How to open a Savings Account, Current account or a fixed deposit?
A Savings Account, current account or a fixed deposit can be opened by a visit to any of our branches or by sending an application in the post.
Are these accounts or fixed deposits maintained in the UK and covered by the financial services compensation scheme?
The Accounts and fixed deposits are maintained in the UK and regulated by the Financial Services Authority (FSA). They are also covered by the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000. Payments under this scheme are limited to £50,000 of your total deposit 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.
For more details, please click http://www.fscs.org.uk.
Documents you need to provide to open an account or fixed deposit?
If you are personally visiting our Branch then please bring two types of documents (Originals), one a photo ID document which must establish your identity and Second document which has to be a proof of your address. (Please refer List 1(Identification documents) and List 2(address proof)
If you are sending the application form by post you must send at least one copy (Photocopy) of any one document from list 1(Identification Documents) and at least one copy of (photocopy) of any one document from list 2(Address proof Documents).
Please also forward a cheque payable to yourselves for the sum you wish to deposit in your new SBI account. The cheque should be drawn on your existing UK Bank account and must be for at least the minimum amount specified for the type of account that you wish to open.
Customers opening a Current or Instant Access Savings account are also requested to provide a copy of their latest salary slip or if this is not available, then a recent statement of bank account showing the direct salary credit from the employer.
The documents to be provided in support of your identity must be any one from List 1 described below:
List 1
Identification Documents
- Current Signed Passport
- Current full UK photo card driving License
- UK armed forces ID card
- Identity card issued by the electoral officer for Northern Ireland
Note: If you provide any of the above mentioned documents as proof of identity, then the "same document" cannot be used for the purpose of address verification.
For proof of your address you can provide any one of the documents from List 2 described below:
List 2
Address Verification documents
- Council tax bill (within last 12 months)
- Utility Bill (within last 3 months)
- Current full UK photo card driving license
- Bank /Building Society Statement (less than 3 months old)
- Current local council rent card
Note: To comply with money laundering regulations, we may carry out an identity check with a credit reference agency when you apply. this informatin will not be available to anyone else and will not affect your credit rating. You can find out more about why we need to check your identity on the Financial Services Authority website http://www.fsa.gov.uk.
if you have been at your current address for less than 3 years then please also provide a proof of your previous addresses so as to cover a period of 3 years.
if you provide any of the above mentioned documents as a proof of address, then the "same document" cannot be used for the purpose of identity verification.
If you cannot provide any one document from List 1 and List 2, then please call us on 020 7454 4367 or email us at customerservices@sbilondon.com to find out whether there are any other documents we may be able to accept to open your new account. Lines are open Mon - Fri, 9.30am - 4.30 pm.
Please click here for the Account Opening Forms
I am not resident in the UK, can I still open an account or a fixed deposit?
Yes, a person who is not resident in the UK can open an account or a fixed deposit.
Documents to be submitted by a person Not-Resident in the UK for opening an account or a fixed deposit?
If you are visiting a branch personally then you have to provide two types of documents (In Original), one a photo ID document which must establish your identity and Second document which has to be a proof of your residential status.
If you are sending the application form by post you must send at least one "Certified" copy (Photocopy) of any one document from those mentioned in list 1(Identification Documents) and at least one Certified copy (Photocopy) of any one document from those mentioned the list 2(Address proof Documents). The documents can be certified by a "Banker, Solicitor or Public notary".
The documents to be provided in support of your identity must be any one from List 1 described below:
List 1
Identification Documents
- Current Signed Passport
- Driving License
- An Identity Card issued by a Govt Agency.
A Banker's reference must be provided in addition to the above mentioned Identification documents.
Note: If you provide any of the above mentioned documents as proof of identity, then the "same document" cannot be used for the purpose of address verification.
For proof of your residential status you can provide any one of the documents from List 2 described below:
List 2
Address Verification documents
- Council tax bill (within last 12 months)
- Utility Bill (within last 3 months)
- Bank or Credit Card statement(Less than 3 months old)
- Driving License
Note: If you provide any of the above mentioned documents as a proof of address, then the "same document" cannot be used for the purpose of identity verification.
If you cannot provide any one document from List 1 and List 2 then, please call us on +44 20 7454 4367 or Email us at customerservices@sbilondon.com to find out whether there are any other documents we may be able to accept to open your new account. Lines are open Mon – Fri, 9:30am- 4:30pm.
For the sake of convenience, a local communication address, if available, may be furnished by you on the account opening form but this must be in addition to the permanent residential address which must be mentioned at point 1 of the Account opening form. You must advise us on any change of your permanent residential address or your local communication address.
Please click here for the Account Opening Forms
Do you have to pay tax on the interest received on the account if you are a Non- Resident?
Non Residents customers may receive the interest on their account without deduction of UK tax by completing the R105 form which can be obtained from our branches or can be downloaded from http://search2.hmrc.gov.uk/kbroker/hmrc/forms/viewform.jsp?formId=805. The overseas address mentioned on the R105 form must tally with the permanent overseas address mentioned at Point 1 of the account opening application form. Also please note that you must mention the complete residential address on the R105 form as P.O. Box addresses are not acceptable.
For more details regarding tax related issues please visit HMRC website www.hmrc.gov.uk or consult your financial advisor.