A Notice Savings Account that helps you plan your finances better by limiting your withdrawal for a better interest rate. Prior Notice of 35 days is required to withdraw your funds.
At a glance:
Key product features:
• Minimum balance - £1, Maximum balance – £5 Million
• Customer must give 35 days’ notice before they can access their funds.
• Plan your finances by limiting your withdrawals
• Boost your savings with monthly interest and great rates
• A minimum balance of £1 is required to open the account.
• Only one 35 Days’ Notice Account can be opened by an Individual/ Business
• Withdrawals are permitted once the notice of 35 days is served.
• Free remittance to India for account holders who maintain the minimum monthly average balance of £500 in their Savings or Current Account.
• The notice period is based on calendar days and begins the day we receive your withdrawal request. If you initiate transaction on non-business day, the notice period will start from next business day
• Your money will be transferred to SBI UK Instant Access savings Account on the expiry of the notice date, which must be a business day, if the notice period is ending on non-business day, the transfer will be done on next business day, in accordance with the General Terms and Conditions.
• 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.
• 35 Day Notice is applicable for closure of the Account.
• We reserve the right to close the account if the balance in the account falls below the minimum specified amount. We would give you 60 days’ 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.
• Funds can be deposited by cheque or electronic transfer without any charge.
• You can manage your account in any branch, phone, post (signed for/ recorded delivery) and registered email address.
‘For more information please refer to 35 Days Notice Savings Account Summary Box
For more information see our General Terms and Conditions of Service.
Interest rates effective from 15.09.2023
| Account balance | Gross rate | AER* |
|---|---|---|
| £1 - £ 5,000,000 | 2.75% | 2.75% |
Am I eligible?
Before you apply, check that you meet the eligibility requirements.
If all of these statements are correct, you can apply for our Notice Savings Account.
Just check which documents you’ll need and complete our application form.
| Account name | Notice 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 £1,027.85. You’ll earn an interest of approximately £27.85.
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 | Notice period of 35 Days (Full or partial withdrawal allowed.) |
| How to raise a notice request. |
a. Phone: Same day, within branch working hours, post carrying out due verification of the customer |
| Access | In branch, post. |
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