1. Who regulates State Bank of India UK?

    Authorised and regulated by Reserve Bank of India and Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority (FCA) and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority and Financial Conduct Authority are available from us on request. State Bank of India is a member of the Financial Services Compensation Scheme established under the Financial Services and Market Act 2000. The Financial Services Compensation Scheme protects deposits held with our UK branches. Payments under this scheme are limited to £75,000 of your total deposits with us in the UK. In practice, this means that each eligible depositor will be compensated up to a maximum of £75,000 of their total deposits. For more information and clarification, visit us at our website www.sbiuk.com or visit your local branch.

  2. Is State Bank of India in the UK covered by the Financial Services Compensation Scheme (FSCS)?

    State Bank of India is a member of the Financial Services Compensation Scheme established under the Financial Services and Market Act 2000. The Financial Services Compensation Scheme protects eligible deposits held within our UK branches. Payments under this scheme are limited to £75,000 of your total deposits held with us in the UK. In practice this means that each eligible depositor will be compensated up to a maximum of £75,000 of their total deposits.

    For further information about the scheme (including amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website www.fscs.org.uk or write to the FSCS at: The Financial Services Compensation Scheme, 7th Floor, Lloyds Chambers, Portsoken Street, London, E1 8BN.

  3. What is the process if you have a complaint?

    If you are not completely happy with our service, let us know. It gives us the opportunity to put matters right for you and improve our service for everyone. If you have reason to make a complaint, in the first instance, you can approach your Branch Manager who will ensure your needs are attended to as soon as possible. Alternatively, you may contact our Complaints Department in the following ways:

    • In writing

      You can write to the Complaints Department at the address below:
      The Complaints Department, State Bank of India, 15 King Street, London, EC2V 8EA

    • Email

      You can also email them at: customercare.sbiuk@statebank.com

    • By Telephone

      If you’d prefer to talk to us directly, telephone our free phone number 0800 532 532 (UK only) any time Monday to Friday between 9.00am and 6.00pm. You can discuss the matter with our Customer Services team who will arrange for a member of the Complaints Department to investigate and respond to your complaint.

Current Account

Current Account
Account name Current Account
Interest rates No interest is paid on the account.
Tax status No interest is paid on the account.
Conditions for bonus payable There is no bonus available on this account.
Withdrawal arrangements There is no notice period or penalty for withdrawal.
Access In branch or online.

Key product features:

  • You can access your funds using your international debit card both in the UK and abroad*
  • Free cash withdrawals from UK ATMs displaying the MasterCard logo and SBI ATMs in India
  • Cheque book and direct debit facility provided
  • 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 – Current Account

  • The Current Account is available to an individual aged 18 years and over who is ordinarily resident in the UK for tax purposes and has a permanent UK address.
  • Minimum balance required for opening a current account is £500.
  • No interest is paid on the Current Account.
  • The account can be managed by visiting any UK branch, by post or using the online banking facility provided with the account.
  • A Current Account will only be opened upon providing satisfactory identification and address verification documents, together with proof of income, which may be in the form of a payslip. We may also carry out a credit check with a credit reference agency when you apply for a Current Account. For the complete list of acceptable verification documents, please refer to:
    www.sbiuk.com/personal/current-account/how-to-open-an-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. These can be viewed through our website www.sbiuk.com

Please Note: Debit Cards are not issued to the current accounts opened prior to 2009

Instant Access Savings Account

Instant Access Savings Account
Account name Instant Access Savings Account
Interest rates For current interest rates visit:
www.sbiuk.com/personal/interest-rates
Tax status All the interest we pay you, on or after 6 April 2016 will be without any tax deducted i.e. paid at gross rate. If the total amount of interest you receive exceeds any Personal Savings Allowance to which you are entitled, it is your responsibility to ensure this tax is paid.
Conditions for bonus payable There is no bonus available on this account.
Withdrawal arrangements There is no notice period or penalty for withdrawal.
Access In branch or online.

Key product features:

  • Minimum balance - £500. Maximum balance - £5,000,000
  • You can access your funds using your international debit card both 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 - 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 of £5,000,000.
  • 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.
  • All the interest we pay you, on or after 6 April 2016 will be without any tax deducted i.e. paid at gross rate. If the total amount of interest you receive exceeds any Personal Savings Allowance to which you are entitled, it is your responsibility to ensure this tax is paid.
  • Only one 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 post or using the online banking facility provided with the account.
  • An Instant Access Savings Account will only be opened upon providing satisfactory identification and address verification documents together with proof of income, which may be in the form of a pay slip. We may also carry out an electronic identity check. For more information about this and a list of acceptable verification documents, please refer to: www.sbiuk.com/personal/savings-account/how-to-open-an-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. These can be viewed through our website www.sbiuk.com

Online Instant Access Savings Account

Online Instant Access Savings Account
Account name Online Instant Access Savings Account
Interest rates For current interest rates visit:
www.sbiuk.com/personal/interest-rates
Tax status All the interest we pay you, on or after 6 April 2016 will be without any tax deducted i.e. paid at gross rate. If the total amount of interest you receive exceeds any Personal Savings Allowance to which you are entitled, it is your responsibility to ensure this tax is paid.
Conditions for bonus payable There is no bonus available on this account.
Withdrawal arrangements There is no notice period or penalty for withdrawal.
Access 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 of £1,000,000.
  • 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.
  • All the interest we pay you, on or after 6 April 2016 will be without any tax deducted i.e. paid at gross rate. If the total amount of interest you receive exceeds any Personal Savings Allowance to which you are entitled, it is your responsibility to ensure this tax is paid.
  • 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. These can be viewed through our website www.sbiuk.com

*  Subject to Know Your Customer (KYC) conditions being met.

SBI Online Remittance Savings Account

SBI Online Remittance Savings Account
Account name SBI Online Remittance Savings Account
Interest rates Visit: www.sbiuk.com/personal/interest-rates
Tax status All the interest we pay you, on or after 6 April 2016 will be without any tax deducted i.e. paid at gross rate. If the total amount of interest you receive exceeds any Personal Savings Allowance to which you are entitled, it is your responsibility to ensure this tax is paid.
Conditions for bonus payable There is no bonus available on this account.
Withdrawal arrangements There is no notice period or penalty for withdrawal.
Access In branch or online.

Key product features:

  • 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

Terms and Conditions - SBI Online Remittance 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*.
  • 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.
  • All the interest we pay you, on or after 6 April 2016 will be without any tax deducted i.e. paid at gross rate. If the total amount of interest you receive exceeds any Personal Savings Allowance to which you are entitled, it is your responsibility to ensure this tax is paid.
  • 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.
  • The account can be managed by a visit to any branch or by using the online banking facility provided with the account.
  • SBI Online Remittance 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. These can be viewed through our website www.sbiuk.com

*  Subject to Know Your Customer (KYC) conditions being met.

Fixed Term Deposit

Fixed Term Deposit
Account name Fixed Term Deposit
Interest rates For current interest rates visit:
www.sbiuk.com/personal/interest-rates
Tax status All the interest we pay you, on or after 6 April 2016 will be without any tax deducted i.e. paid at gross rate. If the total amount of interest you receive exceeds any Personal Savings Allowance to which you are entitled, it is your responsibility to ensure this tax is paid.
Conditions for bonus payable There is no bonus available on this account.
Withdrawal arrangements There are no withdrawals permitted during the term of the deposit.
Access In branch or online.

Key product features:

  • Minimum investment of £10,000, US $10,000 or €10,000 to a maximum of £5,000,000 or equivalent for other currencies
  • Available in three different currencies, i.e. GBP, USD & EUR
  • You cannot add additional amounts to your Fixed Term Deposit during the term
  • The Fixed Term Deposit scheme is available for a limited period and may be withdrawn at any time at the discretion of the Bank

Terms and Conditions - Fixed Term Deposit

  • The Fixed Term Deposit 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 amount required for making a deposit is £10,000/ US $10,000/€10,000. The maximum amount that can be invested in this deposit is £5,000,000 or equivalent in other currencies.
  • If you do not already hold an Instant Access Savings Account or Current Account with us, you will be required to open one.
  • You cannot add additional amounts to your Fixed Term Deposit. However, you can open more than one Fixed Term Deposit, subject to availability.
  • The rate of interest is fixed for the entire period of the deposit. You can choose the period of the deposit based upon the terms available at the time of the creation of the Fixed Term Deposit.
  • The interest pay-out frequency is dependent on how long you choose to fix your deposit for. Details are below:

    Period of Fixed deposits Interest pay-out frequency
    Less than one year
    (1 month - 11 months)
    Monthly
    One year On maturity
    Over one year Interest will be added to the deposit on the anniversary and paid at maturity.
  • Those who want to deposit £50,000 or more for a term of 1 year or more, have the option of receiving interest monthly or annually. This is only available for Sterling deposits. The interest will be paid into your Savings or Current Account held with State Bank of India in the UK.
  • All the interest we pay you, on or after 6 April 2016 will be without any tax deducted i.e. paid at gross rate. If the total amount of interest you receive exceeds any Personal Savings Allowance to which you are entitled, it is your responsibility to ensure this tax is paid.
  • Deposits cannot be withdrawn before maturity.
  • The Fixed Term Deposit scheme will be available for a limited period and may be withdrawn at any time at the discretion of the Bank.
  • Our general terms and conditions apply. These can be viewed through our website www.sbiuk.com

Online Fixed Term Deposit

Online Fixed Term Deposit
Account name Online Fixed Term Deposit
Interest rates For current interest rates visit:
www.sbiuk.com/personal/interest-rates
Tax status All the interest we pay you, on or after 6 April 2016 will be without any tax deducted i.e. paid at gross rate. If the total amount of interest you receive exceeds any Personal Savings Allowance to which you are entitled, it is your responsibility to ensure this tax is paid.
Conditions for bonus payable There is no bonus available on this account.
Withdrawal arrangements There are no withdrawals permitted during the term of the deposit.
Access In branch or online.

Key product features:

  • For our current minimum and maximum deposit amounts and latest rates, please see our website www.sbiukonlinesavings.com
  • You cannot deposit additional amounts into your Online Fixed Term Deposit
  • This Online Fixed Term Deposit is available for a limited period and may be withdrawn at any time at the discretion of the Bank

Terms and Conditions - Online Fixed Term Deposit

  • The Online Fixed Term Deposit 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.
  • When you request to open an Online Fixed Term Deposit Account, we will also open an Online Instant Access Savings Account for you. You cannot add additional amounts to your Online Fixed Term Deposit Account. However, you may open more than one Online Fixed Term Deposit Account, subject to availability.
  • The rate of interest is fixed for the entire period of the deposit. Interest will be added to the deposit on the anniversary and paid at maturity. You also have the options of receiving interest monthly or annually and this will be paid into your Online Instant Access Savings Account held with us.
  • All the interest we pay you, on or after 6 April 2016 will be without any tax deducted i.e. paid at gross rate. If the total amount of interest you receive exceeds any Personal Savings Allowance to which you are entitled, it is your responsibility to ensure this tax is paid.
  • Deposits cannot be withdrawn before maturity.
  • This Online Fixed Term Deposit will be available for a limited period and may be withdrawn at any time at the discretion of the Bank.
  • Our general terms and conditions apply. These can be viewed through our website www.sbiuk.com

Jumbo Junior Instant Access Savings Account

Jumbo Junior Instant Access Savings Account
Account name Jumbo Junior Instant Access Savings Account
Interest rates For current interest rates visit:
www.sbiuk.com/personal/interest-rates
Tax status All the interest we pay you, on or after 6 April 2016 will be without any tax deducted i.e. paid at gross rate. If the total amount of interest you receive exceeds any Personal Savings Allowance to which you are entitled, it is your responsibility to ensure this tax is paid.
Conditions for bonus payable There is no bonus available on this account.
Withdrawal arrangements There is no notice period or penalties for withdrawal.
Access In branch or by post.

Key product features:

  • Save on behalf of a child with a Jumbo Junior Instant Access Savings Account
  • Earn a competitive rate of interest. For the latest interest rates visit
    www.sbiuk.com/personal/interest-rates
  • Manage your account through the branch or by post
  • The maximum amount that can be invested is £100,000 in total for each child across all Jumbo Junior Account products

Terms and Conditions - Jumbo Junior Instant Access Savings Account

  • The minimum amount required for opening an account is £100. The maximum amount that can be invested for any Child is £100,000 in total across all Jumbo Junior Accounts.
  • The Jumbo Junior Instant Access Savings Account is available to a Child aged younger than 16 years who is ordinarily resident in the UK for tax purposes and has a permanent UK address.
  • The account must be opened by either one or two adults, who must be named on the account as Trustee/s, who are aged over 18, resident in the UK for tax purposes and have a permanent UK address. The accounts are operated on a bare trust basis and the money will be held in trust for the benefit of the Child until the Child reaches 16 years of age.
  • As Trustee of a trust, whether existing or bare, all Trustees will have obligations to the Child and it is the Trustee’s responsibility to administer the trust in accordance with those obligations.
  • Interest is accrued daily and paid on a monthly basis.
  • We do not provide a debit card or online transaction capabilities for this account.
  • Money can be deposited into the account by way of cheque, electronic transfer or cash. The initial deposit must be made by way of either a cheque or electronic transfer.
  • When the Child reaches the age of 16, the trust ends and the Child will acquire full ownership of the savings. At this time we will suspend the Jumbo Junior Instant Access Savings Account for any future transactions (the account will continue to earn interest, although interest will be paid after deduction of income tax at rate specified by law, which is currently 20%) and invite the Child to open a new Young Adult Instant Access Savings Account.
  • In order to access their savings after the age of 16, the Child can either request a withdrawal through your local branch (appropriate verification will be required), or can apply to open a Young Adult Instant Access Savings Account (or equivalent account available at that time) in order for us to then transfer the proceeds from the Jumbo Junior Instant Access account into the new account. The Young Adult Instant Access Savings Account will be fully controlled by the Child and the Trustees will no longer be able to access or control the account. From this time onwards, the Child will have the option to:
    • retain the savings account with us.
    • withdraw some of the funds and retain the balance with us.
    • withdraw all of the funds.
    • discuss other saving options with us.
  • The rate of interest is variable and may be subject to change.
  • All the interest we pay you, on or after 6 April 2016 will be without any tax deducted i.e. paid at gross rate. If the total amount of interest you receive exceeds any Personal Savings Allowance to which you are entitled, it is your responsibility to ensure this tax is paid.
  • If the Child is eligible and under the age of 16 at the beginning of the tax year in which the payment of interest is made, the R85 can be completed on behalf of the Child, by either the Child’s Parent or Guardian. If completed, whilst the Jumbo Junior Instant Account remains open, we will continue to apply the R85 instruction until the Child reaches the age of 16, unless we receive instructions to the contrary. Please refer to HM Revenue and Customs (website address is www.hmrc.gov.uk/incometax/tax-free-interest) for guidance on R85 forms.
  • The Bank will not offer any loan against this product.
  • Deposits can only be withdrawn by one (if single trustee) or both trustees (if joint trustees). The trustees must confirm that all withdrawal proceeds will be used solely for the benefit of the Child (the beneficiary) by signing a withdrawal form which can be obtained at the branch. For more information please contact us on 0800 532 532 or refer to our website at www.sbiuk.com for branch opening times and contact details.
  • The Child cannot access their savings until they are 16 years old. Up until the Child reaches the age of 16, savings will be held in trust for the Child.
  • Our general terms and conditions apply. These can be viewed through our website www.sbiuk.com

Jumbo Junior Fixed Deposit Account

Jumbo Junior Fixed Deposit Account
Account name Jumbo Junior Fixed Deposit Account
Interest rates For current interest rates visit:
www.sbiuk.com/personal/interest-rates
Tax status All the interest we pay you, on or after 6 April 2016 will be without any tax deducted i.e. paid at gross rate. If the total amount of interest you receive exceeds any Personal Savings Allowance to which you are entitled, it is your responsibility to ensure this tax is paid.
Conditions for bonus payable There is no bonus available on this account.
Withdrawal arrangements There are no withdrawals permitted during the term of the deposit.
Access In branch or by post.

Key product features:

  • Save on behalf of a child with a Jumbo Junior Fixed Deposit Account
  • Earn a competitive rate of interest. For the latest interest rates visit
    www.sbiuk.com/personal/interest-rates
  • Manage your account through the branch or by post
  • The maximum amount that can be invested is £100,000 in total for each child across all Jumbo Junior Account products

Terms and Conditions - Jumbo Junior Fixed Deposit Account

  • The minimum amount required for opening a Jumbo Junior Fixed Deposit Account is £1,000. The maximum amount that can be invested for any Child is £100,000 in total across all SBI UK Jumbo Junior Accounts.
  • The Jumbo Junior Fixed Deposit Account is available to a Child aged up to and including 15 years old (for example on 1 January 2014, any Child with a date of birth on or before 31 December 1998 will not be eligible to apply) and who is ordinarily resident in the UK for tax purposes and has a permanent UK address.
  • The account must be opened by either one or two adults, who must be named on the account as Trustee/s, who are aged over 18, resident in the UK for tax purposes and have a permanent UK address. This account is operated on a bare trust basis, and the money will be held in trust by the Trustees for the benefit of the Child, during the term of the Fixed Deposit.
  • The Jumbo Junior Fixed Deposit Account term cannot extend to mature beyond the Child’s 16th birthday. This means that on the Child’s 14th birthday only the 1 and 2 year Jumbo Junior Fixed Deposit terms are available.
  • If you open a Jumbo Junior Fixed Deposit Account, you must open or already hold a Jumbo Junior Instant Access account with the same customer details (i.e. both the same Trustee/s and beneficiary).
  • As Trustee of a trust, whether existing or bare, all Trustees will have obligations to the Child and it is the Trustee’s responsibility to administer the trust in accordance with those obligations.
  • No withdrawals are permitted during the term of the deposit.
  • At maturity we will transfer the proceeds into the Jumbo Junior Instant Access Savings Account. The money will be held in trust by the Trustee/s for the benefit of the Child until the Child reaches 16 (for example, if the Child is aged 3 years old at the time the Trustee/s deposit in a 3 year deposit – the plan will mature when the Child is aged 6. The maturity proceeds will then be transferred into the existing Jumbo Junior Instant Access Savings Account automatically, unless there is an instruction to the contrary, where it will be held in trust by the Trustees until the Child reaches 16).
  • All the interest we pay you, on or after 6 April 2016 will be without any tax deducted i.e. paid at gross rate. If the total amount of interest you receive exceeds any Personal Savings Allowance to which you are entitled, it is your responsibility to ensure this tax is paid.
  • You cannot add additional amounts to the Jumbo Junior Fixed Deposit Account. However, more than one Jumbo Junior Fixed Deposit Account can be opened for the same beneficiary provided that the maximum total does not exceed £100,000 across all SBI UK Jumbo Junior Accounts.
  • The rate of interest is fixed for the entire period of the deposit.
  • Interest is calculated annually and will be paid at maturity (for 1 year deposits) or added to the deposit on the anniversary of the deposit (for terms longer than one year).
  • SBI UK does not provide a debit card or online transaction capabilities for this account.
  • The deposit must be made by way of either a cheque or electronic transfer.
  • If the Child is eligible and under the age of 16 at the beginning of the tax year in which the payment of interest is made, a HM Revenue and Customs R85 tax form can be completed on behalf of the Child, by either the Child’s Parent or Guardian. If completed, whilst the Jumbo Junior Fixed Deposit account remains open, we will continue to apply the R85 instruction until the Child reaches 16, unless we receive instructions to the contrary. Please refer to HM Revenue and Customs (website address is www.hmrc.gov.uk/incometax/tax-free-interest) for guidance on R85 forms.
  • The Jumbo Junior Fixed Deposit Account is available for a limited period and may be withdrawn at any time at the discretion of the Bank.
  • The Bank will not offer any loan against this product.
  • Our general terms and conditions apply. These can be viewed through our website www.sbiuk.com

Jumbo Junior Regular Saver

Jumbo Junior Regular Saver
Account name Jumbo Junior Regular Saver
Interest rates Visit: www.sbiuk.com/personal/interest-rates for rates. Rates are variable.
Tax status All the interest we pay you, on or after 6 April 2016 will be without any tax deducted i.e. paid at gross rate. If the total amount of interest you receive exceeds any Personal Savings Allowance to which you are entitled, it is your responsibility to ensure this tax is paid.
Conditions for bonus payable There is no bonus available on this account.
Withdrawal arrangements No withdrawals are permitted before maturity. The account can be closed prior to maturity, but we will apply an early closure fee of 0.5% based upon the closing balance (including all payments and interest accrued). If the account is closed mid-term, the early closure fee may result in you receiving less than your capital payments.
Access In branch or online.

Key product features:

  • Minimum Monthly deposit £50, Maximum £1,500.
  • Term 12 to 191 months.
  • Flexible monthly payment can be amended or skipped.
  • No more than one payment per calendar month but dates can be varied.
  • Access to savings, by closing account (0.50% fee applies).

Terms and Conditions - Jumbo Junior Regular Saver account

  • The minimum monthly payment is £50. The maximum monthly payment is £1,500.
  • The maximum amount that can be invested for any child is £100,000 in total across all SBI UK Junior accounts.
  • A maximum of one payment can be made in each calendar month.
  • You are not required to make a payment every month. If however, you do miss a payment, you cannot make up for missing that payment by exceeding the £1,500 limit or make more than one payment for that month. The limits still apply.
  • The term chosen will be fixed at the account opening stage and cannot be altered thereafter. The minimum term is 12 months and the maximum term is 191 months (15 years and 11 months). The term cannot extend beyond the child’s 16th birthday.
  • The Jumbo Junior Regular Saver is available to a child aged up to and including 15 (for example on 1 January 2014, any child with a date of birth on or before 31 December 1998 will not be eligible to apply) and who is ordinarily a resident in the UK for tax purposes and has a permanent UK address.
  • The account must be opened by either one or two adults, who must be named on the account as Trustee/s, who are aged over 18, reside in the UK for tax purposes and have a permanent UK address. This account is operated on a bare trust basis, and the money will be held intrust by the adult/s (trustees) on behalf of the child, during the term of the fixed deposit.
  • The Jumbo Junior Regular Saver cannot extend to mature beyond the child’s 16th birthday. This means that on the Child’s 14th birthday only a term up to 24 months is available.
  • To open a Jumbo Junior Regular Saver, you must open or already hold a Junior Instant Access account with the same customer details (i.e. both the same Trustee/s and beneficiary).
  • As Trustee of a trust, whether existing or bare, all Trustees will have obligations to the child and it is the Trustee’s responsibility to administer the trust accordingly.
  • No withdrawals are permitted during the term of the Jumbo Junior Regular Saver. The account can be closed mid-term, but we will apply an early closure fee of 0.5% based upon the closing balance (including all payments and interest accrued). If the account is closed mid-term, the early closure charge may result in you receiving less than your capital payments.
  • At maturity we will transfer the proceeds into the Junior Instant Access Savings account. The money will be held intrust by the Trustee/s on behalf of the child until the child reaches 16 (for example, if the child is aged 3 at the time the Trustee/s deposit in a 3 year regular saver - the plan will mature when the child is aged 6. The maturity proceeds will then be transferred into the existing Junior Instant Access account automatically, unless there is an instruction to the contrary, where it will be held in trust by the Trustees until the child reaches 16).
  • The rate of interest is variable. The rate will not fall below that available to a new Instant Access Savings Account customer (or similar account, in the event that this is withdrawn in the future).
  • Interest will be paid at maturity or early closure.
  • All the interest we pay you, on or after 6 April 2016 will be without any tax deducted i.e. paid at gross rate. If the total amount of interest you receive exceeds any Personal Savings Allowance to which you are entitled, it is your responsibility to ensure this tax is paid.
  • If the child is eligible and under the age of 16 at the beginning of the tax year in which the payment of interest is made, an R85 tax form can be completed on behalf of the child, by either the child’s Parent or Guardian. If completed, whilst the Jumbo Junior Regular Saver account remains open, SBI UK will continue to apply the R85 instruction until the Child reaches 16, unless SBI UK receives instructions otherwise. Please refer to HM Revenue and Customs (website address is www.hmrc.gov.uk/incometax/tax-free-interest) for any guidance on R85 forms.
  • SBI UK does not provide a debit card or online transaction capabilities for this account.
  • The initial payment can be made via cheque or electronic transfer.
  • Funds can only be deposited into the account via a standing order from the Jumbo Junior Instant Access Savings account. The initial deposit can be made by way of either a cheque or electronic transfer.
  • The Jumbo Junior Regular Saver is available for a limited period and may be withdrawn at any time at the discretion of the bank.
  • The Bank will not offer any loan against this product.
  • Please note that our general terms and conditions apply. These can be obtained from any of our Branches or can be accessed online through our website www.sbiuk.com

Young Adult Instant Access Savings Account

Young Adult Instant Access Savings Account
Account name Young Adult Instant Access Savings Account
Interest rates Visit www.sbiuk.com/personal-banking/personal/young-savers/young-adult-instant-access-savings-account for rates. Rates are variable.
Tax status All the interest we pay you, on or after 6 April 2016 will be without any tax deducted i.e. paid at gross rate. If the total amount of interest you receive exceeds any Personal Savings Allowance to which you are entitled, it is your responsibility to ensure this tax is paid.
Conditions for bonus payable There is no bonus available on this account.
Withdrawal arrangements There is no notice period or penalty for withdrawal.
Access In branch or online.

Key product features:

  • Earn a competitive rate of interest.
  • Manage your account at the branch.
  • Prior to your 18th birthday we will invite you to open a new Instant Access Savings account.

Terms and Conditions - Young Adult Instant Access Savings Account

  • For new customers the minimum amount required for making a deposit is £500. For existing Jumbo Junior Instant Access Savings Account beneficiary account holders, there is no minimum deposit. The maximum amount that can be invested for any Young Adult is £100,000 in total.
  • The Young Adult Instant Access Savings Account is available to any young person aged 16 or 17, who is ordinarily resident in the UK for tax purposes and has a permanent UK address.
  • Interest is paid on a monthly basis.
  • Funds can be deposited into the account by cheque, Electronic transfer or cash. The initial deposit must be made by way of either a cheque or electronic transfer.
  • The rate of interest is variable and may be subject to change.
  • All the interest we pay you, on or after 6 April 2016 will be without any tax deducted i.e. paid at gross rate. If the total amount of interest you receive exceeds any Personal Savings Allowance to which you are entitled, it is your responsibility to ensure this tax is paid.
  • We do not provide a debit card or online transaction capabilities for this account.
  • The Bank will not offer any loan against this product.
  • We will need to complete some verification checks before we can permit access to the Young Adult Instant Access Savings Account.
  • When you reach 18, we will suspend the Young Adult Instant Access Savings Account for any future transactions (but the account will continue to earn interest) and invite you to open a new Instant Access Savings Account.
  • In order to access the savings after you reach 18, you can either request a withdrawal through an SBI Branch (appropriate verification will be required), or can apply to open an Instant Access Savings Account (or equivalent account available at that time with SBI UK) in order that SBI UK can then transfer the proceeds from the Young Adult Instant Access account into the new account.
  • Please note that our general terms and conditions apply. These can be obtained from any of our Branches or can be accessed through our website at www.sbiuk.com

Savings Account
Product Summary & Terms and Conditions

Personal - Savings Account
Account Name Savings Account
Tax status All the interest we pay you, on or after 6 April 2016 will be without any tax deducted i.e. paid at gross rate. If the total amount of interest you receive exceeds any Personal Savings Allowance to which you are entitled, it is your responsibility to ensure this tax is paid.
Conditions for bonus payable Not Applicable
Withdrawal arrangements No notice period or penalties for withdrawal.
Access In branches, online or by post.

Terms and Conditions for Savings Account:

  • This account is available if you’re an individual aged 18 years or over, who is ordinarily resident in the UK for tax purposes and has a permanent UK address.
  • Interest will be calculated based on the daily closing balance and paid monthly.
  • 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.
  • All the interest we pay you, on or after 6 April 2016 will be without any tax deducted i.e. paid at gross rate. If the total amount of interest you receive exceeds any Personal Savings Allowance to which you are entitled, it is your responsibility to ensure this tax is paid.
  • Only one Savings Account can be opened by an individual. If you open a joint account, the same joint account holders cannot open another joint 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 post or using the online banking facility provided with the account.
  • A savings account will only be opened upon providing satisfactory identification and address verification documents, together with proof of income, which may be in the form of a payslip. We may also carry out a credit check with a credit reference agency when you apply for the account.
  • We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to eligible depositors if State Bank of India UK is unable to meet its financial obligations. For details on this scheme, please refer to the FSCS website- http://www.fscs.org.uk/
  • Our general terms and conditions apply. These can be viewed through our website www.sbiuk.com

Important Information for All customers – Fair Processing Notice

Please note that this is effective for all new customers from the date of account opening and for existing customers, w.e.f. August 1, 2016

As part of our application we may make identity enquiries which may involve credit reference agencies checking the details supplied against any particulars on any database (public or otherwise) to which they have access. They may also use your details in future to assist other companies for verification purposes. If I/we are affected by identity fraud (including the past cases), I/we agree to inform the bank in writing as I/we become aware.

Law enforcement agencies may access and use the given information. In order to prevent or detect fraud, the information provided in the application will be shared with fraud prevention agencies.

If you give us false or inaccurate information and we identify fraud, we will record this and pass it to fraud prevention agencies to prevent fraud and money laundering. We and other organisations may access and use from other countries the information recorded by fraud prevention agencies. Further details explaining how the information held by fraud prevention agencies may be used can be obtained in www.sbiuk.com/credit-reference or contacting us or the following fraud prevention agencies.

  • CIFAS, 6th floor, Lynton House, 7-12 Tavistock Square, London WC1H 9LT or log on to www.cifas.org.uk
  • National Hunter, PO Box 2756, Stoke-on-Trent, Staffordshire, ST6 9AQ or log on to www.nhunter.co.uk/

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