Your Account numbers and Swift / IBAN

In our earlier communication, we stated that your account number(s) and sort code(s) will remain the same, but, your SWIFT (BIC) Code and International Bank Account Number (“IBAN”) details will change as result of the transfer. Please note that, if you are sending or receiving payments within the UK, there will NOT be any changes and your existing direct debit and standing order instructions will be transferred to State Bank of India (UK) Limited.

Please note that SWIFT Code/IBAN details are required for accepting payments from outside UK and we request you to instruct your payers to transfer using the new Swift Code (SBOIGB2LXXX) and IBAN details. We are sending you the new IBAN for your accounts by post and you should receive this in the next few days. If you have not received the post by March 31, 2018 please contact us or alternatively you can view your IBAN via Internet Banking or Statements after April 1, 2018.

Rebranding of your bank

We are pleased to let you know that your bank is rebranding with a new logo, that is more contemporary in style, look and feel from April 1, 2018. The changes will be visible in our branches and across our marketing materials, including digital channels. Our new identity symbolises the bank’s progressive journey, ready to service a new generation of UK customers.

Looking forward to serving you better

We would like to take this opportunity to thank you for your continued custom with us. You will continue to enjoy the same level of service, including on your Savings accounts, Buy To Let mortgages, Safety Deposit Locker facility and India Remittance services with us. If you have any questions around these changes, then please visit www.sbiuk.com/subsidiary or, contact us using the telephone number 0800 532 532. If you would like this information in large print or in any other format, please contact us on 0808 168 0304.

Proposed transfer of part of the banking business of the UK branch of State Bank of India ("SBI").

A. THE PROPOSED TRANSFER

We intend to transfer a range of accounts currently provided by SBI (the "Transferring Business") from SBI's United Kingdom branch to a subsidiary company of SBI, State Bank of India (UK) Limited ("SBI UK") (the "Proposed Transfer"). A full list of the accounts to be transferred in Transferring Business can be found in paragraph 1.1 of the explanatory statement which summarises the banking business transfer scheme document.

The Proposed Transfer will have no impact on the terms, conditions, rights and obligations under any of the agreements that you currently have in place with the UK branch of SBI.


In order to meet the regulatory expectations following the release of the Prudential Regulation Authority’s (“PRA”) Supervisory Statement SS10/14 (Supervising international banks: PRA’s approach to branch supervision), which sets out the PRA's risk appetite for retail deposit-taking in non-EEA branches, we have decided to transfer the Transferring Business to an authorised subsidiary in the UK. In order to effect this, SBI has set up SBI UK as its subsidiary, which is authorised to accept deposits and to carry out banking business in the UK.


The Proposed Transfer is being carried out under Part VII of FSMA and will be submitted to the court for approval. At a hearing on 20 December 2017 the court authorised the commencement of the Part VII process in respect of the Proposed Transfer and instructed SBI and SBI UK to communicate with customers and other interested parties. On 6 March 2018 (the "Final Hearing"), the court has also sanctioned the Proposed Transfer and this will be effected from April 1, 2018.


B. INTERRUPTIONS / SYSTEM OUTAGE DURING THE PROPPSED TRANSFER

During Easter Break, we will be making the transition of our IT infrastructure to move your accounts to the new Bank. During this time, some of our services as listed below may be impacted.

  • Our UK Branches will be closed during the 4-day Easter break from March 29, 2018 and April 2, 2018.
  • Internet/Mobile Banking and ATM/ Debit card facilities will NOT be available on the morning of March 30, 2018 (Friday), but should be available during rest of the Easter Break.
  • All UK payments and remittances (including India remittances) initiated between March 30, 2018 and April 2, 2018, will be delayed and processed on April 3, 2018. Please note that for remittances to India, the exchange rate will be displayed to you when you make the remittance transaction.
  • However, our contact centre (0800 532 532) will be open during these hours to support your queries.
  • We will also keep you abreast on the availability of our services, during Easter Break through our website.

We apologise for any inconvenience that this may cause you and we endeavour to keep the impact as minimal as possible and we advise you to submit important payments via Internet Banking on or before 4:30 PM on March 29, 2018.


If you have any complaints, you can email us at customercare.sbiuk@statebank.com or write to us at Customer Care (Subsidiary), 15 King Street, London EC2V 8EA. If you do not agree with our response, you can refer the matter to the Financial Ombudsman Service for a review of your complaint, free of charge. For more information, please visit the Financial Ombudsman website at www.financial-ombudsman.org.uk. You can contact them by email at complaint.info@financial-ombudsman.org.uk or by phone on 0300 123 9123. You can also write to the Financial Ombudsman Service at: Financial Ombudsman Service, Exchange Tower, London E14 9SR.


C. HOW WILL THE PROPOSED TRANSFER AFFECT ME

PART ONE: CHANGES AFFECTING ALL CUSTOMERS

No. Other than the name of your bank changing to State Bank of India (UK) Limited, there will be no material changes as a result of the Proposed Transfer. Accordingly, we do not believe that you will be adversely affected.

We are taking all the steps we believe to be necessary to ensure that the interests of our customers are not adversely affected by the Proposed Transfer. The PRA has approved SBI UK’s application to become an authorised person under FSMA, with permission to carry out the regulated activities necessary to operate the Transferring Business and the proposed Transfer is approved by court. The Proposed Transfer will not affect any of your rights under any of the agreements that you currently have in place with the UK branch of SBI.


No. No changes will be made to the terms and conditions of your existing account(s) (including those of safety deposit lockers and remittance services to India) as a result of the Proposed Transfer. The only change is that from the effective date, any references in your terms and conditions to 'State Bank of India' will change to ‘State Bank of India (UK) Limited'. If you have a mortgage where the interest rate is variable or is linked in some way to a variable rate (either SBI’s Standard Variable Rate or the Bank of England Base Rate), then in accordance with your existing mortgage conditions, these interest rates may vary from time to time in line with any changes to our Standard Variable Rate or the Bank of England Base Rate. If your mortgage transfers, SBI UK will be responsible for the management of any changes to variable interest rates either due to a change in the Bank of England Base Rate, or a decision by SBI UK to vary its Standard Variable Rate.


No, there will be no changes to branch access.


We are pleased to let you know that your bank is rebranding with a new logo, that is more contemporary in style, look and feel from April 1, 2018. The changes will be visible in our branches and across our marketing materials, including digital channels. Our new identity symbolises the bank’s progressive journey, ready to service a new generation of UK customers.


PART TWO: CHANGES APPLYING ONLY TO CERTAIN TYPES OF ACCOUNTS

The Proposed Transfer does not involve any changes to the interest rates. However, please note that any reference to SBI's Standard Variable Rate of interest will be deemed to be a reference to the Standard Variable Rate of SBI UK such that SBI UK will be free to vary the rate of interest from time to time in accordance with the terms and conditions that apply to any transferred loan, account or mortgage.


11.1 If you have a savings account, a deposit account or a current account with SBI, your account balances are presently protected under the UK Financial Services Compensation Scheme ("FSCS") up to a limit of £85,000 provided that you satisfy the eligibility criteria stipulated by the FSCS rules (for more information about the FSCS, please refer to section 15.4 below). Following the effective date, your account balances held with SBI UK will continue to be protected under the FSCS up to the same limit set out above. There will therefore be no changes to the level of protection your eligible deposits enjoy.

11.2 You can continue to use your current cheque book until it is finished. SBI UK will honour all cheques that are properly drawn provided you remain within any credit limits agreed between us and within the terms and conditions applying to your account(s) with us. When your current cheque book is finished, please apply to SBI UK for a new cheque book in the normal way.

11.3 As a result of the Proposed Transfer your direct debit and standing order instructions to SBI will be transferred to SBI UK and SBI UK will, in future, be the bank undertaking your standing orders and direct debits. You will not need to take any other action. Your account number(s) and sort code will remain the same. Therefore, if you are sending or receiving payments within the UK, there will not be any changes.

11.4 However, your SWIFT and IBAN numbers will change as result of the Proposed Transfer. In our earlier communication, we stated that your account number(s) and sort code(s) will remain the same, but, your SWIFT (BIC) Code and International Bank Account Number (“IBAN”) details will change as result of the transfer. Please note that, if you are sending or receiving payments within the UK, there will NOT be any changes and your existing direct debit and standing order instructions will be transferred to State Bank of India (UK) Limited.

Please note that SWIFT Code/IBAN details are required for accepting payments from outside UK and we request you to instruct your payers to transfer using the new Swift Code (SBOIGB2LXXX) and IBAN details. We are sending you the new IBAN for your accounts by post and you should receive this in the next few days. If you have not received the post by March 31, 2018 please contact us or alternatively you can view your IBAN via Internet Banking and Statements after April 1, 2018.


The effect of the Proposed Transfer on Cash ISA accounts will be that SBI UK will become the account manager. There will be no other changes to how your Cash ISA account works. If you do not want SBI UK to become your Cash ISA account manager, you can request for your Cash ISA account to be transferred elsewhere. However, please note that we must receive your instructions before 1 April 2018, otherwise your Cash ISA account will automatically transfer to SBI UK. You will have to contact your preferred ISA account manager for details on how to complete the transfer of the ISA account.


Some corporate loans will transfer under the scheme document and you will have been notified if you are a counterparty to a transferring corporate loan before the final court hearing on 6 March 2018. If you have not been notified by this date, your loan is not transferring and there are no changes to it.


This proposed transfer impacts only our UK business and does not impact our Indian operations. Hence, if you hold any account(s) with one of our Indian branches (including NRI, NRE, Home Loan, FCNR accounts, etc.), there are no changes to it.


C. WHAT HAPPENS AFTER THE COURT PROCESS

The name of your bank will be State Bank of India (UK) Limited.


From 1 April 2018, all of your payments will be made to and from SBI UK, rather than SBI.


Our usual contact details will remain the same and they are provided in the ‘Contact us’ section


If you have any queries or require further information about the proposed transfer or have concerns, please speak to a member of our call centre team, call 0800 532 532 (if you are calling from within the UK), or +44 207 454 4338 (if you are calling from outside the UK).

Send us an email and we'll get back to you as soon as we can: customerservices.sbiuk@statebank.com

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