With a State Bank of India Fixed Deposit Account, you can invest from £10,000 (or US $10,000 or €10,000) to £5,000,000 for up to five years. Just choose the deposit period that suits you.

At a glance:

  • Earn a high rate of interest
  • Deposit for up to 5 years
  • Minimum deposit £10,000 or US $10,000 or €10,000
  • No minimum for existing customers who re-invest matured deposits

Fixed deposit rates for GBP deposits

Period Gross Rate
monthly interest
Gross rate
maturity/annual interest
AER
One Year 1.69% 1.70% 1.70%
Three Years 2.32% 2.35% 2.35%
Five Years 2.86% 2.90% 2.90%

Fixed deposit rates for USD deposits

Period Gross Rate
monthly interest
Gross rate
maturity/annual interest
AER
One Year Not Available 1.25% 1.25%
Two Years Not Available 1.60% 1.60%
Three Years Not Available 1.90% 1.90%
Four Years Not Available 2.15% 2.15%
Five Years Not Available 2.35% 2.35%

Fixed deposit rates for EURO deposits

Period Gross Rate
monthly interest
Gross rate
maturity/annual interest
AER
One Year Not Available 1.00% 1.00%
Two Years Not Available 1.00% 1.00%
Three Years Not Available 1.00% 1.00%
Four Years Not Available 1.00% 1.00%
Five Years Not Available 1.00% 1.00%

1. SBI Fixed Deposit Accounts

  • To qualify for a Fixed Deposit Account, you must:
    • be aged 18 or over
    • be resident in the UK for tax purposes
    • have a permanent UK address
  • The minimum deposit is £10,000 or US$10,000 or €10,000 and the maximum is £5,000,000 or other currency equivalent.
  • If you don’t already have a savings account or current account with us, we’ll automatically open one for you. While you can’t add further deposits to your Fixed Deposit Account, you may be able to open more than one account; availability varies, so please check with us.
  • When you open your account, you choose the period of your deposit. The rate of interest is then fixed for this entire period.
  • Interest is paid at different intervals, depending on the period of deposit you choose. The following table shows when we pay interest:
  • Your fixed-deposit period When we pay interest
    One year At maturity
    Over one year Monthly, at each anniversary and at maturity

  • If you deposit £50,000 or more for a term of one year or more, you can opt to receive interest monthly or annually. (This only applies to sterling deposits.) We’ll pay interest directly into your State Bank of India savings or current account.
  • We pay interest after income tax has been deducted at the legal rate (currently 20%). However, we may be able to pay gross interest if you complete and submit HM Revenue and Customs form R85, available from your local branch or the HM Revenue and Customs website.
  • Deposits cannot be withdrawn until they mature.
  • Our deposit accounts are available for a limited period and we may withdraw them at any time.

For more information, see our General Terms and Conditions of Service.


2. SBI Customer Loyalty Fixed Deposit Account

  • To qualify for this account, you must be aged 18 or over. Please contact your local State Bank of India branch in the UK to clarify your eligibility status.
  • Minimum amount required for making a deposit is £10,000 for existing retail customers and £50,000 for existing non-resident customers. There is no minimum investment for existing customers who re-invest their maturity proceeds. The maximum amount that can be invested in this deposit is £5,000,000 or other currency equivalent.
  • If you don’t already have a savings account or current account with us, you’ll be required to open one. You cannot add additional amounts to your Fixed Term Deposit Account. However you can open more than Fixed Deposit Account, subject to availability.
  • The rate of interest is fixed for the entire period of the deposit. This is for a fixed term of either 2 or 5 years.
  • Interest is added to the deposit on the anniversary, and paid at maturity. If you are a retail customer and you wish to deposit £50,000 or more, you can receive interest monthly or annually. The interest will be paid into your savings or current account held with us.
  • We pay interest after income tax has been deducted at the legal rate (currently 20%). However, we may be able to pay gross interest if you complete and submit HM Revenue and Customs form R85 (UK residents) or R105 (non-UK residents), available from your local branch or the HM Revenue and Customs website.
  • Deposits cannot be withdrawn before maturity.
  • This deposit scheme is available for a limited period and may be withdrawn at any time at our discretion.
  • Please click here for information on our General Terms and Conditions of Service.

How to apply

To qualify for our Fixed Deposit Accounts, you must be aged 18 or over and resident in the UK for tax purposes, with a permanent UK address.

If all of these statements are correct, you’re able to apply for our Fixed Deposit Accounts.

Any questions?

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