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Regular Saver Account

Regular Saver Account

Our Regular Savers Account offers an excellent opportunity for you to develop a consistent savings habit, plan for future milestones, or build an emergency fund. This account is ideal for anyone who wants to plan for future milestones such as, buying a home, a car, or funding education, build an emergency fund to ensure financial security, or set aside a portion of their income regularly to cultivate a disciplined savings habit.

  • Fixed Term: The account is designed for a fixed term of 1 year.
  • Monthly Deposits: You can make regular deposits every month within specified minimum and maximum limits. Monthly deposit can be made either through standing instruction or at your own comfort. Deposit as many times as you want within a month as long as you do not exceed the maximum monthly deposit amount limit.
  • Interest Calculation: Interest is calculated daily and credited to your account monthly on the anniversary date of account opening.

By choosing our Regular Savers Account, you can steadily grow your savings with the assurance of daily interest accrual and monthly interest credits.

Key Product Features

  • Minimum monthly deposit - £20, Maximum monthly deposit - £1000
  • Account must be opened with minimum £20 deposit.
  • For maximum earnings, we recommend waiting until your term ends to withdraw funds. Withdrawals are permitted during the term; however, you will earn interest at a lower rate – the same rate offered on our Instant Access Savings Account for the month in which the withdrawal is made.
  • Interest is credited monthly on the anniversary date of account opening.
  • Multiple deposits can be made in a month; however, total monthly deposit cannot exceed maximum monthly limit.
  • Funds can only be deposited into the regular savers account from the linked feeder account that is, SBIUK Current or Instant Access Savings Account.
  • Only one Regular Savers account can be opened by an Individual.
  • No joint customers allowed. The account can be opened as a sole account only.
  • Upon completion of the term, the account will be closed and the principal amount as well as all interest earned will be transferred to the feeder account (SBIUK Current or Instant Access Savings Account).

Feeder Account refers to SBIUK Instant Access Savings Account or Current Account, which is required in order to open the regular savers account.

  • Interest is calculated daily, credited monthly.
  • No notice needed for withdrawals.
  • The regular savers interest rate will be fixed for the period of the term provided that monthly deposit conditions are met.
  • If monthly deposit conditions are not met that is, if there is a withdrawal within the month or no minimum deposit made during a month, the interest rate will drop to the prevailing Instant Access Savings Account interest rate.
  • This account does not offer a cheque book.
  • Up to £85,000 per person is protected by the FSCS.
  • All the interest we pay you, 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.
  • For more information please refer to Regular Saver Account Summary Box.
  • For more information see our General Terms and Conditions of Services.

Instant Access Savings Account – Issue 1

Interest rate effective from 31.05.2024

Gross rate maturity/AER Withdrawal condition Term Note
5.00% No withdrawal 1 year Applicable only if standard conditions are met
1.95% One or more withdrawals or no minimum deposit in a month 1 year Only applicable for the month in which withdrawal / non deposit occurs

 

Monthly interest payment.

The Regular Savers interest rate will be fixed for the period of the term provided the monthly deposit conditions3 are met.

If conditions are not met that is, if there is a withdrawal within the month or no minimum deposit is made during the month, then the interest rate will drop to the prevailing Instant Access Savings Account interest rate.

This is to inform you that effective 15/10/2024, the interest rates for Instant Access Savings Accounts are changing. Click Here for more information.

 

Am I eligible?

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.

Monthly deposit conditions refer to acceptable monthly deposits within given limits and with no withdrawals.

 

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 have an existing State Bank of India Instant Access Savings Account or Current Account

If all of the above conditions are met, you can apply for our Regular Savers Account.

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

Regular Saver Account
Account name Regular Savers 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.
Interest paid Monthly
What would the estimated balance be after 12 months based on a £1,000 monthly deposit? On a steady monthly deposit of £1,000, estimated balance would be £12,322.58 at the end of the tenure
You’ll earn an interest of approximately £322.577.
This is based on:
  • Interest calculated daily and credited monthly.
  • £1,000 being deposited every month in the account from the time it is opened, and no further 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.

 

For maximum earnings, we recommend waiting until your term ends to withdraw funds. Withdrawals are permitted during the term; however, you will earn interest at a lower rate – the same rate offered on our Instant Access Savings Account.

 
Access In branch, online, post

 

1. How many times in a month can I make a deposit into a regular savers account?

You can make a deposit into your account as many times as possible within a month provided you do not exceed the cumulative maximum monthly deposit limit of £1000.

2. How do I make payments into my Regular Savers Account?

Deposits can only be made through the feeder account (SBIUK instant access savings account or current account).

3. Can I set up a standing order ? 

Yes, but this would have to be set up on the feeder account (SBIUK instant access savings account or current account)

4. How many Regular Savers accounts can I have?

You can only open one Regular Savers account at a time.

5. How can I open a Regular Savers account?

To open a Regular Savers account, you must first have an SBIUK Instant Access Savings Account or Current Account. You can open this by visiting one of the SBIUK branches.

6. How can I manage my account?

You can manage your account online, by post or by visiting any of SBIUK’s branches.

7. Can I withdraw money in a month?

Yes. You can make a partial withdrawal at any point within the tenure, however, interest applied for the month in which the withdrawal was made will drop to the prevailing interest rate offered on an instant access savings account.

8. Can SBIUK change the interest rate?

Interest rates are fixed during the tenure of the account. Any changes to the interest rate will be communicated accordingly. More information regarding changes in interest rate can be found in general terms and conditions.

9. Are there any charges?

There are no charges on this account.

10. Can I have a joint Regular Savers Account?

No. Regular Savers Accounts are offered as a sole account only.

11. What happens to my Regular Savers Account at the end of the tenure?

Upon completion of the term, the account will be closed and the principal amount as well as all interest earned will be transferred to your linked SBIUK Instant Access Savings Account or Current Account.

12. Can I close my Regular savers account during the tenure?

Account closure is subject to terms and conditions of the bank. No. The account cannot be closed during the tenure. It will only close at the end of its tenure of 1 year, following which all the proceeds from regular savers will be credited to your feeder account.

13. What happens to my Regular Savers Account if I close my linked feeder account i.e. SBIUK Instant Access Savings Account or Current Account?

If a customer does not have an SBIUK feeder account i.e. either an SBIUK savings or current account, then at the end of the term, the regular savers account will be auto converted to SBIUK’s Instant Access Savings Account from the date of maturity.

14. What happens if I want to switch the linked feeder account from my SBIUK Current Account to my Instant Access Savings Account or Vice Versa?

Switching between feeder accounts is available, subject to customer alternate account being operational in SBI UK. Changes will take 5 working days from date of request.

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