Instant Access Savings Account

Instant Access Saving Account

Instant Access Saving Account

Instant Access Saving Account new2

A simple Instant Access Savings Account that helps you save when you want and how you want. Not only does it offer flexible savings, but if you keep a minimum £500 balance in your account you can easily transfer funds to India for free.**

At a glance:

  • Access your money instantly –­ no notice period or withdrawal penalty
  • Boost your savings with monthly interest and great rates
  • Access your savings anywhere with an internationally acceptable Debit Card1
  • Withdraw funds for free at UK ATMs and State Bank of India ATMs in India2
  • Transfer money home to India whenever you like, for free3
  • Easily manage your savings account online using Internet banking

** Free for Instant Access Savings Account holders meeting minimum monthly balance requirements

1 Charges and fees apply, find out more at http://sbiuk.statebank/personal/savings-account/tariff-of-charges

2 Card accepted in all ATMs displaying a MasterCard logo

3 Provided the minimum balance is maintained in your account.

Key product features:

  • To earn interest maintain a minimum balance of £500. You will earn interest up to a maximum balance of £5,000,000.
  • You can access your funds using your internationally acceptable Debit Card both in the UK and abroad
  • Free remittance to India from SBI UK Branches 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.
  • 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.

  • This account is available if you’re an individual aged 18 years or over who is ordinarily resident in the UK for tax purposes and has a permanent UK address.
  • Interest is paid monthly, but not on balances below £500 or above the maximum limit of £5,000,000. The monthly minimum balance is based on the previous month’s average balance, by totalling the daily balance in the previous month and dividing this by the number of days in the previous month.
  • Interest is paid on the last working day of the month. If you place an outward transfer on a non-working day or withdraw funds from your account, after interest has been credited for the month, the system will adjust any overpaid interest to your account to reflect the change in balance at the end of the next month.
  • 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.
  • 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.
  • Only one Instant Access Account can be opened by an individual. If you open a joint account, the same joint account holders cannot open another joint Instant Access Account.
  • Funds can be deposited by cheque, cash or electronic transfer without any charge. We may ask for documents for supporting source of funds in case of cash deposits..
  • You can manage your account in any branch, by post or by using the digital banking channels provided with the account.
  • We'll open an account for you only when we have seen satisfactory proof of your ID, address and income, which may be in the form of a payslip. See a complete list of documents we accept
  • All bank communications will be sent to the primary account holder, both in case of sole or joint account, unless otherwise requested.
  • If you maintain the minimum balance of £500 required for the account you are eligible to transfer funds to India free of charge using the State Bank of India remittance service.
  • For more information, please refer to Instant Access Savings Account Summary Box

  • For more information see our General Terms and Conditions of Service.

Instant Access Savings Account - Issue 6

Interest rate effective from 15.12.2024:

Account balance Gross rate AER*
£0   -  £499.99 0% 0%
£500 - £49,999.99 1.65% 1.65%
£50,000 - £5,000,000 1.95% 1.95%
Above £5,000,000 0% 0%

Monthly interest payment. Variable rate.


Interest will not be paid on account balance below £499 or over £5,000,000.

*AER stands for Annual Equivalent Rate and illustrates the interest rate if it was paid and compounded once a year. Gross is the contractual rate payable before the deduction of income tax at the rate specified by law.

 

Am I eligible?

Before you apply, check that you meet the eligibility requirements.

  • You are over 18 years old
  • You are a UK resident for tax purposes
  • You have a permanent UK address
  • You don’t already have a sole or joint State Bank of India Instant Access Account

If all of these statements are correct, you can apply for our Instant Access Savings Account.

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

Check which documents you’ll need  >

Instant Access Savings Account
Account name Instant Access Savings Account
Interest rates For current interest rates visit:
https://sbiuk.statebank/personal/interest-rates
Tax status 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.
What would the estimated balance be after 12 months based on a £1,000 deposit? On a deposit of £1,000, estimated balance would be £1,016.63

You’ll earn an interest of approximately £16.63

On a deposit of £50,000, estimated balance would be £50,983.76

You’ll earn an interest of approximately £983.76

This is based on:
  • Interest calculated daily and compounded monthly.
  • £1,000 being deposited in the account at the time it is opened and no further deposits or withdrawals being made over the 12 month period.
  • The interest rate as detailed on www.sbiuk.com/personal/interest-rates and doesn’t take into account any changes in the rate of interest over the 12 month period
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, post or online.

 

How to apply

It’s quick and easy to apply. Before you do, check you are eligible for this account.

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

Check which documents you’ll need  >

Download an application form >

Apply via YONO SBIUK App

    

 

Any questions?

1. Is there a minimum balance requirement for Instant Access Savings Account ?  

There is no minimum balance required to open Instant Access Savings Account. However, to earn interest a minimum balance of £500 is required in your Instant Access savings Account.

2. Can I open Instant Access Savings account jointly ?  

Yes, Instant Access Savings Account can be opened jointly. But if you open a joint account, the same joint account holders cannot open another joint Instant Access Account.

3. Can I open the account online ?  

Yes, you can apply for Instant Access Savings Account through SBI UK YONO app.

4. How can I withdraw funds from my account ?

You can access your funds using your international debit card both in the UK and abroad. You can also make free cash withdrawals from UK ATMs displaying the MasterCard logo and SBI ATMs in India.  

5. How can I add funds in my instant Access Savings account?

Funds can be deposited by cheque in any branch, by post or by using online banking facility provided with the account.  

6. When will I receive interest payment ?

Interest is paid on the last working day of the month.  

7. How do you calculate interest on my account ?

Interest is calculated daily and paid monthly, but not on balances below £500 or above the maximum limit of £5,000,000. The monthly minimum balance is based on the previous month’s average balance, by totalling the daily balance in the previous month and dividing this by the number of days in the previous month.  

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 closing your account.  

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.  

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