• To qualify for a SBI UK Flexi 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
• There is no tenure for this account.
• The interest rate is variable and the bank will inform you before changing the rate applicable to your account. Please refer to Section 8 of our General Terms & Conditions for more details.
• Minimum amount required to open the Flexi ISA is £1
• Transfer-In is allowed from any ISA provider and the transfer process will take about 7 business days from the day we have received the signed Transfer Authority form
• You can make unlimited number of withdrawals at no notice with an option to replace the withdrawn funds, without it counting towards your annual ISA allowance. All you have to do is replace the money in the same tax year it was withdrawn
• The first payment to the Flexi Cash ISA can be made by a UK debit card or UK cheque, from another SBI account or electronic payment from another UK bank or building society
• Interest is paid either annually or monthly
• 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 with another ISA provider. Existing ISA customers will also be allowed to open a Flexible ISA.
• Maximum subscription is £20,000 in the 2024/2025 tax year (subject to any stocks and shares ISA subscriptions you have made for the 2024/2025 tax year) plus accrued interest credited to the account plus the previous years’ subscription, if any, across all ISAs.
• 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.
• Your ISA Investments:
  (a)    Must be, and remain, in your beneficial ownership; and
  (b)    Must not be used as security for a loan except as permitted by the ISA Regulations

        For more information, see our Flexi ISA Terms & Conditions.

• In line with The Individual Savings Account Regulations 1998, the Terms & Conditions set out on this page confirm that -
  the account investments shall be in the beneficial ownership of :-
  (i)  in the case of an account that is not a junior ISA account, the account investor; or
  (ii) in the case of a junior ISA account, the named child.
   

  If the account manager is required to do so then, in accordance with The Individual Savings Account Regulations 1998, the Terms & Conditions set out on this page confirm that the account manager shall satisfy himself that any person to whom he delegates any of his functions or responsibilities under the terms agreed with the account investor is competent to carry out those functions or responsibilities; that on the instructions of the account investor (“the transfer instructions”) and within such time as is stipulated by the account investor in the transfer instructions —
  (i)  an account, with all rights and obligations of the parties to it, or
  (ii) such parts thereof as may be agreed between the account investor and the account manager,
  shall be transferred to another account manager subject to and in accordance with regulations;
   
  In accordance with The Individual Savings Account Regulations 1998, the account manager shall notify the account investor if by reason of any failure to satisfy the provisions of these Regulations an account is or will become no longer exempt from tax by virtue of regulation 22(1) of the ISA Regulations 1998.

State Bank of India are unable to provide any tax advice. If you are unsure about your tax liabilities, you should seek guidance from an independent tax advisor.