• Deposit available in Sterling, US Dollars and Euros
  • Minimum investment of £50,000 or $50,000 or €50,000
  • For individual investors only.

Fixed deposit rates for GBP applicable from the 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.

If you don't live in the UK and you wish to open an account, please bring the following with you when you visit us in person:

  • photo Identification
  • proof of your non-UK address
  • Income proof

Please bring two separate documents – we can't accept one document only as your proof of Identification and proof of non-UK address – and make sure they're the originals.

We accept the following documents only:

Photo Identification Proof of address
  • Current signed passport
  • Current driving licence
  • Identity card issued by a government agency
  • Council tax bill or equivalent (not more than 12 months old)
  • Utility bill (not more than three months old)
  • Current driving licence
  • Bank or credit card statement (not more than three months old)

If you are sending your application by post, please send us:

  • at least one certified photo Identification
  • at least one certified proof of address.

To certify your documents, you'll need to ask a banker, solicitor or public notary to sign them.

Download an application form

If you are a Non-Resident Indian living abroad but with an account at the State Bank of India in the UK, you may not have to pay tax on the interest on your account. To find out more, visit the HMRC site and download exemption form R105. Please note, the permanent overseas address you register on form R105 must tally with the overseas address you give us when you open your account.

  • Fixed deposit available only in Sterling, US Dollars and Euros
  • Minimum deposit £50,000 or $50,000 or €50,000
  • Deposit for up to 5 years
  • Available to existing and new State Bank of India (UK) customers
  • The Fixed Deposit is available to people aged 18 years and over.
  • Minimum deposit is £50,000/US$50,000/€50,000. The maximum amount that can be invested in this deposit 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.
  • The rate of interest is fixed for the entire period of the deposit. You can choose the period of the deposit based on the terms available at the time your Fixed Deposit Account is created.
  • Interest will be added to the deposit on every anniversary and paid at maturity.
  • 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 before maturity
  • This deposit scheme is available for a limited period and may be withdrawn at any time at our discretion.
  • Please click here for our General Terms and Conditions of Service.

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

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