organisations. If false or inaccurate information is provided or fraud is suspected details may be passed to fraud prevention and credit reference agencies. Law enforcement agencies may access and use this information. The information recorded by fraud prevention agencies may be accessed and used by organisations in a number of countries including the UK. We can provide the names and addresses of the credit reference and fraud prevention agencies we use if you would like a copy of Your Information held by them. Please contact us at 15 King Street London EC2V 8EA if you want to receive details.

    Right to receive a copy of Your Information

    21.9. You can ask for a copy of Your Information by writing to us at 15 King Street London EC2V 8EA. We may charge an administration fee to meet our costs in providing you with details of Your Information.

    Where to find further information

    21.10. Please visit our Website to see our Privacy Policy which provides further information about how we use Your Information.

     
  22. Bankers' references

    22.1. We will only provide bankers' references or bankers' opinions in reply to a status enquiry about you if you have given your written consent. A copy of the reply will be available to you on request. If you would like to know more about the way that bankers' references work and our charges, please let us know.

     
  23. General

    23.1. The operation of the Account will be governed by English Law. The language we will use in our communications will be English. These Terms and Conditions are governed by English Law.

    23.2. Please tell us straight away if you change your name, address, or contact details. If we do not hold correct information we may suspend your Account to protect us both.

    23.3. You agree that we may request additional information from you or to check from time to time that the existing information we have about you is up to date, in order to meet our legal and regulatory responsibilities.

    23.4. To ensure that we carry out your instructions accurately and for compliance and training purposes, we may monitor and/or record your telephone calls with us. Any recordings remain our sole property.

     
  24. Miscellaneous

    24.1. We may change our Banking Hours, availability of banking branches by display of notice in our branches or in the press or by post or by posting on our Website.

    24.2. We may block your Account to protect you and us if we suspect fraud or other suspicious transactions. In such cases, we may be required to carry out the process of establishing your identity again. Once we have sufficient proof, we will reactivate your Account.

     
  25. Complaints

    25.1. If we do not deliver the standard of service you expect, or if you think we have made a mistake, please let us know. You can call us on 02074544391 or email us at chief.fo@sbilondon.com or write to us at:

    Chief Financial Officer
    State Bank of India
    15, King Street
    London
    EC2V 8EA

    25.2. We will then arrange for the right person to investigate your concerns. Please when writing to us provide as much information as you can in order to assist our investigations.

    25.3. In the unlikely event that you remain dissatisfied with our response or we have not sent you a final response within 8 weeks of the original complaint, you have a right to take your complaint to the Financial Ombudsman Service (FOS).

    25.4. If you would like FOS to look into your complaint you must contact them within 6 months of the date of any final response issued by us. You can find out more about the role of FOS by contacting us and requesting a copy of our FOS leaflet, or you can write to FOS at:

    The Financial Ombudsman Service
    South Quay Plaza
    183 Marsh Wall
    London
    E14 9SR
    Telephone number: 0845 080 1800
    Website: www.financial-ombudsman.org.uk

     
  26. Regulatory Information

    26.1. State Bank of India is established in the UK with company number BR000696 at 15 King Street, London, EC2V 8EA. This is our Head Office. We are authorised and regulated by the Financial Services Authority (FSA). Our FSA Firm reference number is FRN 139156 and you can check our details online on the FSA register by going to www.fsa.gov.uk

    26.2. State Bank of India is a member of the Financial Services Compensation Scheme (the "Scheme") established under the Financial Services and Markets Act 2000. In respect of deposits with a UK office, payments under the Scheme are limited to 100% of the first £50,000 of a depositor's total deposits with the bank. For joint Account holders the maximum limit applies to both Account holders (i.e. £50,000 per Account holder). Most depositors, including individuals and small firms are covered. Large businesses are generally excluded from the Scheme. More information can be found at the Scheme website www.fscs.org.uk or by calling them on 020 7892 7300.
 
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