1. Who regulates the State Bank of India?
State Bank of India (SBI) is authorized and regulated by Reserve Bank of India and Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority (FCA) and limited regulation by Prudential Regulation Authority. SBI is entered on the Financial Services Register and its register number is 139156. SBI (UK) is registered in England and Wales (registered no: FC 004460, branch no: BR000696) as an overseas company, with a registered office at 15-17 King Street, London EC2V 8EA. For more details, please visit our Customer Care section.
2. Is SBI part of the Financial Services Compensation Scheme?
Yes, we’re covered by the Financial Services Compensation Scheme (FSCS), which 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.
An eligible depositor may claim up to £85,000 in deposits under the scheme. 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 each (totalling £170,000). 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 more information about the scheme, including amounts covered and eligibility to claim, please ask at your local branch, visit the FSCS website or call 0800 678 1100.
3. Can I open an NRI account in India from the UK?
4. Can I post queries about my Internet banking transactions on this site?
No. To ask a question, please log in to SBI (UK) Internet Banking and contact us. Alternatively, drop in to your local branch.
5. I’m not an SBI customer. Can I still use your money-transfer services to move funds from a UK bank account to an account in India?
Yes. Please visit our Money Transfer section to find out how. We would suggest, however, that you open an account with one of our UK branches to benefit from current exchange rates and ensure your destination account is credited quickly.
6. Can a draft in Indian Rupees be issued by your branches in the UK?
We can issue demand drafts in Indian Rupees to be payable at branches in India. However, our money-transfer service is a quicker, safer way to send payments to India.
7. What are the charges for drafts in Rupees?
Please visit our Charges page for details of Rupee-draft charges and other charges for sending money to Bangladesh, Nepal and Sri Lanka.
8. Where can I download SBI’s account-opening forms?
9. How to change communication address to my personal / business account?
- Visit one of our branches by providing a request letter along with an original photo identification (passport, full driving license) and original utility bill or bank statement. Please ensure that request letter is signed by all account holders and the address proof is not more than 3 months old.
- If a visit to a branch cannot be done, a request letter to be sent to the branch by post with the copy of your latest address proof. The branch will then contact you for conducting identification checks by asking security questions. The request will only be processed on successful completion of this identity checks.
10. When is the Customer Services helpline open?
We’re delighted to help you between Monday and Friday, from 9am to 6pm. Call us on 0800 532 532.
11. Can a customer trade shares via the SBI (UK) website either in India or in the UK using the SBI UK's website?
No, we don't offer this service. However, our NRI branch in Mumbai will be pleased to open a ‘‘Demat’' (dematerialized) account for you, which will enable you to trade shares. You can email them at firstname.lastname@example.org.
1. How do I open a personal/ business UK Account?
Personal accounts – You can open an account in person at one of our branches, by writing to one of our Branches, in addition we offer three accounts (Online Instant Access Savings Account, Online High Return Fixed Deposit and SBI Online Remittance Savings Account) which can be opened online. Please visit our website at www.sbiuk.com for more details.
Business accounts - You can open an account in person at one of our branches.
2. What are the documents required to open a personal/ business UK Account?
For personal customers who are interested in opening an account in our branches or by post, please visit our website for details of the documents required to open an account.
3. How to open a ‘Term Deposit Account’ in the UK?
To open a term deposit you need to transfer the amount in your SBI Savings or Current account and submit a request to your local branch. To know more about the rates on our term deposits or how to open a Current or Savings account refer to personal section in our website.
4. My money is not reflecting into my SBI UK account that was transferred from another UK Account and vice versa ?
Within UK funds transfer can take between 2 hours to 24 hours, and will depend on the clearing bank.
As soon as the funds will reach your SBI UK account, it will be reflecting in your balance, however if it is taking longer, please check with your Bank from where the funds have been transferred.
To check your SBI UK account log in to your internal banking, call our call centre or get in touch with your local branch.
5. Can I buy and sell Indian Rupee notes at SBI (UK) branches?
No, but you can transfer money to India in Rupees, GBP, USD or Euros.
6. Can I open/close my SBI (UK) account from outside the UK?
Yes, you can open or close an SBI (UK) account from anywhere in the world:
- To open an account, please see how to open an account.
- To close your account, by posting us a letter to the branch signed by all the account holders together with a self-attested copy of your Identification proof. Please visit our General Terms and Conditions and read ‘Closing your Account’ (section 15).
7. How to add my partner to my existing SBI Account?
For adding your partner to your existing account you need to submit a letter confirming that you would like to add an additional applicant. An account opening form should be filled in and signed by the new applicant and also provide their original Identification and address proof which will be attested by the branch. If applying outside UK, please check our website www.sbiuk.com.
1. Who is an NRI?
Section 2(w) of FEMA, 1999 defines a 'person resident outside India' as a person who is not resident in India.
An individual shall be deemed to be a non-resident in following cases:
- When he stays in India for less than or upto 182 days during the preceding financial year. The period of stay may not be 'continuous' and the same shall be calculated by adding up the days of his stay in India during that financial year. Thus a student who goes for studies abroad and his stay in India during a financial year is less than 182 days, then he shall be treated as non-resident Indian for the next financial year. Similarly, tourists and all others who have gone out of India without the purpose of taking up employment or starting any business abroad, shall be treated as non-residents if, their stay in India during the preceding financial year was less than or upto 182 days.
- When he goes or stays outside India for any of the following purposes:
- For or on taking up employment outside India, or
- For carrying on outside India a business or vocation outside India, or
- For any other purpose, in such circumstances as would indicate his intention to stay outside India for an uncertain period.
In such cases, the person becomes a 'non-resident' irrespective of the period of his stay in India. It is pertinent to note here that while the period of his stay in India shall be reckoned for the preceding financial year, the event of going or staying abroad for any of the aforesaid purposes shall be reckoned for the current financial year.
2. How to open an NRI account?
Open an account with SBI UK for identification and servicing your account in India. Submit your NRI Account Opening form at a Branch along with an SBI UK Account Opening form with all requisite documents.
3. What are the kinds of bank accounts an NRI can hold in India?
As per FEMA Notification No.5/2000-RB, dated 3rd May 2000, an NRI can have a 'Rupee Account' and/or a 'Foreign Currency Account' in India as described below:
- NRE or NRO Current / Savings Banks / Recurring Deposit / Fixed Deposits accounts in Indian Rupees.
- FCNR (B) Term Deposits in USD, EURO, GBP, CAD, JPY and AUD.
4. What is the difference between NRE and NRO accounts?
- The interest income earned on NRO attracts income tax deduction at source in India, whereas interest income in NRE is tax free in India.
- Balances held in NRE accounts can be fully repatriated abroad, whereas funds in NRO account are partially repatriable (up to USD 1 million per financial year), subject to payment of taxes.
- Funds remitted from abroad or local funds which can otherwise be remitted abroad to the account holder can be credited to NRE accounts. Funds which do not qualify, under the Exchange Control regulations, for remittance outside India are required to be credited to NRO accounts.
5. Can a Non-Resident Indian (NRI) pensioner submit his life certificate from the UK to India?
Yes, if pension paying bank is SBI and pensioner is having a banking relationship with us, we can forward request of visiting pensioner to SBI India.
6. Can I take loans against my NRE Fixed Deposits / FCNR deposits?
Yes, Rupees loans are available only in India. Loan in UK is available against FCNR for business purposes only.
7. Can I open a Non-Resident Indian (NRI) account in India whilst I am in the UK?
Yes, SBI UK Branches facilitate account opening for Non-resident Indians.
You can apply by post after getting papers attested by notary or high commission.
We also offer facility to fill in online NRI Account form for more information please visit www.onlinesbi.com/nri
8. How I can use Internet banking for my NRI Accounts?
9. I have not received a Debit Card for my NRI account?
10. I have not received my cheque book for my NRI account?
Put a simple letter to SBI India where account is maintained for providing cheque book. Cheque book will come to registered address with SBI India from vendor.
11. What documents do I need to open a NRI account?
12. I need Term Deposit Details for my SBI NRI account?
Request the SBI Branch in India for detailed CIF wise statement or you can check through internet banking (view rights only needed).
13. I need a loan to purchase a property in India?
NRI home loan in INR in available from SBI in India for construction, renovation or purchase of house / flat. SBI UK facilitate NRI home loan for its account holders. For more details visit www.onlinesbi.com/nri or send an email to email@example.com or contact a Branch manager.
14. Are funds in NRE / NRO / FCNR (B) accounts repatriable?
Funds in NRE / FCNR (B) deposits accounts are fully repatriable, whereas funds from NRO account are partially repatriable (up to USD 1 million per financial year)
15. Can fixed deposits be closed prematurely?
For NRE Term Deposits, premature withdrawals permitted (conditional):
On pre-mature withdrawal of the Deposit (after completion of 1 year), interest will be calculated at applicable rate for the period the Deposit has actually remained with the Bank less applicable penalty as under:-
|NRE term deposits opened
|Before 1st January, 2012
|From 1st January, 2012
* The interest paid shall be 0.50% below the rate applicable for the period deposit has remained with the Bank or 0.50% below the contracted rate, whichever is lower.
- No interest is payable, if the deposit is withdrawn before one year.
For FCNR (B) fixed deposits, no interest is payable if the deposit is not kept with the bank for a minimum period of one year. If the deposit is kept for over one year, interest will be paid at the rate applicable for the period for which it has run less a penalty of 1%.
16. How to check the status of my NRO / NRE / FCNR (B) fixed deposit?
If you want to know status of NRO / NRE / FCNR (B) fixed deposit, you can either contact your home branch for the details or you can check it through your internet banking account.
Debit card queries
1. Can I use my state bank of India UK debit card for free, or will I be charged?
You can use your State Bank of India UK Debit card free of charge in all UK bank ATMs. However, you might incur a usage charge at non-bank ATMs.
2. Can I use my State Bank of India UK debit card in India?
Yes, you can use your debit card for free at over 40,000* State Bank of India-group ATMs across India.
3. Do I need to tell you when I am traveling abroad?
Yes, since your account is monitored for unusual activity, please tell us when you're traveling abroad so we know when to expect international card use - otherwise your debit card could be blocked due to fraud prevention. Please note, we automatically block accounts for unusual foreign transactions, so let us know before you travel, and also when you are back in the UK. It will only take a few minutes to set up, and it will reduce the chance of us declining a holiday transaction on your debit card. Simply call Customer Services on 0800 532 532 if calling from UK, and 00 44 207 454 4338 from outside UK. If you have a joint current account you will both need to notify us for each card.
4. Can I use my State Bank of India UK debit card for telephone transaction or mail order?
No, unfortunately, you cannot use your State Bank of India UK debit card for telephone or mail order transactions (i.e., transactions where only the card number is written with/without a signed authorisation). You can only use your State Bank of India UK debit card where it can be physically swiped, or through merchant sites that mandate Mastercard SecureCode.
5.How do I register for MasterCard Secure Code?
6. I’ve received my debit card what is the next step?
Please call our call centre on 0800 532 532 , Monday to Friday 9am-6pm, to confirm the safe receipt of your debit card and request for your PIN. The PIN will be sent to you within 3-5 working days from the time you have called us. On receipt of your PIN, please use your debit card first in an ATM in UK to activate your card. You can do so by either withdrawing cash, balance enquiry or by changing your PIN .
7. What is the daily limit for using SBI UK debit card?
Withdraw up to £ 300 / day from any ATM and up to £5000 a day for point of sale and online transactions as long as you have sufficient funds in your account.
8. How do I change my PIN?
You can change the PIN at any ATM machine in UK, once you’ve entered your existing PIN.
9. My card has been lost / stolen. What should I do?
If your card is lost or stolen, contact us immediately on 0800 532 532. Please ensure to keep the account number in hand for better service. You’ll also get replacement debit cards upon request to UK contact centre on 0800 532 532 and it should reach you in 7 to 10 working days. The new card we send you will have a different number. So if you’ve registered your old card’s details anywhere – eg with online shopping sites or for regular payments such as your gym memberships or insurance premiums – please contact the companies and give them your new card details.
10. Will I get charged for using my debit card at ATM?
IN UK: Free cash withdrawal while using any of the High Street Bank ATM which has MasterCard logo on it.
SBI ATM – India
Free cash withdrawal and better conversion rate while using SBI ATM in India.
In case if you see any charges for using SBI ATM in India, these charges will be reversed back into your account.
Charges apply for all other ATM / POS transactions outside UK.