- ACCESS YOUR FUNDS USING INTERNATIONAL DEBIT CARD
- EARN 2% AER* ON YOUR ACCOUNT.
- GROW YOUR MONEY WITH MONTHLY INTEREST.
- FREE MONEY TRANSFER TO INDIA FROM YOUR ACCOUNT.
- ONLINE BANKING.
Instant Access 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.
- Minimum balance required for opening the account is £500.00.
- Interest is paid on a monthly basis. However, interest will not be paid on balances below £500.00 or above the maximum limit of £5,000,000.
We reserve the right to close the account if balance in the account falls below the minimum specified amount. However, we would provide the customer a 30 days’ notice before closure.
- Interest will be paid after deduction of income tax at a rate specified by law, which currently is 20%. However, we will be able to pay gross interest to 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 instant access 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 account.
- Funds can be deposited into the account by cheque or Electronic transfer without any charge.
- Account can be managed by a visit to any branch or by post or using the online banking facility provided with the account
- An account will be opened only upon providing satisfactory identification and address verification documents together with proof of income, which may be in the form of a payslip.
- Account holders who maintain the minimum balance of £500.00 required for the account are eligible to transfer funds to India free of charge using SBI Express.
- Please click here for information on our General Terms and Conditions of Service.
* 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