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 Gross rate AER*
£0 - £499 0.00% 0.00%
£500 - £5,000,000 0.50% 0.50%
Above £5,000,000 0% 0.00%


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.

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.
What would the estimated balance be after 12 months based on a £1,000 deposit? On a deposit of £1,000, estimated balance would be £1,005.

This is based on:
  • Interest calculated daily and compounded monthly.
  • £1,000 being deposited in the account at the time it is opened and no further deposits or withdrawals being made over the 12 month period.
  • The interest rate as detailed on www.sbiuk.com/personal/interest-rates and doesn’t take into account any changes in the rate of interest over the 12 month period
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, post 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.

  • 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.
  • Interest is paid on the last working day of the month. If you place an outward transfer on a non-working day or withdraw funds from your account, after interest has been credited for the month, the system will adjust any overpaid interest to your account to reflect the change in balance at the end of the next 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?


Contact centre is now open 24/7.


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