Best Business

State Bank of India UK Business Banking

About State Bank of India UK

Editorial Team
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State Bank of India UK, or SBI UK as they're better known, are a wholly owned UK subsidiary of the Indian multinational with the same name, which can be traced back to 1806 as the Bank of Calcutta. SBI has been in the UK since 1921 and currently have 12 branches, offering a range of business banking services, including straightforward international payments to and from India.

See our full State Bank of India UK business bank account review of features, fees and how they compare against other online and high street bank accounts.

State Bank of India UK pros & cons

Pros of SBI UK

  • Current and savings accounts available
  • No fees if you keep a balance of £10,000
  • Accounts in multiple currencies can be opened

Cons of SBI UK

  • Only 12 branches in the UK
  • Critical customer reviews

State Bank of India UK current account

SBI UK provides one business current account available to micro, small and medium-sized enterprises (SMEs) and large businesses, which are incorporated in the European Economic Area (EEA):

  • Business Current Account - their easy-access current account features a range of benefits designed to support your business no matter its size.

State Bank of India UK offer 25 free transactions and waive the standing charge, of £80 annually, on their current account for balances that maintain a monthly average above £10,000.

If the £10,000 isn't maintained, the following charges apply:

Account nameSBI Business Current Account
Application feeFree
Annual fee£80
Bank transfers60p
Card purchases60p
ATM withdrawals60p
Cash deposits30p per £100
Interest (AER)0%

Eligibility

To be eligible for an SBI UK business account you must:

  • Be incorporated in the UK or European Economic Area (EEA)
  • Be a UK or EEA resident
  • Be 18 or over

During your application with SBI UK, you'll need the following documents:

  • Photo identification
  • National Insurance Number
  • Proof of address

Opening an account

Here's how to open a State Bank of India UK business account:

  1. To open online download SBI UK's YONO app from the App Store or Google Play or download their application pack from their website
  2. To open in store find your nearest SBI UK and head on in
  3. Complete their application - SBI UK will confirm your eligibility
  4. Verify your ID - with photo ID such as a passport or photocard driving licence
  5. Following approval, the account should be ready to use after 3 to 5 business days

Overdrafts

State Bank of India UK offer overdrafts but they don't have much information available on their site.

State Bank of India UK savings accounts

SBI UK offers three savings accounts:

  • Business Savings Account - only available to micro-businesses, this account has a minimum balance limit of £10,000 and a maximum limit of £1 million. The interest rate is 1.70% AER.
  • Limited Access Account - easy access account, limited to four withdrawals per year. The interest gained if no withdrawals are made is 1.90% AER.
  • 35 Days Notice - this account requires 35 days of notice to be given before the funds can be accessed. Open from £1 and hold up to £5 million. Interest is paid at 2.00% AER.
  • Fixed Deposit - terms from one month five years are available, where the interest rate earned varies from 0.10% to 4.25%. Accounts can be opened from £10,000 and can't exceed £250,000, only the initial deposit is permitted.
  • Green Fixed Deposit - terms available for three to five years. The initial deposit must be at least £10,000 but can't be more than £5 million The interest rate yielded is between 4.25% and 4.35% AER.

State Bank of India UK reviews

State Bank of India scores well on the App Store with 3.9 stars, but this is just from 22 ratings.

SBI on Google Play is rated 2.3 stars from over 1,300 reviews.

On Trustpilot, SBI gets a poor 2.1 out of 5 stars, based on over 250 reviews.

Information complete as of 7th February 2023.