SBI Cash ISA Fixed Deposit Terms and Conditions
1. These Cash ISA Fixed Deposit Terms and Conditions apply to you when you hold a Cash ISA Fixed Deposit Account with us. You should make sure that you read these Terms and Conditions carefully as they contain important information and form part of the contractual agreement between you and us (along with the provisions set out in the Cash ISA Application Form and our General Terms and Conditions of Service which can be found at this link).
Eligibility
2. To qualify for an SBI Cash ISA Fixed Deposit Account you must:
2.1 be aged 18 or over;
2.2 be resident in the UK for tax purposes, or if not so resident, either perform duties which, by virtue of Section 28 of Income Tax (Earnings & Pensions) Act 2003 (Crown employees serving overseas), are treated as being performed in the United Kingdom, or married to, or in a civil partnership with, a person who performs such duties;
2.3 have a permanent UK address; and
2.4 have made the declarations set out in the Cash ISA Application Form
You are required to have, or to open, a Current Account or non-ISA Savings Account with us to open a Cash ISA Fixed Deposit Account.
Opening a Cash ISA Fixed Deposit Account
3. The Cash ISA Fixed Deposit Account is available for a term of either 1, 2, 3 or 5 years.
4. When you open your account, you must choose the term of your deposit. The interest rate is then fixed for this entire period.
5. The minimum amount which can be deposited in the Cash ISA Fixed Deposit Account is £1,000.
6. You can only subscribe to one Cash ISA in a tax year. However, you can also have a Stocks and Shares ISA in the same tax year.
7. The maximum deposit for this account is the current tax year allowance for ISAs set by HMRC which for the tax year 2024/25 is £20,000 (subject to any stocks and shares ISA subscriptions you have made for the 2024/2025 tax year) plus accrued interest credited to the account.
8. In addition, or alternatively, you may transfer cash from existing ISAs from other providers into this account subject to the completion of an ISA Transfer Authority Form. The transfer process will be completed within approximately 15 business days.
Interest Payments
9. Interest is calculated and compounded annually.
10. Interest is paid on maturity of the Cash ISA Fixed Deposit (i.e. at the end of the term selected by you when you opened the Cash ISA Fixed Deposit Account) unless you have requested in writing to receive annual interest on your Cash ISA, in which case interest will be paid into your Current/Savings account held with us on an annual basis on the anniversary of the opening of the Cash ISA Fixed Deposit Account.
Taking money out of your Cash ISA Fixed Deposit Account
11. Withdrawal or transfer of the deposit can be made before the end of the fixed term if 30 days' notice is provided. However, a partial withdrawal or transfer is not allowed. A withdrawal or transfer of the deposit will mean that your Cash ISA Fixed Deposit Account will be closed.
12. No interest will be paid if the account is closed before the first year of the anniversary. For example, if the deposit is withdrawn or transferred after 9 months, only the deposit will be paid i.e. with no interest. If the account is closed on or after the first year of the anniversary, but before the end of the fixed term, interest will be paid at 1% less than the applicable rate of interest for the entire period the deposit is held with the bank. For example, if the interest rate was 2.1% AER for 3 years and if the deposit is withdrawn or transferred after 2 years, an effective interest rate of 1.1% will be paid for the entire 2 years the deposit is held with the bank.
In 1-year Cash ISA FD, partial/pre-mature withdrawals/transfers are allowed and chargeable at 90 days' interest. Pre-mature withdrawal due to emergency need of funds is subject to Bank’s discretion.
Your obligations under the ISA Regulations
13. Your Cash ISA Fixed Deposit Account:
13.1 must be, and remain, in your beneficial ownership; and
13.2 must not be used as security for a loan except as permitted by the ISA Regulations.
Delegation
14. We may delegate any of our functions or responsibilities under these terms and conditions to another person and share information we hold about you with them. We will only do this if we are satisfied that they are competent to carry out these functions and responsibilities.
Transferring your Cash ISA Fixed Deposit to another ISA provider
15. If you want to transfer the sums in Cash ISA Fixed Deposit Account to another ISA provider you must complete a transfer application with the new ISA provider, who will then send the application to us. We will normally send your money to the new ISA provider within 7 working days of receiving the transfer application. If this transfer takes place before the end of the term, the provisions of term 12 will apply in relation to the interest on the deposit.
What happens at the end of the fixed term?
16. We will write to you at least 14 days before the end of the fixed term to explain your options. If we do not hear from you before the end of the term your Cash ISA Fixed Deposit will renew for the same fixed term with interest payable at the interest rate which is in force for our Cash ISA Fixed Deposits as at the date of renewal (further details will be provided within your maturity options letter).
When can we close your account?
17. We can close your Cash ISA Fixed Deposit Account if:
17.1 it stops qualifying as an ISA; or
17.2 for any other reason set out in the General Terms and Conditions of Service.
18. Your account will stop qualifying as an ISA (and will stop earning interest tax free) if:
18.1 the declarations you made on the Application Form when you opened your account become untrue.
18.2 you transfer any of your rights as account holder
18.3 you use your account as security for money you owe, such as a loan; or
18.4 HMRC tells us that the account no longer qualifies.
19. Your account will also stop qualifying as an ISA after your death (please see section 21 below for further details).
20. We will tell you if your account no longer qualifies as an ISA.
What happens if you die?
21. If you die, your account can carry on being tax-free until the first of:
21.1 the account is closed by the person looking after your estate;
21.2 the administration of your estate is completed; or
21.3 three years from the date of your death
22. If you die, your spouse or civil partner may be entitled to make an additional permitted subscription into an ISA in their name. The amount that they can pay into an ISA will be the same as the amount in your ISAs at the date of death.
Complaints
23. If we do not deliver the standard of service you expect, or if you think we have made a mistake, please let us know, so that we have the chance to put it right in a timely manner. We have a complaints procedure that we follow, a copy of which can be requested at any time by emailing us or contacting us and is also available on our Website (https://sbiuk.statebank/web/uksub/complaint). You can call us on 0800 532 532 or email us at
help.sbiuk@statebank.com or write to us at:
Customer Care
State Bank of India (UK) Limited
15 King Street
London
EC2V 8EA
24. We will then arrange for the right person to investigate your concerns. Please when writing to us provide as much information as you can in order to assist our investigations.
25. In the unlikely event that you remain dissatisfied with our response, or we have not sent you a final response within 8 weeks of the original complaint, you can apply to take your complaint to the Financial Ombudsman Service (FOS).
26. It is our aim to respond within 15 working days since the receipt of a complaint, however, depending on the complexity of cases, our final response may be extended up to 35 business days, upon which you will be advised on the relevant outcome of your complaint.
27. If you would like FOS to look into your complaint you must contact them within 6 months of the date of any final response issued by us. You can find out more about the role of FOS by contacting us and requesting a copy of our FOS leaflet, or you can write to FOS at:
The Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
London
E14 9SR
Telephone numbers: 0800 023 4567 or 0300 123 9123
Website: www.financial-ombudsman.org.uk
Deposit Protection Scheme
28. We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if we are unable to meet our financial obligations. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. The £85,000 limit relates to the combined amount in all the eligible depositor’s Accounts with us, including their share of any joint Account, and not to each separate Account.
29. Please note that the compensation limit can be subject to change at any given time. Therefore, it is recommended that you check www.fscs.org.uk for the latest information on the current limit and other factors that are related to FSCS protection. It is crucial to keep in mind that this limit applies to the total amount you hold with a Bank, including any money you may have with a Holding Account Provider or Platform Bank through our Online Platform or with that same Bank through other accounts in your name or other platforms
30. For further information about the scheme (including the amounts covered and eligibility to claim) please ask us or, refer to the FSCS website www.FSCS.org.uk or call 0800 678 1100 or 0207 741 4100.
