Business Fixed Deposit Terms and Conditions.
| Account name |
Business Fixed Deposit |
| Interest rates |
For current interest rates visit:
www.sbiuk.com/personal/interest-rates |
| Tax status |
We will credit interest to your savings account upon maturity without deducting tax, unless required by law or a governmental authority. You are responsible for paying any applicable taxes on the interest earned from your savings account. |
| What would the estimated balance be on the date the fixed deposit matures based on a £10,000 deposit? |
On a deposit of £10,000, the estimated balance would be:
| Term |
Initial Deposit |
Estimated Balance |
| 1 Year |
£10,000 |
£10,445 |
| 2 Years |
£10,000 |
£10,883.59 |
| 3 Years |
£10,000 |
£11,255.88 |
| 5 Years |
£10,000 |
£12,209.97 |
This is based on:
- Interest calculated and compounded annually.
- £10,000 will be deposited into the account upon opening, and no further deposits or withdrawals will be allowed until the end of the term.
|
| Conditions for bonus payable |
There is no bonus available on this account. |
| Withdrawal arrangements |
There are no withdrawals permitted during the term of the deposit. |
| Access |
You can access the product by visiting the nearest branch or online to view, open, or renew. New or renewal requests can also be sent through post if the feeder account was opened through the branch. |
1. Business Fixed Deposit is available only for micro-enterprises, which are incorporated in the European Economic Area (EEA). A Micro-enterprise is a business that employs fewer than 10 persons and has a turnover or annual balance sheet that does not exceed €2mn.
enterprises if there is a clearly equivalent definition for UK Micro - Entities? Please see the link below for your notes and records. https://www.gov.uk/annual-accounts/microentities-small-and-dormant-companies#:~:text=Micro%2Dentities%20are%20very%20small,10%20employees%20or%20less
2. Perhaps you ought to write as followed: The minimum amount you may place in a Business Fixed Deposit is £10,000 for sterling accounts and $50,000 for USD accounts. The maximum amount that can be invested in this deposit is £1,000,000 or other currency equivalent. All deposits must be in Sterling or US Dollars.
3. The period of the deposit is between 1 year and 5 years. The rate of interest is then fixed for this entire period.
4. You must submit maturity instructions in writing at least 15 Working Days before the Fixed Deposit maturity date. Please note that interest rates are subject to change and, in case of renewal, the rate of interest prevailing on the date of maturity will apply. You can choose from the following options:
1. transfer your entire account balance (principal and interest) to your designated feeder bank account or your nominated account.
2. reinvest the principal in another available deposit product with us and transfer the interest you earned to your nominated/ feeder bank account.
3. reinvest your account balance (principal and interest) in another available deposit product with us.
4. If your instructions are not received at least 15 days before the maturity date, the maturity amount will be renewed for the same period at the rate applicable on the maturity date. .
5. Withdrawals and closures are not permitted during the term of the Business deposit. Funds must remain in the account until maturity.
6. If you do not have a Business Savings or Current Account with us, you need to open one to take advantage of the Business Fixed Deposit. Customers who already have an account with us can send instructions to transfer funds from their account to their Business Fixed Deposit. This can be done either in person or by mailing the fixed deposit form to your home branch.
5. You have the right to cancel your contract by closing the fixed deposit account within 14 calendar days from the date of the account opening, in accordance with the general terms and conditions. After the 14-day cooling-off period, deposits cannot be withdrawn until they mature.
6. You cannot add additional amounts to your Business Fixed Deposit. However, you can open more than one Business Fixed Deposit, subject to the availability of the scheme.
7. Interest is paid at different intervals, depending on the period of deposit you choose. The following table shows when we pay interest:
SBI UK Fixed Deposit Accounts
| Period of Fixed deposit |
Interest Payment schedule |
| One year |
At maturity |
| More than one year |
*Monthly/ at each account anniversary/ At maturity |
1. *If deposit £50,000 or more for a term of one year or longer, you have the option to receive interest either monthly or at the account anniversary. This option is applicable only for GBP deposits. The interest will be directly deposited into your State Bank of India UK savings or current account."
2. This Deposit scheme is available for a limited period and may be withdrawn at any time at the discretion of the Bank.
3. In exceptional situations (e.g. medical reasons, bankruptcy, insolvency, sequestration or death), an early withdrawal request may be considered in line with the bank’s internal policy. This policy is subject to change, and the bank will confirm the current terms for early withdrawals at the time of your request. Early withdrawal requests are accepted at the bank’s discretion and are subject to a penalty, which may result in no interest being paid. We may ask you for documents to support your request for premature withdrawal."
4. In the of the account holder's death, we will repay the initial investment amount and any accrued interest. Please refer to our General Terms and Conditions for further details.
5. If you need any special assistance at any stage of the process, then please feel free to contact us.
6. Please Click here for information on our General Terms and Conditions of Service.
