Find out all you need to know about our popular accounts for young people, the Jumbo Junior Account and Young Adult Instant Access Savings Account.

How the account works

1. Are there any age restrictions?

The Jumbo Junior Instant Access Account is for children under 16; once 16, a child isn’t eligible to hold this account. For instance, you can open a Jumbo Junior Instant Access Savings Account for a child aged 15 years and 6 months, but not for a Young Adult aged 16 years and 1 month (although the Young Adult would be able to open a Young Persons Instant Access Account).

The Jumbo Junior Fixed Deposit is available to children aged up to and including 15. However, the fixed-deposit term can’t extend beyond the child's 16th birthday, as the deposit must mature before the child reaches 16.


2. How do I set up an account?

The Jumbo Junior Instant Access and Jumbo Junior Fixed Deposit accounts are both arranged on a ‘bare trust’ basis until the child reaches 16. There will be either one or two trustees who control the account. At 16, the child gains full control of the account.

3. Who can be a trustee?

Anyone who is aged 18 or over and resident in the UK for tax purposes, with a permanent UK address.


4. What is the minimum and maximum number of trustees?

The account must have either one or two trustees.


5. Do the trustees have to fund the account?

No. Although we’d generally expect the person funding the account to be one of the trustees, this isn’t mandatory.


6. Does the account offer a debit card or cheque book?

No.


7. Does the account allow online transactions, such as money transfers?

No. Online access isn’t provided. Jumbo Junior Account trustees can arrange withdrawals by completing a withdrawal slip and dropping it into a branch or posting it to us.


8. How do I open an account?

You can apply for a Jumbo Junior Account at one of our branches – see SBI (UK) branches – or by sending a completed application form by post. Please remember to enclose the necessary verification documents.

9. What documents will you need?

We’ll need a completed application form and verification documents.

10. What verification documents should I send for a child under 16?

Please send one of the following in the child’s name:

  • Birth certificate
  • Passport
  • NHS Medical Card
  • Child Benefit documentation
  • Child Tax Credit documentation

11. What verification will the trustees need to provide?

If the account trustees are new SBI (UK) customers and are personally visiting our branch, they should bring two types of original documents:

  • Photo Identification document that contains proof of trustee(s) identity.
  • Document that contains proof of trustee(s) address.

For a list of acceptable documents please see below or contact your nearest branch. See SBI (UK) branches.

  1. Verifying your identity:
    • Current signed passport
    • Current full UK photocard driving licence
    • UK armed forces Identification card
    • Identity card issued by the electoral officer for Northern Ireland.
  2. Please note: if you provide any of the above documents as proof of identity, you must use a different document for proof of address.

  3. Verifying your address:
    • Council tax bill (within the last 12 months)
    • Utility bill (within the last 3 months)
    • Current full UK photocard driving licence
    • Bank or building society statement (less than 3 months old)

If you’re sending the application form by post, please send certified copies of these documents. They can be certified by a banker, solicitor, chartered accountant or public notary.

To comply with money-laundering regulations, we may ask a credit reference agency to carry out an identity check on a trustee when the application is made. This information won’t be available to anyone else and won’t affect the trustee’s credit-rating.

If you’re acting as a trustee and you’ve been at your current address for less than three years, we’ll ask you to provide details of your previous address.

12. How do I pay money into the account?

By cheque or electronic transfer. If ‘Mr and Mrs Smith’ were the trustees and ‘John Davies’ was the child, the cheque or transfer should be made payable to ‘Mr and Mrs X Smith re John Davies’.

13. What verification checks will be made on existing customers?

If a trustee already holds an existing SBI (UK) account but doesn’t already act as trustee for a child’s account, please complete a new children’s account application form. We’ll try to use existing verification documents for the trustee, but if these need updating, we may ask for additional proof. Please contact your nearest branch for more information.

If a children’s account is already open and the same trustee(s) want to open a second account for the same child, we won’t need a new application form. Instead we’ll ask for a signed letter from the trustee(s) requesting that the new account is opened on the same basis as the existing children’s account. One of our branches will contact you if any details need ironing out.

14. Can the child withdraw money from the account?

Not until he or she reaches 16.

15. Can anyone withdraw money from the account?

With our Jumbo Junior Fixed Deposit Account, no withdrawals can be made during the term of the deposit. On maturity, we transfer the funds into the Jumbo Junior Instant Access account.

With our Jumbo Junior Instant Access Savings Account, trustees can withdraw money at an SBI (UK) branch. If there are two trustees, both must go to the branch at the same time to request a withdrawal and confirm that withdrawn funds will be used for the benefit of the child holding the account.

Please use our child account withdrawal slip to request a withdrawal (they’re also available from your branch). All account trustees must complete the form.

Interest, charges and deposits

1. Is interest paid gross or net of income tax?

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.

2. What if the parents are not the trustees?

The R85 must be completed by the child’s parent or guardian whether they’re trustees of the account or not.

3. How do I know if I should ask for interest to be paid gross to my child?

This depends on his or her income. For more information about completing an R85 form on behalf of your child, please visit the HM Revenue and Customs website.

4. Do any special rules apply if the interest is over £100 a year?

Yes. If gifts from a parent produce more than £100 gross income a year, HM Revenue and Customs normally taxes all the gift income as that parent's income. A child cannot claw back tax on this income. Moreover, interest-paying accounts can’t be set up to have interest paid without the tax taken off. The £100 rule applies separately to each parent. (Information valid at March 2013.)

5. What if I have more questions about the £100-a-year rule?

Please contact your local HM Revenue and Customs office or visit the HM Revenue and Customs website.

6. What are the minimum balance amounts?

For our Jumbo Junior Instant Access Account the initial minimum deposit is £100. To accrue interest, this must be maintained for the full duration of the product. For our Jumbo Junior Fixed Deposit Account, the initial minimum deposit is £1,000.

7. What happens if the account falls below the minimum balance amount?

With our Jumbo Junior Instant Access Account, no daily interest will accrue to the account if the balance falls below the minimum £500 (e.g. as a result of withdrawals). If deposits are then made which raise the balance to £500 or more, daily interest will accrue from that time.

8. What happens if the account falls below the minimum balance amount?

With our Jumbo Junior Instant Access Account, no daily interest will accrue to the account if the balance falls below the minimum £500 (e.g. as a result of withdrawals). If deposits are then made which raise the balance to £500 or more, daily interest will accrue from that time.

With our Jumbo Junior Fixed Deposit Account, no withdrawals can be made during the term of the deposit. At maturity, we transfer the savings into the Jumbo Junior Instant Access Savings Account.

9. Are there any charges for this account?

There are no charges for the standard features. Additional services may incur charges – please see our Tariff of Charges for details.

10. Can additional deposits be made to the account?

With our Jumbo Junior Instant Access Account, you can make additional deposits by cheque, cash or electronic transfer. There’s no minimum amount for additional deposits, provided you maintain the minimum balance.

With our Jumbo Junior Fixed Deposit Account, you can’t pay in additional amounts during the deposit term – though you might be able to open a new Jumbo Junior Fixed Deposit Account, depending on product availability and the age of your child. Please note that your total deposit amount can’t exceed £100,000 across all Jumbo Junior Fixed Deposit and Jumbo Junior Instant Access Accounts held with us.

What happens when the child reaches 16?

1. What happens when the child reaches 16?

For the Jumbo Junior Instant Access Account:

  • About 8 weeks before the child reaches 16, we’ll write to the trustees and explain that when the child reaches 16, we’ll suspend the Jumbo Junior Instant Access Account and offer the child the opportunity to open a new Young Adult Instant Access Account. The child will be able to withdraw funds from these accounts once they turn 16.

  • About 4 weeks before the child reaches 16, we’ll write to the child and invite them to open a new Young Persons Instant Access Account when they reach 16. The child will be able to access savings held within the new Young Persons Instant Access Account.

  • When the child reaches 16, we’ll suspend the Jumbo Junior Instant Access Account until a new account is opened. We’ll send any correspondence to the child. Please note that, while the account is suspended, no transactions will be possible except for withdrawals. The account will continue to earn interest while suspended; this will be paid after income tax has been deducted at the legal rate (currently 20%).

  • If the child wants to withdraw funds from the Jumbo Junior Instant Access Account after reaching 16, they should call in to one of our branches, carrying suitable Identification such as:

    • a previous letter or statement from SBI (UK) about the account

    • a verification document with signature

    • a verification document with photo.

We’ll accept a single verification document, such as a passport, if this contains both a photo and signature.

Please note that, when the child reaches 16, the trustees will no longer control the account.

A:The Jumbo Junior Fixed Deposit Account

These accounts will generally mature before the child’s sixteenth birthday (although it’s possible that a Jumbo Junior Fixed Deposit account could mature on the child’s 16th birthday, and not a day after). At maturity, the account funds will be switched into the Jumbo Junior Instant Access Account.

How the accounts works

1. Are there any age restrictions?

Our Young Adult Instant Access Savings Account is available to young people aged 16 or 17 (i.e. up to the age of 18).

2. How is the account set up?

This account is set up in the name of the young person, who controls it throughout (that is, he or she can make withdrawals and close the account).

3. Does the account offer a debit card or cheque book?

No.

4. Does the account allow online transactions, such as transfers?

No. Online access is not provided.

5. How do I open an account?

Please apply for an account through an SBI (UK) branch or by post. If you’re the beneficiary of a Junior Instant Access Account, we’ll invite you to open a Young Person’s Instant Access account when you reach 16. When the account is open, we’ll arrange to transfer all Junior Instant account funds to your new Young Adult Instant Access Account.

New applicants can open this account by electronic transfer or a cheque payable to the young adult, once the account application form and identity checks have been completed.

6. What Identification will be needed to open a new account?

Please provide one of these documents in the name of the Young Adult:

  • Birth certificate;
  • Passport;
  • NHS Medical Card;
  • Child benefit documentation;
  • Child Tax Credit documentation;
  • National Insurance Card.

7. What other checks will be made?

If you want to make a withdrawal, you’ll need to do this in person at your branch. We may ask you to confirm your personal details before helping you with your withdrawal. This could include providing an official document with both your photograph and signature, such as a passport.

8. Are the accounts covered by the Financial Services Compensation Scheme?

SBI (UK) is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a bank is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.

An eligible depositor is entitled to claim up to £75,000 on deposits. For joint accounts, each account holder is treated as having a claim on their share – so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £75,000 each, totalling £150,000. The £75,000 limit relates to the combined amount in all the eligible depositor's accounts with the State Bank of India (UK), including their share of any joint account, and not to each separate account.

For more scheme details (including amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website or call 0800 678 1100.

9. Can the young adult withdraw money from the account?

Yes, through their SBI (UK) branch – please see a list of SBI (UK) branches. We might ask them for suitable Identification.

Charges, interest and deposits

1. Can the young adult withdraw money from the account?

There are no charges for the standard features. Additional services may incur charges – please see our Tariff of Charges for details.

2. Is interest paid gross or net of income tax?

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.

3. Are there any special rules, if interest is over £100 a year?

Yes. HM Revenue and Customs applies special rules if the savings have been given by a parent. If gifts from a parent produce more than £100 gross income a year, all income from the gifts is normally taxed as that parent's income. A child cannot claw back tax on this income. Moreover, it’s not possible to set up accounts that will pay interest without deducting tax. The £100 rule applies separately to each parent and to children aged under 18, but does not apply if the child marries before reaching 18. (Information valid at March 2013. Please check the current position with HMRC.)

4. What if I have more questions about the £100-a-year rule?

Please contact your local HM Revenue and Customs office or visit the HM Revenue and Customs website.

5. What are the minimum deposit amounts?

The initial minimum deposit is £500 for new accounts. If the account is opened with funds from a Junior Instant Access Savings Account, there will be no minimum deposit, but interest only accrues on balances of £500 or more.

For all Young Adult Instant Access Savings Accounts, no daily interest accrues if the balance falls below £500 (e.g. as a result of withdrawals). If subsequent deposits are made that raise the balance to the minimum £500 or higher, daily interest will accrue to the account from this time.

What happens at 18

1. What happens when the young adult reaches 18?

About 4 weeks before the young adult reaches 18, we will write to the young person and explain that we’ll suspend the account and invite them to apply for a new Instant Access Account. This is our SBI (UK) Instant Access Savings Account.

Once the account is opened, we’ll transfer funds from the Young Adult Instant Access into the new account. The new account will allow online access and online transfers and offer the option of a debit card.

When the young adult reaches 18, we’ll suspend the Young Adult instant access until a new account is opened. No transactions will be permitted, except withdrawals. The account will continue to earn interest while suspended. If the child wishes to withdraw proceeds from the Young Adult Account after reaching 18, (s)he should arrange this through the branch and we’ll ask to see verification documents. For a list of valid verification documents, please refer to the question below.

2. What verification documents are needed if after reaching 18, the young adult asks to withdraw funds from the Young Adult Instant Access Account at the branch (i.e. a new Instant Access Account is not opened)?

In this case, we’ll ask for the following Identification (unless we already hold up-to-date verification documents):

  • a previous letter or statement from SBI (UK) about the account;
  • a verification document with signature;
  • a verification document with photo.

We’ll accept a single verification document, such as a passport, if this contains both a photo and signature.

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