Green Fixed Deposits

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Green Fixed Deposits

Green Fixed Deposits

Green Fixed Deposits

With an SBI UK Green Fixed Deposit Account, we support you in your sustainability journey while you earn a fixed rate of interest for a set period of time. You can invest from £10,000 to £5,000,000 for a fixed term of three and five years.

  • Attractive interest rate
  • Fixed term for 3 and 5 years
  • Funds under this Scheme will only be used towards current and future environment friendly lending/ Green Mortgages
  • For more information please refer to Green Fixed Deposit Account Summary Box
Period Gross rate maturity/ annual interest AER*
Three Years 4.25% 4.25%
Five Years 4.35% 4.35%

 

Interest calculated and compounded annually 
Fixed deposit loyalty : +0.25% *
*Only for renewal of fixed deposits
*Only for fixed deposits in GBP 
** The Annual Equivalent Rate (AER) illustrates the interest rate if it was paid and compounded once each year.
 

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; and
  • You have an SBI UK Instant Savings/ Current Account

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

Green Fixed Deposit
Account name Green Fixed Deposit
  Green Fixed Deposit rates for GBP deposits from 29.11.2023
 

Period

Gross rate maturity/manual interest

AER*

3 Years

4.25%

4.25%

5 Years

4.35%

4.35%

 

What is the interest rate ? 

Interest calculated and compounded annually.

Interest calculated and compounded annually 
Fixed deposit loyalty : +0.25% *
*Only for renewal of fixed deposits
*Only for fixed deposits in GBP 
* The Annual Equivalent Rate (AER) illustrates the interest rate if it was paid and compounded once each year.

 

 How can customer open the Green fixed deposit account?  Green Fixed Deposit Account can be opened In YONO app or by physically visiting any SBI UK branch. 
To apply for Green Fixed Deposit, you must
o    be aged 18 or over.
o    be resident in the UK for tax purposes.
o    have a permanent UK address
o    have an SBI UK instant savings or current account
 
Tax Status Your savings account will be credited with interest on maturity without deduction of tax unless required by law or a governmental authority. You must pay any tax due on the interest generated from your savings account.
Interest payment Interest on deposit is payable either annually on the anniversary date of the deposit or at maturity.

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
3 Years £10,000 £11,329.96
5 Years £10,000 £12,372.64
  Please note: This projection is provided for illustrative purposes only and is based on:
•    Interest calculated and compounded annually.
•    £10,000 deposited into the account upon opening, and no further deposits or withdrawals will be allowed until the end of the term.
•    Interest rate remained unchanged for the term of the deposit
 

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 In branch, post or online

 

•    The minimum deposit is £10,000 and the maximum is £5,000,000 
•    You cannot add additional amounts to your Green Fixed Term Deposit during the term. In exceptional situations, 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 its policy at the time of your request. Early withdrawal requests are accepted at the Bank’s discretion and may be subject to a penalty and may result in no interest being paid.
In the event of death or bankruptcy, please refer to our General Terms and Conditions for more details. 
•    We can close your fixed term account with immediate effect by giving notice to you by email or by post if: (a) we are required by law or regulation to close your fixed term account; (b) we reasonably believe that your fixed term account is being used for an illegal purpose; (c) we reasonably suspect that you have given us false information or documentation; (e) you behave in a threatening, abusive or violent manner towards our staff; (f) you commit a material breach of the agreement; (g) a petition is presented for you to be made bankrupt or a bankruptcy order is made against you; or (h) you are no longer resident in the United Kingdom 
•    You must give us maturity instructions in writing at least 15 Working Days before the maturity date of a Fixed Deposit. You may either: 
o    transfer your entire account balance (principal and interest) to your nominated or Feeder bank account, OR
o    reinvest the principal in another available deposit product with us, and transfer the interest you earned to your nominated or Feeder bank account, OR
o    reinvest your account balance (principal and interest) in another available deposit product with us.
•    In the absence of any instructions from you on maturity, the Fixed Deposit Account will be renewed to another Fixed Deposit with a similar term.
The table below shows when we pay interest:

Period of fixed deposit Interest payment schedule
One year  At maturity
More than one year *Monthly/ at each account anniversary/ At maturity


•    *If you deposit £50,000 or more for a term of one year or longer, you can receive interest either monthly or annually. This offer is only available for sterling deposits. The interest will be deposited directly into your State Bank of India (UK) Limited savings or current account.
•    You have the right to cancel your contract by closing the fixed deposit account within 14 calendar days from the date of account opening, in accordance with the general terms and conditions. After the 14-day cooling-off period, deposits cannot be withdrawn until they mature.
•    In special circumstances (such as medical reasons, bankruptcy, insolvency, or sequestration), you may be able to request an early withdrawal in accordance with the bank's internal policy. This policy is subject to change, and the bank will provide the current terms for early withdrawals at the time of your request. Early withdrawal requests are considered at the bank's discretion and may incur a penalty, potentially resulting in no interest being paid. We may request documentation to support your premature withdrawal request.
•    Our deposit accounts are available for a limited time, and we reserve the right to withdraw them at any time.
•    If you require any assistance at any point during the process, please visit the nearest SBI UK branch
Please click here to read our General Terms and Conditions.
 

To qualify for a Fixed Deposit Account, you must:  
•    be aged 18 or over 
•    be resident in the UK for tax purposes 
•    have a permanent UK address

If you meet the above eligibility criteria, you can apply for our Fixed Deposit Accounts here

< APPLY NOW >

Any questions?
•    Visit your local State Bank of India branch in the UK
Call us on 0800 532 532, available 24/7

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