We are making changes to all payment account as a result of the Second Payment Services Directive (PSD2), a payments related legalisation that is effective from the 13th January 2018.

To help you understand the key changes to your account, the below section summarise all the important changes and should provide the answer to any doubts you may have around these changes.

What is changing? How are we changing?
Payments made in error

If we receive a payment that has been paid into your account by error, we may return the money back to the payers account.

If we're unable to return the funds, we will share details about you and your account to help the payer recover the funds. You will be notified in these cases.

Account Information

You can ask us at any time through any of our channels for information regarding your payment account including payments in and out of your account.

We will continue to provide details of your transactions through our online banking platform, which you can access anytime. We'll continue to honour existing arrangements to provide statements in any other preferred format (Paper Based).

3rd party access

From January 13, 2018, you may be entitled to use certain services provided by regulated Third Party Providers (TPPs), for account information or payment initiation services.

We acknowledge that to benefit from some of the services offered by regulated TPPs you may be required to give your security details to them.

We advise you to be vigilant when giving your security details and check to see if the TPP is registered by the FCA, as they will be able to access your online banking and perform certain tasks in your Account. We will treat any instruction from a TPP as if it was made directly by you.

Our Liability*

We have restated the extent or our liability to you for unauthorised or incorrectly executed transactions. In some cases these changes are favourable to you - for example your potentially liability for the first £50 of an authorised transaction will fall to £35 going forwards.

However, you should read the terms carefully to understand where you may be liable for loss in excess of this, for example where you are fraudulent or with gross negligence fail to keep your account and security details safe or notify us in due time of a security breach.

Refusing a payment

The bank will refuse to accept a payment into your account, where we have reasonable grounds to do so relating to security concerns, suspected fraud or unauthorised use.

We will notify you of any refusal, unless such notification would be otherwise unlawful.

Charges for Payments in EEA

You will no longer have the option of paying the charges of the beneficiary for payments made within the EEA; all charges will be shared respectively.

Exchange Rate for Cross Border Payments

All cross border payments are made against State Bank of India's reference exchange rates for the relevant currency. These exchange rates will be disclosed to you at the time of execution, and will also be available at your respective branch.

Contacting in the case of fraud

If we become aware of a major operational or security incident that may affect you or your account, we will notify you as soon as practically possible.

Consent of use for data for payment services

We're updating our terms and conditions to make it explicitly clear that you give us your consent for the use to access, process and retain any personal information that you give for us to provide services relating to your payment account.

This will not impact any of the rights you or we have under data protection legalisation. You can withdraw your consent by ending your agreement with us.


We'll aim to respond to most of your payment related complaints within 15 working days of the complaint being submitted..


* These changes do not apply to corporate customers.


We have also made changes to our general T&Cs, that can be viewed at https://www.sbiuk.com/general-terms-and-conditions.

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