With a State Bank of India Fixed Deposit Account, you can invest from £10,000/ US $10,000/ €10,000 to £5,000,000 or other currency equivalent for up to five years. Just choose the deposit period that suits you.

At a glance:

  • Earn a high rate of interest
  • Deposit for up to 5 years
  • Minimum deposit £10,000 or US $10,000 or €10,000
  • No minimum for existing customers who re-invest matured deposits

Fixed deposit rates for GBP deposits from 6th March 2017

Period Gross rate
maturity/annual interest
One Year 0.50% 0.50%
Two Years 0.75% 0.75%
Three Years 1.00% 1.00%
Four Years 1.00% 1.00%
Five Years 1.50% 1.50%

Fixed deposit rates for USD deposits, 03 August 2016

Period Gross rate
maturity/annual interest
One Year 1.50% 1.50%
Two Years 2.00% 2.00%
Three Years 2.15% 2.15%
Four Years 2.40% 2.40%
Five Years 2.70% 2.70%

Fixed deposit rates for EUR deposits

Period Gross rate
maturity/annual interest
One Year 0.00% 0.00%
Two Years 0.40% 0.40%
Three Years 0.45% 0.45%
Four Years 0.60% 0.60%
Five Years 0.85% 0.85%

* The Annual Equivalent Rate (AER) illustrates the interest rate if it was paid and compounded once each year.

1. SBI Fixed Deposit Accounts

  • To qualify for a Fixed Deposit Account, you must:
    • be aged 18 or over
    • be resident in the UK for tax purposes
    • have a permanent UK address
  • The minimum deposit is £10,000 or US$10,000 or €10,000 and the maximum is £5,000,000 or other currency equivalent.
  • On maturity of the Fixed Deposit Account, the Fixed deposit will be renewed to another Fixed Deposit with a similar maturity period.

    However, you may instruct us to transfer the proceeds to the linked Current or Savings Account that you have with us. Such instructions should be received in writing by us at least 15 Working Days before the maturity date of a Fixed Deposit.
  • When you open your account, you choose the period of your deposit. The rate of interest is then fixed for this entire period.
  • Interest is paid at different intervals, depending on the period of deposit you choose. The following table shows when we pay interest:
  • Your fixed-deposit period When we pay interest
    One year At maturity
    Over one year Monthly, at each anniversary and at maturity

  • If you deposit £50,000 or more for a term of one year or more, you can opt to receive interest monthly or annually. (This only applies to sterling deposits.) We'll pay interest directly into your State Bank of India savings or current account.
  • 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.
  • Deposits cannot be withdrawn until they mature.
  • Our deposit accounts are available for a limited period and we may withdraw them at any time.

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

How to apply

To qualify for our Fixed Deposit Accounts, you must be aged 18 or over and resident in the UK for tax purposes, with a permanent UK address.

If all of these statements are correct, you're able to apply for our Fixed Deposit Accounts.

Any questions?

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