Current Account Overview Inner Page Slide

Current Account

Current Account

Current Account Overview New

Enjoy total control over your money, with an account that offers 24/7 online banking.

We also offer free money transfers (when you maintain a minimum account balance)* and an international debit card as standard.

  • Online banking
  • Access your funds with an international debit card
  • Free rupee transfers to India
  • Direct debit facility
  • Cheque book (qualifying customers only)
  • Enjoy free cash withdrawals from 40,000 State Bank of India ATMs in India

Please note: we don't pay interest on this current account.

*Free remittance to India for account holders who maintain the minimum monthly average balance of £500. For all other account holders a charge of £5.00 will be levied”

Key product features:

  • You can access your funds using your international debit card both in the UK and abroad*
  • Free cash withdrawals from UK ATMs displaying the MasterCard logo and SBI ATMs in India
  • Cheque book and direct debit facility provided
  • Free remittance to India for account holders who maintain the minimum monthly average balance of £500. For all other account holders, a charge of £5.00 will be levied

*  Charges apply for international transactions. Please check the charges schedule for more       details.

   For more information please refer to Current Account Summary Box.

A1. CURRENT ACCOUNTS, SAVINGS ACCOUNTS AND ACCOUNTS WITH OVERDRAFTS
1. Special presentation of a cheque (quick confirmation of payment) £20.00 per presentation
2. Standing orders Free, or £10.00 if the standing order cannot be set up because of insufficient funds
3. Duplicate statement £3.00 per page, minimum £5.00
4. Cheques or direct debits returned as unpaid by us £12.00 per item
5. Cheques presented in cleaing and returned unpaid £10.00 per cheque
6. Stop payment of a cheque £10.00 per cheque (maximum charge £50.00)
7. Unauthorised overdraft If any of the account goes into overdrawing (without any sanction limit in place): 10% interest above the base rate for the number of days the account remains overdrawn
A2. DEBIT CARDS
8. Cash withdrawals from State Bank of India ATMs in India and UK ATMs with MasterCard logo Free
9. Foreign currency debit-card payments 2.5% of transaction fee
10. Cash withdrawals at ATMs outside UK £2 fee and 2.5% of transaction fee
B. NON-RESIDENT INDIAN SERVICES
1. Renewal requests, account-opening forms, payment requests Click here for charges
C. PAYMENTS TO INDIA
1. Payments in Indian Rupees by:  
a) SBI UK Remittance Service
Free for eligible account holders, otherwise £5.00 charge apply
a). For non-account holders: £20
b). For account-holders: £5
2. Duplicate/ Stop payment/ Cancellation £10.00/€15.00/$20.00
3. Cash handling charges for deposit of cash at the time of each instance £3.00 per thousand or part thereof, minimum £3.00 (if the transaction amount is greater than the original available balance)
D. OTHER TRANSFER PAYMENTS
1. CHAPS Payments £25.00/ €40.00
2. International payments,
including currency transfers in the UK		 £25.00/ €40.00/ £50.00
3. Amendment to payment instructions £10.00/ €15.00/ £20.00
4. Issue of banker's cheque in foreign currency £25.00/ €40.00/ £50.00
5. Duplicate/stop/cancel payment £10.00/ €15.00/ £20.00
E. CREDIT FACILITIES
1. Arrangement fee for setting up a new credit limit or enhancement (all limits other than against bank's own fixed deposits) (i) 1.5% of total of Fund and Non Fund based facilities with minimum of £100.00/ €150.00/ £200.00
2. Fee for renewal of above credit facilities As (i) above
3. 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
4. Arrangement fee for Renewal of limits against Bank's own Fixed Deposits (b) 50% of (a) above minimum £50.00/ €75.00/ £100.00
5. If the arrangement is exceeded (the outstanding is in excess of the sanctioned limits) Interest of 10% above the Base Rate for the number of days the account remains 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.
F. MISCELLANEOUS
1. Bankers reference (Status Enquiry) £25.00
2. Communication charges: Postage: £10.00
Courier: £25.00
Swift:£20.00
Fax: £5.00
3. Collection of Foreign Currency cheques 2 per 1000 minimum £25/ €40/ £50 maximum £50/ €75/ $100 per drawee bank
4. 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
5. Customers requiring confirmations for receipts into accounts £10.00 per request

Notes

  1. 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.
  2. 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.
  3. Wherever £ is used, it means GBP, € is used it means Euro and $ is used it means US$.
  4. In case of business denominated in GBP, Euro and US$, 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 GBP equivalent of the currency concerned.
  5. Account holders who maintain a minimum monthly balance required in accordance with the terms and conditions of the account, are eligible to transfer funds free of charge using SBI Express. The monthly minimum balance is calculated based on the previous month's average balance, by totalling the daily balance in the previous month and then dividing this by the number of days in the previous month.
  6. For any other services not listed herein, the customer may ascertain the charges in advance from the Bank in writing.
  7. The Bank reserves the right to amend the tariff 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.
  8. 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

  1. In keeping with Money Laundering Directives, the Bank does not encourage cash transactions. At 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.
  2. Account holders are reminded of their right that they may give instructions at any time that they do not wish to receive marketing material.
  3. Please note that if the Bank incurs costs or expenses pertaining to the customer, the customer will pay those costs and expenses.
  4. All services listed herein may not be available at all of our branches in the UK. For queries please call your nearest branch.
  5. All information, rates and prices in this leaflet form part of your terms and conditions that apply to your account.
 
Account name Current Account
Interest rates No interest is paid on the account.
Tax status No interest is paid on the account.
Conditions for bonus payable There is no bonus available on this account.
Withdrawal arrangements There is no notice period or penalty for withdrawal.
Access In branch or online.

 

  • The Current Account is available to an individual aged 18 years and over who is ordinarily resident in the UK for tax purposes and has a permanent UK address.
  • Minimum balance required for opening a current account is £500.
  • No interest is paid on the Current Account.
  • The account can be managed by visiting any UK branch, by post or using the online banking facility provided with the account.
  • A Current Account will only be opened upon providing satisfactory identification and address verification documents, together with proof of income, which may be in the form of a payslip. We may also carry out a credit check with a credit reference agency when you apply for a Current Account. For the complete list of acceptable verification documents, please refer to: www.sbiuk.com/personal/current-account/how-to-open-an-account
  • Account holders who maintain the minimum balance of £500 required for the account are eligible to transfer funds to bank accounts in India free of charge
  • Our general terms and conditions apply. These can be viewed through our website www.sbiuk.com

It’s easy to apply for our current account if you’re aged 18 or more, resident in the UK for tax purposes, and have a permanent UK address.

Just check which documents you’ll need and complete our application form.

Check which documents you’ll need  >

Download an application form >

Any questions?

Contact centre is now open 24/7.

1. Is there a minimum balance required to open a Current Account ?  

A minimum balance of £500 is required to open a Current Account.

2. Can I open Current account jointly ?  

Yes, Current Account can be opened jointly.

3. Can I open the account online ?  

Current Account can be opened by physically visiting any SBI UK branch.

4. How can I access funds from my account ?

You can access your funds using your international debit card both in the UK and abroad*. You can also access your account through online banking.

* Charges apply for international transactions. Please check the charges schedule for more details.  

5. How can I add funds in my account ?

Funds can be deposited by cash, cheque, or electronic transfer without any charge.  

6. Will I receive interest on the funds in my Current Account ?

No interest is paid on Current Account.  

7. Am I charged for transferring funds to India ?

Account holders who maintain the minimum balance of £500 required for the account are eligible to transfer funds to bank accounts in India free of charge. For all other account holders, a charge of £5.00 will be levied.  

8. What will happen if I don’t use my account ?

SBI UK reserves the right to close your account if the balance in the account is zero AND there has been no transaction in the account for 24 months or more. We would give you a 60-Day Notice before doing this.  

9. What are the transactions and daily limits ?

There is no daily limit on the number of payments that you can make through branch or the amount of payments made through branch provided that you have sufficient funds in your Instant Access Savings account to complete the transaction. However, there is a limit of £25,000 per day when payments are made online or through YONO.  

10. How do I close my account ?

You need to visit the nearest SBI UK branch in order to close your account or by post or by sending secure message through online banking or YONO app. Account closure is subject to terms and conditions of the bank.  

Banks Account Side Navigation

SUB Services Free money transfer to India

Remittance to India

contacus

More about money transfers

VIEW MORE

SUB Services Talk to us, we can help

Talk to us, we can help

contacus

Invest or refinance a buy to let mortgage

FIND OUT MORE

SUB Services How to open an account with the State Bank of India UK Ltd

How to open an account with SBI UK Ltd

contacus

Learn More

VIEW MORE