SBI Online Remittance Savings Account

SBI Online Remittance Savings Account - issue 4 (for new customers only)

Please click here to Open your SBI Online Remittance Savings Account

Benefits of the SBI Online Remittance Savings Account

  • Account managed online only
  • Free online money transfer to India with confirmed exchange rate 24 x 7
  • No minimum balance requirement. Interest paid on balances above £500 and below £1,000,000
  • Interest paid on a monthly basis
  • Debit card provided only to the primary account holder if requested
  • Available to an individual, 18 years or over, who is ordinarily resident in the UK for tax purposes and has a permanent UK address
  • Deposits protected under the Financial Services Compensation Scheme
  • Remit up to £25,000 online daily to India

Rate

Account balance Gross Rate*
(Monthly Interest before the deduction of Income Tax)
AER**
£0-£499 0.00% 0.00%
£500-£1,000,000 1.24% 1.25%
Above £1,000,000 0.00% 0.00%

SBI Online Remittance Savings Account - Terms and conditions

  • 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 at www.hmrc.gov.uk
  • 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 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
  • Daily payment transactions over £25,000 and changes of personal details cannot be completed online and will need to be arranged either in person at an SBI UK Branch or in writing. We will require additional documents to process these transactions.
  • Please click here for information on our General Terms and Conditions of Service.
  • Subject to Know Your Customer (KYC) conditions being met.
Click here to Open Your Account Chutki Mein

** AER - Stands for Annual Equivalent Rate and illustrates the interest rate if it was paid and compounded once each year.

* Gross is a contractual rate payable before deduction of income tax at rate specified by law.
Free cash withdrawals from SBI ATMs in India & UK ATMs with MasterCard logo. Charges apply for international transactions
Please click here to Open your SBI Online Remittance Savings Account
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