Fixed Deposits

Fixed Deposits Inner Page Slide

Fix Deposits

Fixed Deposits

With a State Bank of India (UK) Limited Fixed Deposit Account, you can invest from £10,000/ US $10,000 to £5,000,000 or other currency equivalent for up to five years. Just choose the deposit period that suits you.

At a glance:

Earn a high rate of interest
Deposit for up to 5 years
Minimum deposit £10,000 or US $10,000
No minimum for existing customers who re-invest matured deposits
For more information please refer to Fixed Deposits Summary Box .

Product Summary

Key product features:

Minimum investment of £10,000 and US $10,000 to a maximum of £5,000,000 or equivalent for other currencies.
Available in two different currencies, i.e. GBP & USD
You cannot add additional amounts to your Fixed Term Deposit during the term
The Fixed Term Deposit scheme is available for a limited period and may be withdrawn at any time at the discretion of the Bank

Interest Rates

Fixed deposit rates for GBP deposits effective from 21.10.2026

Period	Gross rate maturity/annual interest	AER
1<6 months	0.10%	0.10%
6 months	4.17%	4.21%
9 months	4.19%	4.21%
One Year	4.80%	4.80%
Two Years	4.80%	4.80%
Three Years	4.80%	4.80%
Five Years	4.70%	4.70%

Fixed deposit rates for USD deposits, effective from 14.10.2026

Period	Gross rate maturity/annual interest	AER
1<3 months	0.10%	0.10%
3<6 months	0.10%	0.10%
6<12 months	3.10%	3.10%
One Year	4.50%	4.50%
Two Years	4.50%	4.50%
Three Years	4.50%	4.50%
Five Years	0.00%	0.00%

Fixed deposit rates for EUR deposits is withdrawn from 17th August 2020

* The Annual Equivalent Rate (AER) illustrates the interest rate if it was paid and compounded once each year.

Terms & Conditions

Account name

Fixed Term Deposit

Interest rates

For current interest rates visit:
www.sbiuk.com/personal/interest-rates

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."

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	£10,465.00
2 Years	£10,000	£10,951.62
3 Years	£10,000	£11,460.87
5 Years	£10,000	£12,378.57

This is based on:

Interest calculated and compounded annually.
£10,000 being deposited in the account upon opening, and no further deposits or withdrawals will be allowed until the end of the term.
The amount of the deposit at the end of the term.

Conditions for bonus payable

There is no bonus available on this account.

Withdrawal arrangements

No withdrawals permitted during the term. Early closure requests are considered under exceptional circumstances at Bank discretion. If approved, an early withdrawal penalty will apply. If interest is paid monthly, this penalty may be deducted from your principal deposit.

Access

You can access the product, with an objective to view/ open/ renew by visiting the nearest branch
or online. You can send new / renewal request through post, if the feeder account has been.
opened through YONO UK app or through the Branch.

SBI UK Fixed Deposit Accounts

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
The minimum deposit is £10,000 or US$10,000 and the maximum is £5,000,000 or other currency equivalent.
When you open your account, you choose the period of your deposit. The rate of interest is then fixed for this entire period.
You can give us maturity instructions in writing at least 15 Working Days before the maturity date of a Fixed Deposit. 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 have the options of

1.   transfer your entire account balance (principal and interest) to your nominated / Feeder bank 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.   In the absence of any instructions from you, the Fixed Deposit Account will be renewed to another Fixed Deposit with a similar maturity period upon maturity.

•   When you open your account, you choose the period for your deposit, and the interest rate is fixed for the entire period.
•   If you do not have a savings or current account with us, you need to open one in order to take advantage of the Fixed Deposit offer. Customers who have an account with us can send instructions to transfer funds from their account to their Fixed Deposit. This can be done either in person or by sending the fixed deposit form by post to your home branch. Interest is paid at different intervals depending on the chosen deposit period. The table below shows when we pay interest:

Period of fixed-deposit period	Interest payment schedule
One year	At maturity
Over one year	*Monthly / at each anniversary and at maturity

•   *If you deposit £50,000or 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 a 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.
•   Please note the following: In exceptional circumstances (such as medical emergencies, bankruptcy, insolvency, liquidation, or death), you may request an early closure of your Business Fixed Deposit. The Bank will consider these requests in accordance with its internal policies and retains absolute discretion to approve or reject them. If the Bank agrees to an early closure, an early withdrawal penalty will be applied to the account:
Where interest is paid at maturity: The penalty will be deducted from the accrued interest. This may result in you receiving less interest than expected or no interest at all.
Where interest is paid monthly/annually: If the total interest already paid out to your nominated account exceeds the remaining interest due, the shortfall will be deducted directly from your initial principal investment amount. This means you may receive back less than the amount you originally deposited. We will provide you with the exact calculation and the final amount to be paid out before processing any early closure request.
•   In the event of death or bankruptcy, the capital value and accrued interest, please refer to our General Terms and Conditions for more details.
•   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 don't hesitate to get in touch with us.
Please click here for information on our General Terms and Conditions** of Service.