A simple Instant Access Savings Account that helps you save when you want and how you want. Not only does it offer flexible savings, but if you keep a minimum £500 balance in your account you can easily transfer funds to India for free.**

At a glance:

  • Access your money instantly –­ no notice period or withdrawal penalty
  • Boost your savings with monthly interest and great rates
  • Access your savings anywhere with an international debit card1
  • Withdraw funds for free at UK ATMs and State Bank group ATMs in India2
  • Transfer money home to India whenever you like, for free3
  • Easily manage your savings account online using Internet banking

Am I eligible?

Before you apply, check that you meet the eligibility requirements.

  • You are over 18 years old
  • You are a UK resident for tax purposes
  • You have a permanent UK address
  • You don’t already have a sole or joint State Bank of India Instant Access Account

If all of these statements are correct, you can apply for our Instant Access Savings Account.

Just check which documents you’ll need and complete our application form.

Check which documents you’ll need  >

** Free for Instant Access Savings Account holders meeting minimum monthly balance requirements

1 Charges and fees apply, find out more at http://www.sbiuk.com/personal/savings-account/tariff-of-charges

2 Card accepted in all ATMs displaying a MasterCard logo

3 Provided the minimum balance is maintained in your account.

Instant Access Savings Account - Issue 6

Account balance Up to 31st May 2017 With Effect from 1st June 2017
Gross rate (monthly interest
before the deduction of income tax)
AER* Gross rate (monthly interest
before the deduction of income tax)
£0 - £499 0.00% 0.00% 0.00% 0.00%
£500 - £5,000,000 0.75% 0.75% 0.50% 0.50%
Above £5,000,000 0% 0.00% 0.00% 0.00%

Please be aware that the rate of this account will change to 0.50% w.e.f 1st June 2017.
All accounts opened before the 1st June 2017 will accrue the interest rate of 0.75% up until the 31st May 2017, the interest rate of your account will be reduced on the 1st June to 0.50% (This will affect all account holders of this product).

Monthly interest payment. Variable rate.

Interest will not be paid on account balances over £5,000,000.

*AER stands for Annual Equivalent Rate and illustrates the interest rate if it was paid and compounded once a year. Gross is the contractual rate payable before the deduction of income tax at the rate specified by law.

  • 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.
  • A minimum balance of £500 is required to open the account.
  • Interest is paid monthly, but not on balances below £500 or above the maximum limit of £5,000,000. The monthly minimum balance is based on the previous month’s average balance, by totalling the daily balance in the previous month and dividing this by the number of days in the previous month.
  • We reserve the right to close the account if the balance in the account falls below the minimum specified amount. We would give you 60 days’ notice before doing this.
  • 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 Account can be opened by an individual. If you open a joint account, the same joint account holders cannot open another joint Instant Access Account.
  • Funds can be deposited by cheque or electronic transfer without any charge.
  • You can manage your account in any branch, by post or by using the online banking facility provided with the account.
  • We’ll open an account for you only when we have seen satisfactory proof of your ID, address and income, which may be in the form of a payslip. See a complete list of documents we accept
  • If you maintain the minimum balance of £500 required for the account you are eligible to transfer funds to India free of charge using the State Bank of India remittance service.

    For more information see our General Terms and Conditions of Service.

How to apply

It’s quick and easy to apply. Before you do, check you are eligible for this account.

Now check which documents you’ll need and complete our application form.

Check which documents you’ll need  >

Any questions?

Call centre opening hours are:
Monday, Tuesday, Wednesday, and Friday - 9am to 6pm
Thursday - 9am to 5pm effective from 02 March 2017
Saturday - 9am to 3pm
Sunday - Closed

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