Our easy-access current account features a range of benefits designed to support your growing small to medium-sized business. And, wherever business takes you, our international network of branches and specialist business advisors means we’ll be on hand to help.



Take advantage of:


  • 0% AER/gross variable
  • 25 FREE transactions every month*
  • No annual fee**
  • Convenient and instant access to your funds.

> Apply now – download an application form



*Terms and conditions apply

**Requires a minimum monthly average balance.

Current Account (Business) - Issue 3, 18 August 2016


Account balance Gross AER*
Any Amount 0.00% 0.00%

Here are our Business Current Account terms and conditions.


  1. The State Bank of India (UK) Limited Business Current Account is available only to micro, small and medium-sized enterprises (SMEs) and large businesses, which are incorporated in the European Economic Area (EEA).
  2. To open a Business Current Account, please include the relevant documents as per the application form.
  3. If you are maintaining the minimum balance of £10,000 or $100,000, you can make up to 25 free transactions each month, after which standard charges apply. Free transactions include issuing cheques, depositing cheques, direct debits, standing orders and transferring funds transfers faster payments.
  4. We will waive the annual fee when there is a minimum monthly average balance in your Business Current Account of £10,000.
  5. We do not pay any interest for your Business Current Account.
  6. You can make up to 25 free transactions each month, after which standard charges apply. Free transactions include issuing cheques, depositing cheques, direct debits, standing orders and transferring funds transfers faster payments. See a list of transaction charges.
  7. You can manage your Business Current Account in branch, by post or online.
A. CURRENT/ SAVINGS/ OVERDRAFT ACCOUNTS
1. Annual Maintenance Fee £80.00/ €120.00/ $160.00 per annum. (charged on account anniversary)
2. Transaction Charges 60p for each credit and debit on all Current and Overdraft Accounts levied on a quarterly basis.
3. Standing Orders A charge of £10.00, if the Standing order cannot be effected
4. Duplicate Statement of Account £3.00 per page, minimum £5.00.
5. Cheques/ Direct Debits returned unpaid by us £12.00 per item.
6. Cheques presented in clearing returned unpaid £10.00 per cheque.
7. Stop payment of a cheque £10.00 per cheque.
Maximum: £50.00
8. Issue of Banker's Cheque £10.00 per cheque.
9. Unauthorised overdraft If any of the account goes into over drawing (without any sanctioned limit in place): 10% above the Base Rate for the number of days the account remains overdrawn
B. REMITTANCES
1. Inland/ Foreign Remittances by Demand Draft/ Swift  
(i) Swift: £12.00/ €18.00/ $25.00 per payment to India
£25.00/ €40.00/ $50.00 per payment outside India
(ii) CHAPS: £25.00/ €40.00 per payment
2. Stop/ Cancellation or Amendment of Payment:  
(i) Draft: £12.00/ €18.00/ $25.00 per demand draft.
(ii) Swift: £15.00/ €23.00/ $30.00 per Payment
3. Faster Payment (formerly BACS): £1.00 per item; minimum £25.00
4. Cash Transactions: As in Item G4 below
C. DOCUMENTARY LETTERS OF CREDIT
(a) Letters of Credit Opened by us  
1. Opening of Letter of Credit Please contact your SBI UK branch for further details
2. Usance/ Acceptance/ Deferred Payment Please contact your SBI UK branch for further details
3. Forwarding £40.00/ €60.00/ $80.00.
4. Amendments £50.00/ €75.00/ $100.00 per amendment where no alteration in the time or value. Amendments in time or value will be charged as per rate for opening a Letter of Credit
5. Pre-advising £40.00/ €60.00/ $80.00.
6. Payments under our Letters of Credit 0.2%, minimum £50.00/ €75.00/ $100.00.
(b) Letters of Credit Advised by us  
1. Advising a Letter of Credit £50.00/ €75.00/ $100.00.
2. Pre-advising a credit £40.00/ €60.00/ $80.00.
3. Advising an Amendment £40.00/ €60.00/ $80.00 per amendment.
4. Confirming a Credit (a) 0.30% per quarter or part thereof and
(b) Usance: 0.10% per month or part thereof
5. Payments under Letter of Credit 0.2%, minimum £50.00/ €75.00/ $100.00.
6. Payments under Clean/ Reimbursement Credit 0.05%, minimum £50.00/ €75.00/ $100.00.
Maximum: £2500.00/ €3750.00/ $5000.00
7. Transfer of Letter of Credit 0.4% of the amounts transferred, minimum £100.00/ €150.00/ $200.00.
8. Assignment of Letter of Credit 0.3% of the amounts assigned, minimum £100.00/ €150.00/ $200.00.
9. Acceptances/ Usance/ Deferred Payment Commission 0.1% per month, minimum £60.00/ €80.00/ $120.00.
D. COLLECTIONS
(a) Inward Bills
Bills received for collection on drawees in UK for payment/ acceptance
 
1. Documentary/ Clean Bills 0.2%, minimum £50.00/ €75.00/ $100.00, maximum £150.00/ €225.00/ $300.00 plus postage
2. Unaccepted/ Unpaid Bills £25.00/ €40.00/ $50.00 per month.
3. Issue of Delivery Order £40.00/ €60.00/ $80.00.
(b) Outward Bills  
1. Outward Bills for Collection 0.2%, minimum £50.00/ €75.00/ $100.00, maximum £150.00/ €225.00/ $300.00 plus postage
2. Foreign Currency instruments presented by us returned unpaid: £25.00/ €40.00/ $50.00 per instrument
E. GUARANTEES/ SURETIES
Issue of Inland/ Foreign Financial Guarantee/ Surety Please contact your SBI UK branch for further details
F. CREDIT FACILITIES
1. Arrangement fee for setting up of new limits/ enhancements against Bank's own Fixed Deposits 0.5% of facilities with minimum of £50.00/ €75.00/ $100.00
2. Arrangement fee for Renewal of limits against Bank's own Fixed Deposits 0.25% of facilities subject to a minimum of £50.00/ €75.00/ $100.00
3. Arrangement fee for setting up of new limits.enhancements Based on the Product terms. Please speak to SBI UK branch for further details
4. Fee for renewal of above credit facilities Based on the Product terms. Please speak to SBI UK branch for further details
5. If the arrangement is exceeded (the outstanding is in excess of the sanctioned limits) Interest of 10% above the Bank Rate for the number of days the account has run irregular.
6. Application fee for setting up of new limits/ enhancements (all limits other than against the bank's own fixed deposits) Applicable, will be provided by the bank at the time of application.
G. MISCELLANEOUS
1. Bankers reference (Status Enquiry) £25.00
2. Communication charges: Postage £10.00
Courier £25.00
Swift £20.00/ $40.00
Fax £5.00
3. Information/ certificate to be submitted to the Auditors of the constituents £40.00 for standard letter
£10.00 for each additional requirement e.g. Trade, Credit, Safe custody, etc.
4. Cash handling charges for deposit of cash £3.00 per thousand or part thereof, minimum £3.00 at the time of each instance. This is charged if the deposited cash is transferred out the same day
5. Customers requiring confirmations for receipts into accounts £10.00 per request.
6. Issue of chaser for Bills/ Payments First two chasers free, then £15.00/ €20.00/ $30.00 each instance thereafter.

Notes

  1. If you have availed any facility/ service and entered into a contract, which categorically states a rate different from the services mentioned above, the rate mentioned in the said contract would apply.
  2. The scheduled charges apply to normal transactions. Any other out of pocket expenses such as stamp duties, telephone charges, correspondent’s commission, etc., if any, on actual basis will be payable additionally.
  3. Wherever £ is used, it means GBP, € is used it means Euro and $ is used it means US$.
  4. In case of business denominated in Sterling, Euro and US Dollar, the tariff would be recovered in respective currencies. In case of other currencies (or if the Euro/ US$ rates are not mentioned), the tariff would be computed taking Sterling equivalent of the currency concerned.
  5. For any other services not listed herein, the customer may ascertain the charges in advance from the Bank in writing.
  6. The Bank reserves the right to amend the Schedule of Charges after due notice (in writing to customers at the last recorded address by ordinary post). A copy will be posted in the bank’s notice board.
  7. In case of any discrepancy in the bank charges or if it is not consistent with the contract with you, please bring it to the notice of the bank immediately.

Other Important Information

  1. Statements of Accounts are issued to all customers at least once each year, or at shorter intervals if requested by the account holders.
  2. Please note that Duplicate Statement will not be issued free of charge if Original Statement has not been received due to postal delays in the country of the Customer.
  3. In keeping with Money Laundering Directives, the Bank does not encourage cash transactions. its discretion, the Bank may refuse to pay cash if the customer is not able to provide satisfactory proof of identification and address and may refuse to accept cash without proof of its source.
  4. Account holders are reminded of their right that they may give instructions at any time that they do not wish to receive marketing material.
  5. All services listed herein may not be available at all of our branches in the UK. For queries please call your nearest branch.
  6. If you would like to receive charges information for any other service, not mentioned in this document, please contact your SBI UK branch for further details.

25,000 STATE BANK GROUP BRANCHES IN 37 COUNTRIES
500 MILLION CUSTOMERS | IN THE UK SINCE 1921


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 £85,000 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 £85,000 of their total deposits. For more information or clarification, visit our website www.sbiuk.com, call us on 0800 532 532, email to customerservices.sbiuk@statebank.com or visit your local SBI UK branch.

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