Opening of an Account or a Fixed Deposit at one of our branches in the UK

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?

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme. 

In respect of deposits, an eligible depositor is entitled to claim up to £85,000.00. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000.00 each (making a total of £170,000.00). The £85,000 limit relates to the combined amount in all the eligible depositor's accounts with State Bank of India UK Offices, including their share of any joint account, and not to each separate account. For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website www.FSCS.org.uk or call 0800 678 1100. 

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 Certified copy of any one document from those mentioned in list 1(Identification Documents) and at least one Certified copy 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".

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 3 years' address history. 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. 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.

How do I pay money into my account from abroad?

SBI Bank Details for paying money into your account from abroad

INWARD REMITTANCES TO YOUR STERLING ACCOUNT WITH US

National Westminster Bank
London
Swift: NWBKGB2L

For credit to
State Bank of India
London
SWIFT: SBINGB2L
SORT CODE: 60-01-59

ALSO PLEASE PROVIDE YOUR OWN ACCOUNT DETAILS:
  • NAME
  • ACCOUNT No
  • IBAN No

INWARD REMITTANCES TO YOUR US DOLLAR ACCOUNT WITH US

Citibank
New York
SWIFT: CITIUS33
ABA Routing No: 021000089

For credit to:
State bank of India
London
SWIFT: SBINGB2L
Account No: 36002753

ALSO PLEASE PROVIDE YOUR OWN ACCOUNT DETAILS:
  • NAME
  • ACCOUNT No
  • IBAN No

INWARD REMITTANCES TO YOUR EURO ACCOUNT WITH US

National Westminster Bank
London
SWIFT: NWBKGB2L

For credit to
State Bank of India
London
IBAN No GB04NWBK60720010001832
SWIFT: SBINGB2L
Account No 5500210001832

ALSO PLEASE PROVIDE YOUR OWN ACCOUNT DETAILS
  • NAME
  • ACCOUNT No
  • IBAN No


If you are sending the application form by post you must send at least one "Certified" copy of any one document from those mentioned in list 1(Identification Documents) and at least one Certified copy 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.

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.