State Bank of India is an Indian multinational, public sector banking and financial services statutory body headquartered in Mumbai. It is the 43rd largest bank in the world.
Cash ISA Fixed Deposit Account
With the SBI UK Cash ISA Fixed Deposit Account you can earn tax–free interest over a period of either two, three or five years; free from UK Income Tax and Capital Gains Tax. The minimum amount which can be deposited is £5,000, up to a maximum subscription of £20,000. Withdrawal or transfer of the deposit can be made before the end of the term if 30 days’ notice is provided but there will be a loss of interest if early withdrawals/transfers are made.
The rates of interest are:
Two year period: 0.50% AER tax-free
Three year period: 0.50% AER tax-free
Five year period: 0.60% AER tax-free
Flexi Cash ISA
SBI UK’s Flexi Cash ISA gives you the flexibility to make an unlimited number of withdrawals at no notice with an option of replacing the withdrawn funds without affecting the annual allowance, as long as it is replaced in the same tax year. The minimum amount which can be deposited is just £1, up to a maximum subscription of £20,000. Interest earned is variable and free from UK Income Tax and Capital Gains Tax, at a rate of 0.25% AER tax-free.
SBI offer a range of business banking and personal banking services including savings accounts, borrowing and remittances.
SBI UK Reviews and Ratings
Online reviews for SBI UK are excellent with users praising the company’s dedicated and professional staff, strong work ethic and honesty, and the wealth of knowledge and determination within the team. Information given is clear and concise, and customers have remarked how they are looking forward to a long-standing relationship with the company.
Trustpilot – 4.2/5 (based on 6 reviews)
- Fixed or variable rate Cash ISA options
- Quick easy online setup
- Clear, easy to understand product information
- Handy online ISA calculator
- Useful support guides and downloadable content
- Excellent customer feedback
- Authorised by the Prudential Regulation Authority
- Regulated by the Financial Conduct Authority and the Prudential Regulation Authority
- A large multi-national with headquarters in Mumbai, not local
- Cash ISAs only
- Stocks and Shares, Lifetime ISAs or other ISA products not offered
- Minimum amount which can be deposited is £5,000 for the Cash ISA Fixed Deposit Account
Website: SBI UK