If you have savings of £500 or more it’s easy to build them up with our Online Instant Access Savings Account. As long as you maintain the minimum balance you can earn 1.25% AER
gross monthly interest and transfer money to India for free.**
At a glance:
- Open an account with a minimum of £500
- Grow your savings with monthly interest on balances between £500 and up to £1,000,000
- Transfer funds to India for free** when you maintain the minimum £500 balance
- Deposit funds by cheque or electronic transfer without charge
- Manage your account online or in-branch if you prefer
- Access your savings at any time – no notice period or withdrawal penalty
- Have the use of a debit card, if you’re the primary account holder
- Peace of mind that deposits are protected under the Financial Services Compensation Scheme
Am I eligible?
Before you apply, check that you meet the eligibility requirements.
- You are over 18 years old
- You are a UK resident for tax purposes
- You have a permanent UK address
- You don’t already have a sole or joint State Bank of India Instant Access Account
** Free for Instant Access Savings Account holders meeting minimum monthly balance requirements.
This table shows current interest rates for our Online Instant Access Savings Account:
||Gross Rate (monthly interest
before deduction of income tax)
|£0 - £499
|£500 - £1,000,000
Monthly interest payment. Variable rate.
Interest will not be paid on account balances over £1,000,000.
The interest rates for our Online Instant Access Savings Account are guaranteed not to fall below the Bank of England base rate (currently at 0.5%) until 31 December 2014.
*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.
View current interest rates for our products >
Online Instant Access Savings Account
Product Summary & Terms and Conditions
||Online Instant Access Savings Account
For current interest rates visit:
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.
In branch or online.
Key product features:
- Minimum balance - £500. Maximum balance - £1,000,000
- You can access your funds using your international debit card in the UK and abroad*
- Free cash withdrawals from UK ATMs displaying the MasterCard logo and SBI ATMs in India
- Free remittance to India for account holders who maintain the minimum monthly average balance of £500. For all other account holders, a charge of £5.00 will be levied
* Charges apply for international transactions. Please check the charges schedule for more details.
Terms and Conditions - Online Instant Access Savings Account
- 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.*
- Minimum balance required for opening the account is £500. The monthly minimum balance is calculated based on the previous month’s average balance, by totaling the daily balance in the previous month and then dividing this by the number of days in the previous month.
- Interest will be calculated based on the daily closing balance and paid monthly.
However, interest will not be paid on balances below £500 or above the maximum limit
- We reserve the right to close the account if the account balance falls below the minimum specified amount. However, we will provide you with 60 days’ written notice before closure.
- 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 account holders subject to completion and submission of HM Revenue and Customs form R85 which Is available from your local branch or the HM Revenue and Customs website: www.hmrc.gov.uk/incometax/tax-free-interest
- Only one Online Instant Access Savings Account can be opened by an individual. If a joint account is opened, then the same joint account holders cannot open another joint Instant Access Savings Account.
- You may deposit your savings into the account by cheque or electronic transfer without any charge.
- The account can be managed by a visit to any branch or by using the online banking facility provided with the account.
- An Online Instant Access Savings Account will only be opened upon a satisfactory online verification of your identity by our authorised verification system. This system performs an online identity check based on the information you provide at the time of opening the account.
- Account holders who maintain the minimum balance of £500 required for the account are eligible to transfer funds to bank accounts in India free of charge.
- Our general terms and conditions apply.
* Subject to Know Your Customer (KYC) conditions being met.
How to apply
It’s quick and easy to apply. Before you do, have you checked you are eligible for this account? See the eligibility criteria.
Step 1 Gather Information
Please have your personal information available.
- Full UK Driving License or UK Passport;
- E-mail Address;
- Date of Birth;
- Mother's Maiden Name;
- Existing Bank Account Details.
Step 2 Complete Application
Choose the account type you want to open. 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.
Ready to open the Online Instant Access Savings Account?
Please read the Terms and Conditions before applying.
Read more about this account >