• To qualify for a SBI Cash ISA fixed deposit account, you must:
  • be aged 18 or over
  • be resident in the UK for tax purposes, 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.
  • have a permanent UK address
• The Cash ISA fixed deposit is available for tenure of 2, 3 or 5 years.
• When you open your account, you choose the period of your deposit. The rate of interest is then fixed for this entire period.
• Minimum amount which can be deposited in Cash ISA fixed deposit is £5,000.
• Transfer-In is allowed from any ISA provider and the transfer process will take about 15 business days from the day we have received the Transfer Authority form duly filled and signed.
• Withdrawal or transfer of the deposit can be made before the end of the term if 30 days' notice is provided. However, a partial withdrawal or transfer is not allowed.
• NO interest will be paid if the account is closed before the first year of anniversary. For example, if the deposit is withdrawn or transferred after 9 months, only Principal will be paid i.e. with no interest.
  If the account is closed on or after the first year of anniversary, but before the end of the agreed 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 For example, if the interest rate was 2.1% AER for 3 years and if the deposit is withdrawn or transferred after 2 years, an effective interest rate of 1.1% will be paid for the entire 2 years the deposit is held with the bank.
• You have to open a Current / Savings Account with us to avail the Cash ISA fixed deposit. This will be a non ISA Account.
• Interest is paid on maturity of the Cash ISA fixed deposit.
• If you have chosen to receive annual interest on your Cash ISA interest will be paid into your Current/Savings account held with us.
• You can subscribe only to one Cash ISA in a tax year. However, you can also have a Stocks and Share ISA in the same tax year.
• Maximum subscription is £20,000 in the 2020 / 2021 tax year (subject to any stocks and shares ISA subscriptions you have made for the 2020/2021 tax year) plus accrued interest credited to the account.
• Subscription limits in any tax year are set by HM Revenue and Customs (HMRC) and therefore may change.
• Our deposit rates are available for a limited period and we may withdraw them at any time.

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

It's easy to apply for our Cash ISA if you're aged 18 or more, resident in the UK for tax purposes, and have a permanent UK address

Complete the application form and visit our nearest branch. Please note that we do NOT accept applications by post.

Please note: If you do not have any account with SBI UK, please complete a new account opening form for a new non ISA Savings or Current Account. This is provided along with the application form.

Any questions?

• Visit your local State Bank of India branch in the UK.
• Call us on 0800 532 532.

Contact centre is now open 24/7.