Current Account
Current Account |
Account name |
Current Account |
Interest rates |
No interest is paid on the account. |
Tax status |
No interest is paid on the account. |
Conditions for bonus payable |
There is no bonus available on this account. |
Withdrawal arrangements |
There is no notice period or penalty for withdrawal. |
Access |
In branch or online. |
- You can access your funds using your international debit card both in the UK and abroad*
- Free cash withdrawals from UK ATMs displaying the MasterCard logo and SBI ATMs in India
- Cheque book and direct debit facility provided
- Free remittance to India for account holders who maintain the minimum monthly average balance of £500. For all other account holders, a charge of £5.00 will be levied
* Charges apply for international transactions. Please check the charges schedule for more details.
Terms and Conditions – Current Account
- The Current Account is available to an individual aged 18 years and over who is ordinarily resident in the UK for tax purposes and has a permanent UK address.
- Minimum balance required for opening a current account is £500.
- No interest is paid on the Current Account.
- The account can be managed by visiting any UK branch, by post or using the online banking facility provided with the account.
- A Current Account will only be opened upon providing satisfactory identification and address verification documents, together with proof of income, which may be in the form of a payslip. We may also carry out a credit check with a credit reference agency when you apply for a Current Account. For the complete list of acceptable verification documents, please refer to:
www.sbiuk.com/personal/current-account/how-to-open-an-account
- Account holders who maintain the minimum balance of £500 required for the account are eligible to transfer funds to bank accounts in India free of charge.
- Our general terms and conditions apply. These can be viewed through our website www.sbiuk.com
Please Note: Debit Cards are not issued to the current accounts opened prior to 2009
Instant Access Savings Account
Instant Access Savings Account |
Account name |
Instant Access Savings |
Interest rates |
For current interest rates visit:
www.sbiuk.com/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 are entitled, it is your responsibility to ensure this tax is paid. |
What would the estimated balance be after 12 months based on a £1,000 deposit? |
On a deposit of £1,000, estimated balance would be £1,005.
This is based on:
- Interest calculated daily and compounded monthly.
- £1,000 being deposited in the account at the time it is opened and no further deposits or 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 |
There is no notice period or penalty for withdrawal. |
Access |
In branch, post or online. |
- Minimum balance - £500. Maximum balance - £5,000,000
- You can access your funds using your international debit card both in the UK and abroad
- Free cash withdrawals from UK ATMs displaying the MasterCard logo and SBI ATMs in India
- Free remittance to India for account holders who maintain the minimum monthly average balance of £500. For all other account holders, a charge of £5.00 will be levied
* Charges apply for international transactions. Please check the charges schedule for more details.
Terms and Conditions - Instant Access Savings Account
- This account is available to an individual, aged 18 years or over who is ordinarily resident in the UK for tax purposes and has a permanent UK address.
- Minimum balance required for opening the account is £500. The monthly minimum balance is calculated based on the previous month’s average balance, by totaling the daily balance in the previous month and then dividing this by the number of days in the previous month.
- Interest will be calculated based on the daily closing balance and paid monthly. However, interest will not be paid on balances below £500 or above the maximum limit of £5,000,000.
- We reserve the right to close the account if the account balance falls below the minimum specified amount. However, we will provide you with 60 days’ written notice before closure.
- 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.
- Only one Instant Access Savings Account can be opened by an individual. If a joint account is opened, then the same joint account holders cannot open another joint Instant Access Savings Account.
- You may deposit your savings into the account by cheque or electronic transfer without any charge.
- The account can be managed by a visit to any branch or by post or using the online banking facility provided with the account.
- An Instant Access Savings Account will only be opened upon providing satisfactory identification and address verification documents together with proof of income, which may be in the form of a pay slip. We may also carry out an electronic identity check. For more information about this and a list of acceptable verification documents, please refer to: www.sbiuk.com/personal/savings-account/how-to-open-an-account
- Account holders who maintain the minimum balance of £500 required for the account are eligible to transfer funds to bank accounts in India free of charge.
- Our general terms and conditions apply. These can be viewed through our website www.sbiuk.com
Online Instant Access Savings Account
Online Instant Access Savings Account |
Account name |
Online Instant Access Savings Account |
Interest rates |
For current interest rates visit:
www.sbiuk.com/personal/interest-rates |
What would the estimated balance be after 12 months based on a £1,000 deposit? On a deposit of £1,000, estimated balance would be £1,005. |
On a deposit of £1,000, estimated balance would be £1,005.
This is based on:
- Interest calculated daily and compounded monthly.
- £1,000 being deposited in the account at the time it is opened and no further deposits or 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
|
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. |
Conditions for bonus payable |
There is no bonus available on this account. |
Withdrawal arrangements |
There is no notice period or penalty for withdrawal. |
Access |
In branch or online. |
- Minimum balance - £500. Maximum balance - £1,000,000
- You can access your funds using your international debit card in the UK and abroad*
- Free cash withdrawals from UK ATMs displaying the MasterCard logo and SBI ATMs in India
- Free remittance to India for account holders who maintain the minimum monthly average balance of £500. For all other account holders, a charge of £5.00 will be levied
* Charges apply for international transactions. Please check the charges schedule for more details.
Terms and Conditions - Online Instant Access Savings Account
- This account is available to an individual, aged 18 years or over who is ordinarily resident in the UK for tax purposes and has a permanent UK address.*
- Minimum balance required for opening the account is £500. The monthly minimum balance is calculated based on the previous month’s average balance, by totaling the daily balance in the previous month and then dividing this by the number of days in the previous month.
- Interest will be calculated based on the daily closing balance and paid monthly. However, interest will not be paid on balances below £500 or above the maximum limit of £1,000,000.
- We reserve the right to close the account if the account balance falls below the minimum specified amount. However, we will provide you with 60 days’ written notice before closure.
- 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.
- Only one Online Instant Access Savings Account can be opened by an individual. If a joint account is opened, then the same joint account holders cannot open another joint Instant Access Savings Account.
- You may deposit your savings into the account by cheque or electronic transfer without any charge.
- The account can be managed by a visit to any branch or by using the online banking facility provided with the account.
- An Online Instant Access Savings Account will only be opened upon a satisfactory online verification of your identity by our authorised verification system. This system performs an online identity check based on the information you provide at the time of opening the account.
- Account holders who maintain the minimum balance of £500 required for the account are eligible to transfer funds to bank accounts in India free of charge.
- Our general terms and conditions apply. These can be viewed through our website www.sbiuk.com
* Subject to Know Your Customer (KYC) conditions being met.
Fixed Term Deposit
Fixed Term Deposit |
Account name |
Fixed Term Deposit |
Interest rates |
For current interest rates visit:
www.sbiuk.com/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. |
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 Years |
£10,000 |
£10,050.00 |
2 Years |
£10,000 |
£10,150.56 |
3 Years |
£10,000 |
£10,303.01 |
4 Years |
£10,000 |
£10,406.04 |
5 Years |
£10,000 |
£10,772.84 |
This is based on:
- Interest calculated and compounded annually.
- £10,000 being deposited in the account at the time it is opened and no further deposits or withdrawals being made over the 12 month period.
- 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 |
There are no withdrawals permitted during the term of the deposit. |
Access |
In branch, post or online. |
- Minimum investment of £10,000, US $10,000 or €10,000 to a maximum of £5,000,000 or equivalent for other currencies
- Available in three different currencies, i.e. GBP, USD & EUR
- 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
Terms and Conditions - Fixed Term Deposit
- The Fixed Term Deposit is available to an individual, aged 18 years or over, who is ordinarily resident in the UK for tax purposes and has a permanent UK address.
- Minimum amount required for making a deposit is £10,000/ US $10,000/€10,000. The maximum amount that can be invested in this deposit is £5,000,000 or equivalent in other currencies.
- If you do not already hold an Instant Access Savings Account or Current Account with us, you will be required to open one.
- You cannot add additional amounts to your Fixed Term Deposit. However, you can open more than one Fixed Term Deposit, subject to availability.
- The rate of interest is fixed for the entire period of the deposit. You can choose the period of the deposit based upon the terms available at the time of the creation of the Fixed Term Deposit.
- The interest pay-out frequency is dependent on how long you choose to fix your deposit for. Details are below:
Period of Fixed deposits |
Interest pay-out frequency |
Less than one year
(1 month - 11 months) |
Monthly |
One year |
On maturity |
Over one year |
Interest will be added to the deposit on the anniversary and paid at maturity. |
- Those who want to deposit £50,000 or more for a term of 1 year or more, have the option of receiving interest monthly or annually. This is only available for Sterling deposits. The interest will be paid into your Savings or Current Account held with State Bank of India in the UK.
- 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.
- Deposits cannot be withdrawn before maturity.
- The Fixed Term Deposit scheme will be available for a limited period and may be withdrawn at any time at the discretion of the Bank.
- Our general terms and conditions apply. These can be viewed through our website www.sbiuk.com
Jumbo Junior Instant Access Savings Account
Jumbo Junior Instant Access Savings Account |
Account name/td> |
Jumbo Junior Instant Access Savings Account |
Interest rates |
For current interest rates visit:
www.sbiuk.com/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. |
What would the estimated balance be after 12 months based on a £1,000 deposit? |
On a deposit of £1,000, estimated balance would be £1,007.50.
This is based on:
- Interest calculated daily and compounded monthly.
- £1,000 being deposited in the account at the time it is opened and no further deposits or 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 |
There is no notice period or penalties for withdrawal. |
Access |
In branch or by post. |
- Save on behalf of a child with a Jumbo Junior Instant Access Savings Account
- Earn a competitive rate of interest. For the latest interest rates visit
www.sbiuk.com/personal/interest-rates
- Manage your account through the branch or by post
- The maximum amount that can be invested is £100,000 in total for each child across all Jumbo Junior Account products
Terms and Conditions - Jumbo Junior Instant Access Savings Account
- The minimum amount required for opening an account is £100. The maximum amount that can be invested for any Child is £100,000 in total across all Jumbo Junior Accounts.
- The Jumbo Junior Instant Access Savings Account is available to a Child aged younger than 16 years who is ordinarily resident in the UK for tax purposes and has a permanent UK address.
- The account must be opened by either one or two adults, who must be named on the account as Trustee/s, who are aged over 18, resident in the UK for tax purposes and have a permanent UK address. The accounts are operated on a bare trust basis and the money will be held in trust for the benefit of the Child until the Child reaches 16 years of age.
- As Trustee of a trust, whether existing or bare, all Trustees will have obligations to the Child and it is the Trustee’s responsibility to administer the trust in accordance with those obligations.
- Interest is accrued daily and paid on a monthly basis.
- We do not provide a debit card or online transaction capabilities for this account.
- Money can be deposited into the account by way of cheque, electronic transfer or cash. The initial deposit must be made by way of either a cheque or electronic transfer.
- When the Child reaches the age of 16, the trust ends and the Child will acquire full ownership of the savings. At this time we will suspend the Jumbo Junior Instant Access Savings Account for any future transactions (the account will continue to earn interest, although interest will be paid after deduction of income tax at rate specified by law, which is currently 20%) and invite the Child to open a new Young Adult Instant Access Savings Account.
- In order to access their savings after the age of 16, the Child can either request a withdrawal through your local branch (appropriate verification will be required), or can apply to open a Young Adult Instant Access Savings Account (or equivalent account available at that time) in order for us to then transfer the proceeds from the Jumbo Junior Instant Access account into the new account. The Young Adult Instant Access Savings Account will be fully controlled by the Child and the Trustees will no longer be able to access or control the account. From this time onwards, the Child will have the option to:
- retain the savings account with us.
- withdraw some of the funds and retain the balance with us.
- withdraw all of the funds.
- discuss other saving options with us.
- The rate of interest is variable and may be subject to change.
- 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.
- The Bank will not offer any loan against this product.
- Deposits can only be withdrawn by one (if single trustee) or both trustees (if joint trustees). The trustees must confirm that all withdrawal proceeds will be used solely for the benefit of the Child (the beneficiary) by signing a withdrawal form which can be obtained at the branch. For more information please contact us on 0800 532 532 or refer to our website at www.sbiuk.com for branch opening times and contact details.
- The Child cannot access their savings until they are 16 years old. Up until the Child reaches the age of 16, savings will be held in trust for the Child.
- Our general terms and conditions apply. These can be viewed through our website www.sbiuk.com
Jumbo Junior Fixed Deposit Account
Jumbo Junior Fixed Deposit Account |
Account name |
Jumbo Junior Fixed Deposit Account |
Interest rates |
For current interest rate click here |
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. |
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 Years |
£10,000 |
£10,050.00 |
2 Years |
£10,000 |
£10,150.56 |
3 Years |
£10,000 |
£10,303.01 |
4 Years |
£10,000 |
£10,406.04 |
5 Years |
£10,000 |
£10,772.84 |
- Interest calculated and compounded annually.
- £10,000 being deposited in the account at the time it is opened and no further deposits or withdrawals being made over the 12 month period.
- 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 |
There are no withdrawals permitted during the term of the deposit. |
Access |
In branch or by post. |
- Save on behalf of a child with a Jumbo Junior Fixed Deposit Account
- Earn a competitive rate of interest. For the latest interest rates visit
www.sbiuk.com/personal/interest-rates
- Manage your account through the branch or by post
- The maximum amount that can be invested is £100,000 in total for each child across all Jumbo Junior Account products
Terms and Conditions - Jumbo Junior Fixed Deposit Account
- The minimum amount required for opening a Jumbo Junior Fixed Deposit Account is £1,000. The maximum amount that can be invested for any Child is £100,000 in total across all SBI UK Jumbo Junior Accounts.
- The Jumbo Junior Fixed Deposit Account is available to a Child aged up to and including 15 years old (for example on 1 January 2014, any Child with a date of birth on or before 31 December 1998 will not be eligible to apply) and who is ordinarily resident in the UK for tax purposes and has a permanent UK address.
- The account must be opened by either one or two adults, who must be named on the account as Trustee/s, who are aged over 18, resident in the UK for tax purposes and have a permanent UK address. This account is operated on a bare trust basis, and the money will be held in trust by the Trustees for the benefit of the Child, during the term of the Fixed Deposit.
- The Jumbo Junior Fixed Deposit Account term cannot extend to mature beyond the Child’s 16th birthday. This means that on the Child’s 14th birthday only the 1 and 2 year Jumbo Junior Fixed Deposit terms are available.
- If you open a Jumbo Junior Fixed Deposit Account, you must open or already hold a Jumbo Junior Instant Access account with the same customer details (i.e. both the same Trustee/s and beneficiary).
- As Trustee of a trust, whether existing or bare, all Trustees will have obligations to the Child and it is the Trustee’s responsibility to administer the trust in accordance with those obligations.
- No withdrawals are permitted during the term of the deposit.
- At maturity we will transfer the proceeds into the Jumbo Junior Instant Access Savings Account. The money will be held in trust by the Trustee/s for the benefit of the Child until the Child reaches 16 (for example, if the Child is aged 3 years old at the time the Trustee/s deposit in a 3 year deposit – the plan will mature when the Child is aged 6. The maturity proceeds will then be transferred into the existing Jumbo Junior Instant Access Savings Account automatically, unless there is an instruction to the contrary, where it will be held in trust by the Trustees until the Child reaches 16).
- 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.
- You cannot add additional amounts to the Jumbo Junior Fixed Deposit Account. However, more than one Jumbo Junior Fixed Deposit Account can be opened for the same beneficiary provided that the maximum total does not exceed £100,000 across all SBI UK Jumbo Junior Accounts.
- The rate of interest is fixed for the entire period of the deposit.
- Interest is calculated annually and will be paid at maturity (for 1 year deposits) or added to the deposit on the anniversary of the deposit (for terms longer than one year).
- SBI UK does not provide a debit card or online transaction capabilities for this account.
- The deposit must be made by way of either a cheque or electronic transfer.
- The Jumbo Junior Fixed Deposit Account is available for a limited period and may be withdrawn at any time at the discretion of the Bank.
- The Bank will not offer any loan against this product.
- Our general terms and conditions apply. These can be viewed through our website www.sbiuk.com
Jumbo Junior Regular Saver
Jumbo Junior Regular Saver |
Account name |
Jumbo Junior Regular Saver |
Interest rates |
Visit: www.sbiuk.com/personal/interest-rates for rates. Rates are variable. |
What would the estimated balance be after 12 months based on a £1,000 deposit? |
On a deposit of £1,000, estimated balance would be £1,012.50.
This is based on:
- Interest calculated daily and compounded monthly.
- £1,000 being deposited in the account at the time it is opened and no further deposits or 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
|
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. |
Conditions for bonus payable |
There is no bonus available on this account. |
Withdrawal arrangements |
No withdrawals are permitted before maturity. The account can be closed prior to maturity, but we will apply an early closure fee of 0.5% based upon the closing balance (including all payments and interest accrued). If the account is closed mid-term, the early closure fee may result in you receiving less than your capital payments. |
Access |
In branch or online. |
- Minimum Monthly deposit £50, Maximum £1,500.
- Term 12 to 191 months.
- Flexible monthly payment can be amended or skipped.
- No more than one payment per calendar month but dates can be varied.
- Access to savings, by closing account (0.50% fee applies).
Terms and Conditions - Jumbo Junior Regular Saver account
- The minimum monthly payment is £50. The maximum monthly payment is £1,500.
- The maximum amount that can be invested for any child is £100,000 in total across all SBI UK Junior accounts.
- A maximum of one payment can be made in each calendar month.
- You are not required to make a payment every month. If however, you do miss a payment, you cannot make up for missing that payment by exceeding the £1,500 limit or make more than one payment for that month. The limits still apply.
- The term chosen will be fixed at the account opening stage and cannot be altered thereafter. The minimum term is 12 months and the maximum term is 191 months (15 years and 11 months). The term cannot extend beyond the child’s 16th birthday.
- The Jumbo Junior Regular Saver is available to a child aged up to and including 15 (for example on 1 January 2014, any child with a date of birth on or before 31 December 1998 will not be eligible to apply) and who is ordinarily a resident in the UK for tax purposes and has a permanent UK address.
- The account must be opened by either one or two adults, who must be named on the account as Trustee/s, who are aged over 18, reside in the UK for tax purposes and have a permanent UK address. This account is operated on a bare trust basis, and the money will be held intrust by the adult/s (trustees) on behalf of the child, during the term of the fixed deposit.
- The Jumbo Junior Regular Saver cannot extend to mature beyond the child’s 16th birthday. This means that on the Child’s 14th birthday only a term up to 24 months is available.
- To open a Jumbo Junior Regular Saver, you must open or already hold a Junior Instant Access account with the same customer details (i.e. both the same Trustee/s and beneficiary).
- As Trustee of a trust, whether existing or bare, all Trustees will have obligations to the child and it is the Trustee’s responsibility to administer the trust accordingly.
- No withdrawals are permitted during the term of the Jumbo Junior Regular Saver. The account can be closed mid-term, but we will apply an early closure fee of 0.5% based upon the closing balance (including all payments and interest accrued). If the account is closed mid-term, the early closure charge may result in you receiving less than your capital payments.
- At maturity we will transfer the proceeds into the Junior Instant Access Savings account. The money will be held intrust by the Trustee/s on behalf of the child until the child reaches 16 (for example, if the child is aged 3 at the time the Trustee/s deposit in a 3 year regular saver - the plan will mature when the child is aged 6. The maturity proceeds will then be transferred into the existing Junior Instant Access account automatically, unless there is an instruction to the contrary, where it will be held in trust by the Trustees until the child reaches 16).
- The rate of interest is variable. The rate will not fall below that available to a new Instant Access Savings Account customer (or similar account, in the event that this is withdrawn in the future).
- Interest will be paid at maturity or early closure.
- 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.
- SBI UK does not provide a debit card or online transaction capabilities for this account.
- The initial payment can be made via cheque or electronic transfer.
- Funds can only be deposited into the account via a standing order from the Jumbo Junior Instant Access Savings account. The initial deposit can be made by way of either a cheque or electronic transfer.
- The Jumbo Junior Regular Saver is available for a limited period and may be withdrawn at any time at the discretion of the bank.
- The Bank will not offer any loan against this product.
- Please note that our general terms and conditions apply. These can be obtained from any of our Branches or can be accessed online through our website www.sbiuk.com
Young Adult Instant Access Savings Account
Young Adult Instant Access Savings Account |
Account name |
Young Adult Instant Access Savings Account |
Interest rates |
Visit www.sbiuk.com/personal-banking/personal/young-savers/young-adult-instant-access-savings-account for rates. Rates are variable. |
What would the estimated balance be after 12 months based on a £1,000 deposit? |
On a deposit of £1,000, estimated balance would be £1,007.50.
This is based on:
- Interest calculated daily and compounded monthly.
- £1,000 being deposited in the account at the time it is opened and no further deposits or 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
|
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. |
Conditions for bonus payable |
There is no bonus available on this account. |
Withdrawal arrangements |
There is no notice period or penalty for withdrawal. |
Access |
In branch, by post or online. |
- Earn a competitive rate of interest.
- Manage your account at the branch.
- Prior to your 18th birthday we will invite you to open a new Instant Access Savings account.
Terms and Conditions - Young Adult Instant Access Savings Account
- For new customers the minimum amount required for making a deposit is £500. For existing Jumbo Junior Instant Access Savings Account beneficiary account holders, there is no minimum deposit. The maximum amount that can be invested for any Young Adult is £100,000 in total.
- The Young Adult Instant Access Savings Account is available to any young person aged 16 or 17, who is ordinarily resident in the UK for tax purposes and has a permanent UK address.
- Interest is paid on a monthly basis.
- Funds can be deposited into the account by cheque, Electronic transfer or cash. The initial deposit must be made by way of either a cheque or electronic transfer.
- The rate of interest is variable and may be subject to change.
- 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.
- We do not provide a debit card or online transaction capabilities for this account.
- The Bank will not offer any loan against this product.
- We will need to complete some verification checks before we can permit access to the Young Adult Instant Access Savings Account.
- When you reach 18, we will suspend the Young Adult Instant Access Savings Account for any future transactions (but the account will continue to earn interest) and invite you to open a new Instant Access Savings Account.
- In order to access the savings after you reach 18, you can either request a withdrawal through an SBI Branch (appropriate verification will be required), or can apply to open an Instant Access Savings Account (or equivalent account available at that time with SBI UK) in order that SBI UK can then transfer the proceeds from the Young Adult Instant Access account into the new account.
- Please note that our general terms and conditions apply. These can be obtained from any of our Branches or can be accessed through our website at www.sbiuk.com