Fixed Deposits

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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

Rates

Fixed deposit rates for GBP deposits from 01.03.2023

Period	Gross rate maturity/annual interest	AER
1<3 months	0.10%	0.10%
3<6 months	0.10%	0.10%
6<12 months	1.00%	1.00%
One Year	3.50%	3.50%
Two Years	3.86%	3.86%
Three Years	4.15%	4.15%
Five Years	4.25%	4.25%

Fixed deposit rates for USD deposits, effective from 10.10.2022

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	4.00%	4.00%
Two Years	4.10%	4.10%
Three Years	4.10%	4.10%
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Fixed deposit rates for EUR deposits is withdrawn from 17th August 2020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

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 Year	£10,000	£10,350.00
2 Years	£10,000	£10,786.90
3 Years	£10,000	£11,297.38
5 Years	£10,000	£12,313.47

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 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

There are no withdrawals permitted during the term of the deposit.

Access

In branch, post or online

Key product features:

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

1. 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 or €10,000 and the maximum is £5,000,000 or other currency equivalent.
On maturity of the Fixed Deposit Account, the Fixed deposit will be renewed to another Fixed Deposit with a similar maturity period.

However, you may instruct us to transfer the proceeds to the linked Current or Savings Account that you have with us. Such instructions should be received in writing by us at least 15 Working Days before the maturity date of a Fixed Deposit.
When you open your account, you choose the period of your deposit. The rate of interest is then fixed for this entire period.
Interest is paid at different intervals, depending on the period of deposit you choose. The following table shows when we pay interest:

Your fixed-deposit period When we pay interest

One year At maturity

Over one year Monthly, at each anniversary and at maturity
If you deposit £50,000 or more for a term of one year or more, you can opt to receive interest monthly or annually. (This only applies to sterling deposits.) We'll pay interest directly into your State Bank of India savings or current account.
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 until they mature.
In exceptional situations, an early withdrawal request may be considered in line with the bank’s internal policy. This policy is subject to change and the bank will confirm the current terms for early withdrawals at the time of your request. Early withdrawal requests are accepted at bank’s discretion and are subject to a penalty and may result in no interest being paid.

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 period and we may withdraw them at any time.