Business Current Account

Business Current Account Inner Page Slide

Business Current Account

Our easy-access current account features a range of benefits designed to support your growing small to medium-sized business. And, wherever business takes you, our international network of branches and specialist business advisors means we’ll be on hand to help.

Take advantage of:

0% AER/gross variable
25 FREE transactions every month*
No annual fee**
Convenient and instant access to your funds.
For more infotmation please refer to Business Current Account Summary Box

* Refer to Terms and Conditions

**Requires a minimum monthly average balance.

For more information please refer to Business Current Account Summary Box .

Interest Rates

Current Account (Business)

Balance Amount*	AER	Gross Rate
£1 - £5,000,000	0.00%	0.00%

Terms & Conditions

Here are our Business Current Account terms and conditions.

The State Bank of India UK Premium Business Current Account is specifically designed for micro, small, and medium-sized enterprises (SMEs), as well as larger businesses incorporated within the European Economic Area (EEA). This account offers tailored banking solutions to support your business operations To open an account, applicants must provide the necessary documents as specified in the application form. Customer may be requested to provide additional documents depending upon the profile & business type at the time of account opening.
To maintain a minimum monthly average balance of £10,000, businesses are entitled to up to 100 free transactions per month. This includes cheque issuance, cheque deposits, direct debits, standing orders, and faster payments. Standard charges will apply for any transactions beyond this.
Interest is provided on balances of £250,000 and above up to £5,000,000 only.
The Interest Rate is provided on the daily balance maintained in the Premium Business Current account.
Interest accumulated will be paid on the last day every month.
There is no bonus available on this account.
Available to existing and new customers.
Debit card will be provided under this product.
Funds can be deposited via Cheque, Standing Order, Faster Payment Services or BACS from either another UK bank or an SBI UK account.
The business can claim up to £120,000 for its business account under FSCS. If you run your business as a sole trader, your business and personal accounts would be aggregated together, and you could only be able to claim up to £120,000 in total.You can’t open more than 1 Premium Business Current Account per Corporate.
We reserve the right to close the account if the balance in the account is zero for a period of 24 months or more without any transaction activity. We would give you a 60-Day Notice before doing this.
We will waive the annual fee when there is a minimum monthly average balance in your Business Current Account of £10,000.
Account can be managed via SBI UK net banking , by post or by visiting the nearest branch.

Tariff of Charges

A. CURRENT/ SAVINGS/ OVERDRAFT ACCOUNTS
1. Annual Maintenance Fee	£80.00/ €120.00/ $160.00 per annum. (charged on account anniversary)
2. Transaction Charges	60p for each credit and debit on all Current and Overdraft Accounts levied on a quarterly basis.
3. Standing Orders	A charge of £10.00, if the Standing order cannot be effected
4. Duplicate Statement of Account	£3.00 per page, maximum £5.00. Free of charge for e-statement.
5. Direct Debits returned unpaid by us	£12.00 per item.
6. Cheques presented in clearing returned unpaid	£10.00 per cheque.
7. Stop payment of a cheque	£10.00 per cheque. Maximum: £50.00
8. Issue of Banker's Cheque	£10.00 per cheque.
9. Unauthorised overdraft	If any of the account goes into over drawing (without any sanctioned limit in place): 10% above the Base Rate for the number of days the account remains overdrawn
B. REMITTANCES
1. Inland/ Foreign Remittances by Demand Draft/ Swift
(i) Demand Draft:	£2 per 1000/- pro-rata Min. £12.00/ €18.00/ $25.00, max. £150.00/ €200.00/ $300.00.
(ii) Swift:	£12.00/ €18.00/ $25.00 per payment to India £25.00/ €40.00/ $50.00 per payment outside India
(ii) CHAPS:	£25.00/ €40.00 per payment
2. Stop/ Cancellation or Amendment of Payment:
(i) Draft:	£12.00/ €18.00/ $25.00 per demand draft.
(ii) Swift:	£15.00/ €23.00/ $30.00 per Payment
3. Faster Payment (formerly BACS):	£1.00 per item; minimum £25.00
4. Cash Transactions:	As in Item G4 below
C. DOCUMENTARY LETTERS OF CREDIT
(a) Letters of Credit Opened by us
1. Opening of Letter of Credit	Please contact your SBI branch for further details
2. Usance/ Acceptance/ Deferred Payment	Please contact your SBI branch for further details
3. Forwarding	£40.00/ €60.00/ $80.00.
4. Amendments	£50.00/ €75.00/ $100.00 per amendment where no alteration in the time or value. Amendments in time or value will be charged as per rate for opening a Letter of Credit
5. Pre-advising	£40.00/ €60.00/ $80.00.
6. Payments under our Letters of Credit	0.2%, minimum £50.00/ €75.00/ $100.00.
(b) Letters of Credit Advised by us
1. Advising a Letter of Credit	£50.00/ €75.00/ $100.00.
2. Pre-advising a credit	£40.00/ €60.00/ $80.00.
3. Advising an Amendment	£40.00/ €60.00/ $80.00 per amendment.
4. Confirming a Credit	(a) 0.30% per quarter or part thereof and (b) Usance: 0.10% per month or part thereof
5. Payments under Letter of Credit	0.2%, minimum £50.00/ €75.00/ $100.00.
6. Payments under Clean/ Reimbursement Credit	0.05%, minimum £50.00/ €75.00/ $100.00. Maximum: £2500.00/ €3750.00/ $5000.00
7. Transfer of Letter of Credit	0.4% of the amounts transferred, minimum £100.00/ €150.00/ $200.00.
8. Assignment of Letter of Credit	0.3% of the amounts assigned, minimum £100.00/ €150.00/ $200.00.
9. Acceptances/ Usance/ Deferred Payment Commission	0.1% per month, minimum £60.00/ €80.00/ $120.00.
D. COLLECTIONS
(a) Inward Bills Bills received for collection on drawees in UK for payment/ acceptance
1. Documentary/ Clean Bills	0.2%, minimum £50.00/ €75.00/ $100.00, maximum £150.00/ €225.00/ $300.00 plus postage
2. Unaccepted/ Unpaid Bills	£25.00/ €40.00/ $50.00 per month.
3. Issue of Delivery Order	£40.00/ €60.00/ $80.00.
(b) Outward Bills
1. Outward Bills for Collection	0.2%, minimum £50.00/ €75.00/ $100.00, maximum £150.00/ €225.00/ $300.00 plus postage
2. Foreign Currency instruments presented by us returned unpaid:	£25.00/ €40.00/ $50.00 per instrument
E. GUARANTEES/ SURETIES
Issue of Inland/ Foreign Financial Guarantee/ Surety	Please contact your SBI UK Ltd branch for further details
F. CREDIT FACILITIES
1. Arrangement fee for setting up of new limits/ enhancements against Bank's own Fixed Deposits	0.5% of facilities with minimum of £50.00/ €75.00/ $100.00
2. Arrangement fee for Renewal of limits against Bank's own Fixed Deposits	0.25% of facilities subject to a minimum of £50.00/ €75.00/ $100.00
3. Arrangement fee for setting up of new limits.enhancements	Based on the Product terms. Please speak to SBI UK Ltd branch for further details
4. Fee for renewal of above credit facilities	Based on the Product terms. Please speak to SBI UK Ltd branch for further details
5. If the arrangement is exceeded (the outstanding is in excess of the sanctioned limits)	Interest of 10% above the Bank Rate for the number of days the account has run irregular.
6. Application fee for setting up of new limits/ enhancements (all limits other than against the bank's own fixed deposits)	Applicable, will be provided by the bank at the time of application.
G. MISCELLANEOUS
1. Bankers reference (Status Enquiry)	£25.00
2. Communication charges:	Postage £10.00 Courier £25.00 Swift £20.00/ $40.00 Fax £5.00
3. Information/ certificate to be submitted to the Auditors of the constituents	£40.00 for standard letter £10.00 for each additional requirement e.g. Trade, Credit, Safe custody, etc.
4. Cash handling charges for deposit of cash	£3.00 per thousand or part thereof, minimum £3.00 at the time of each instance. This is charged if the deposited cash is transferred out the same day
5. Customers requiring confirmations for receipts into accounts	£10.00 per request.
6. Issue of chaser for Bills/ Payments	First two chasers free, then £15.00/ €20.00/ $30.00 each instance thereafter.

Notes

If you have availed any facility/ service and entered into a contract, which categorically states a rate different from the services mentioned above, the rate mentioned in the said contract would apply.
The scheduled charges apply to normal transactions. Any other out of pocket expenses such as stamp duties, telephone charges, correspondent’s commission, etc., if any, on actual basis will be payable additionally.
Wherever £ is used, it means GBP, € is used it means Euro and $ is used it means US$.
In case of business denominated in Sterling, Euro and US Dollar, the tariff would be recovered in respective currencies. In case of other currencies (or if the Euro/ US$ rates are not mentioned), the tariff would be computed taking Sterling equivalent of the currency concerned.
For any other services not listed herein, the customer may ascertain the charges in advance from the Bank in writing.
The Bank reserves the right to amend the Schedule of Charges after due notice (in writing to customers at the last recorded address by ordinary post). A copy will be posted in the bank’s notice board.
In case of any discrepancy in the bank charges or if it is not consistent with the contract with you, please bring it to the notice of the bank immediately.

Other Important Information

Statements of Accounts are issued to all customers at least once each year, or at shorter intervals if requested by the account holders.
Please note that Duplicate Statement will not be issued free of charge if Original Statement has not been received due to postal delays in the country of the Customer.
In keeping with Money Laundering Directives, the Bank does not encourage cash transactions. its discretion, the Bank may refuse to pay cash if the customer is not able to provide satisfactory proof of identification and address and may refuse to accept cash without proof of its source.
Account holders are reminded of their right that they may give instructions at any time that they do not wish to receive marketing material.
All services listed herein may not be available at all of our branches in the UK. For queries please call your nearest branch.
If you would like to receive charges information for any other service, not mentioned in this document, please contact your SBI UK Ltd branch for further details.

25,000 STATE BANK GROUP BRANCHES IN 37 COUNTRIES
500 MILLION CUSTOMERS | IN THE UK SINCE 1921

State Bank of India (UK) Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 757156). SBI (UK) Ltd is registered in England and Wales (Registered no: 10436460), with a registered office at Hygeia House, 66 College Road, Harrow, HA1 1BE. Your eligible deposits with State Bank of India (UK) Limited are protected up to a total of £120,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. For further information please visit www.fscs.org.uk. Terms & Conditions Apply. For more information or clarification, visit us at our website www.sbiuk.com or visit your local branch. The contact centre (0800 532 532) is open 24/7.

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