Enjoy the interest of a savings account with the ability to easily transfer up to £25,000* a day to India:
- Free online money transfers to India with confirmed exchange rate, 24/7
- No minimum balance requirement
- Send money to any bank account in India
- 1.25% AER** interest rate on balances between £500 and £1,000,000
*For information about larger transactions, please contact your branch.
**AER stands for Annual Equivalent Rate and illustrates the interest rate if it was paid and compounded once each year.
See Online Remittance Savings Account terms and conditions
If you do not have UK driving license or UK passport, view our Instant Access Savings Account.
This table shows current interest rates for our Online Remittance Savings Account:
|£0 - £499
|£500 - £1m
Monthly interest payment. Variable rate.
*AER stands for Annual Equivalent Rate and illustrates the interest rate if it was paid and compounded once a year. Gross is a contractual rate payable before deduction of income tax at the legal rate.
SBI Online Remittance Savings Account
Product Summary & Terms and Conditions
||SBI Online Remittance Savings Account
For current interest rate click here
Interest is paid after deduction of income tax at a rate specified by law, which is currently 20%. However, we will be able to pay gross interest to the account subject to completion of HM Revenue and Customs form R85.
Conditions for bonus payable
There is no bonus available on this account.
There is no notice period or penalty for withdrawal.
This account is available to an individual aged 18 years or over who is ordinarily resident in the UK for tax purposes and has a permanent UK address*.
There is no minimum balance required for opening the account.
Account holders for the account are eligible to transfer funds to India free of charge.
Interest is paid on a monthly basis. However, interest will not be paid on monthly minimum balances below £500.00 or above the maximum limit of £1,000,000.
Interest will be paid after deduction of income tax at a rate specified by law, which is currently 20%. However, we will be able to pay gross interest to eligible account holders subject to completion of HM Revenue and Customs form R85 available from your local branch or the HM Revenue and Customs website.
Only one SBI Online Remittance Savings Account can be opened by an individual. If a joint account is opened, then the same joint account holders cannot open another SBI Online Remittance Savings Account.
You will receive your internet banking registration and password about 7 working days after opening the account. You will not be able to make remittances immediately. If you request a debit card, you will receive it 7 to 10 days after receiving your welcome letter.
You may deposit your savings into the account by cheque or electronic transfer without any charge.
Account can be opened and managed only through the online banking facility provided with the account.
Please see our General Terms and Conditions of Service.
* Subject to Know Your Customer (KYC) conditions being met.
Step 1 - gather personal details
- Full UK Driving License or UK Passport;
- E-mail Address;
- Date of Birth;
- Mother's Maiden Name;
- Existing Bank Account Details.
If you do not have UK driving license or UK passport click here
Step 2 - complete application
Your online application will take about 10 minutes to complete and will timeout after 10 minutes of inactivity. If you are unable to complete the application online, please contact us
Step 3 - submit application
Review details and confirm validity of information.
Once you submit your application, we will instantly notify you of the outcome and issue a unique reference number.
Step 4 - fund account
If your application is successful, we will provide you with a State Bank of India account to which you can transfer the deposit amount. Alternatively, we will also be sending a welcome pack within a few days with your new account number and sort code which you can use to transfer the deposit amount.
Please read Online Remittance Savings Account Terms and Conditions before applying