Instant Access Savings Account

Instant Access Savings Account, Issue 4

Benefits of the Instant Access Savings Account

  • Instant Access to your savings with attractive interest rates
  • Grow your Savings with monthly interest
  • Access your money with an International Debit Cardi
  • Free unlimited withdrawals at all bank ATMs in the UK and in State Bank group ATMs in Indiaii
  • Free money transfer to Indiaiii
  • Manage your account online using Internet Banking facility


Account balance Gross Rate*
(Monthly Interest before the deduction of Income Tax)
£0-£499 0.00% 0.00%
£500-£5,000,000 1.24% 1.25%
Above £5,000,000 0.00% 0.00%
Interest will not be paid on account balances above £5,000,000

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 monthly minimum balances below £500.00 or above the maximum limit of £5,000,000. The monthly minimum balance is calculated based on the previous month’s average balance, by totalling the daily balance in the previous month and then dividing this by the number of days in the previous month.
  • 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 of HM Revenue and Customs form R85 available from your local branch or the HM Revenue and Customs website at
  • 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.
  • You may deposit your savings 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. For the complete list of acceptable documents, please refer to
  • Account holders who maintain the minimum balance of £ 500.00 required for the account are eligible to transfer funds to bank accounts in India free of charge.
  • Please click here for information on our General Terms and Conditions of Service.
  • Please click here to download an account application form. For postal applications, please complete and return this form to any of our UK Branches, with your supporting documents (please see the link above for more information).
* 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.
i Charges and fees apply, please refer to the tariff of charges on our website at the below mentioned location for a list of applicable fee:
ii Card allowed in all ATMs displaying a Mastercard logo
iii from your account provided the minimum balance is maintained