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:
Key product features:
| Period | Gross rate maturity/annual interest |
AER |
|---|---|---|
| 1<6 months | 0.10% | 0.10% |
| 6 months | 4.60% | 4.60% |
| 9 months | 4.50% | 4.50% |
| One Year | 4.45% | 4.45% |
| Two Years | 4.30% | 4.30% |
| Three Years | 4.15% | 4.15% |
| Five Years | 4.25% | 4.25% |
Fixed deposit loyalty : +0.25**
**Loyalty rates for customers will remain at +25bps upon renewal of Fixed Deposits .
Excludes Cash ISA Fixed Deposit & Fixed Deposit of term less than 1 year.
*Only for fixed deposits in GBP
| 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 | 4.25% | 4.25% |
| Two Years | 4.25% | 4.25% |
| Three Years | 4.00% | 4.00% |
| Five Years | 0.00% | 0.00% |
Fixed deposit loyalty: +0.25%**
*Only for renewal of fixed deposits.
*Only for fixed deposits in USD
* The Annual Equivalent Rate (AER) illustrates the interest rate if it was paid and compounded once each year.
| Account name | Fixed Term Deposit | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Interest rates | For current interest rates visit: www.sbiuk.com/personal/interest-rates |
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| 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:
This is based on:
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| Conditions for bonus payable |
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| Withdrawal arrangements | There are no withdrawals permitted during the term of the 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
You can give us maturity instructions in writing at least 15 Working Days before the maturity date of a Fixed Deposit. 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 |
To qualify for our Fixed Deposit Accounts, you must be aged 18 or over and resident in the UK for tax purposes, with a permanent UK address.
If all of these statements are correct, you're able to apply for our Fixed Deposit Accounts.
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