State Bank of India

State Bank of India is one of the world's largest banks, and its UK arm offers banking to customers in Britain. Its UK website lists a current account, an instant access savings account, fixed deposits and a cash ISA fixed deposit¹. It is a UK company in its own right, incorporated on 19 October 2016, and its Companies House record shows it as active⁵.

Its UK permissions cover two main activities: accepting deposits, which covers its savings accounts, and entering into regulated credit agreements as a lender, with some exclusions such as high-cost short-term credit, bill of sale agreements and home collected credit agreements⁶. This page explains what that means in practice: what it offers, how its accounts work, how to open one, how to complain, and how your money is protected.

What State Bank of India offers in the UK

State Bank of India's UK business is built around two activities that its FCA permissions allow: taking deposits from savers, and lending to borrowers. On the deposits side, its website lists an instant access savings account, fixed deposits and a cash ISA fixed deposit², accounts of the kinds covered in our guide to savings accounts. It also lists a current account¹. On the lending side, its permissions cover regulated credit agreements, the kind of borrowing covered in our guide to loans.

What its permissions exclude matters as much as what they include. The register entry states it may enter into regulated credit agreements as a lender, but it excludes high-cost short-term credit, bill of sale agreements and home collected credit agreements⁶. In practice that means it is not a payday lender or a logbook loan provider: its lending is in the mainstream regulated credit market. The Bank of England publishes monthly statistics on lending to individuals, including breakdowns by type of lender and product, which show the shape of that market as a whole⁷.

The firm does not appear in the register as offering the full spread of products a high street giant offers. There is no indication in its permissions of credit cards, insurance or investment business, so if you are comparing providers, its range is narrower than the big UK banks. For products it does not offer, our guides to current accounts, credit cards, insurance and investing set out the wider market and who provides what.

Deposit accounts: minimum and maximum amounts

State Bank of India's UK permissions allow it to accept deposits⁶, and its savings accounts sit in the same regulatory framework as every other UK bank or building society account. The specific minimum and maximum amounts for each of its accounts are set by the provider and published on its own website at https://sbiuk.statebank², so check there for today's figures before you open anything.

How minimums and maximums work across the UK savings market gives useful context. They vary by account and by provider. As an illustration of how wide the range can be, National Savings & Investments (NS&I) sets maximum deposit limits that vary by account and can be as high as £2 million on its instant-access Direct Saver account⁸. Its British Savings Bonds accept investments from £500 to £1 million in each issue⁹. Older rules show how low minimums can go: the National Savings Bank investment account historically accepted deposits of £20 where the deposit was made by cheque, postal order or banker's draft¹⁰.

The pattern to take from this is that a minimum deposit is the smallest amount an account will accept when you open it or pay in, and a maximum is the most the provider will hold on that account. Both are set by the provider, both can change between accounts at the same provider, and neither is a measure of quality. An account with a £500 minimum is not better or worse than one with a £20 minimum; it is simply aimed at a different saver. What matters more is whether the account type suits your circumstances, which our savings accounts guide explains, and whether your money within it is protected, which this page covers below.

Saving in pounds, and in other currencies

UK deposit accounts are generally denominated in pounds sterling. The rules for Help-to-Save, a government-backed savings scheme, state plainly that "the account is denominated in sterling"¹¹. Providers commonly require that deposits come from a UK bank or building society account in your own name: NS&I's Direct Saver terms, for example, state that "All deposits you make must be in pounds sterling, sourced from a UK bank or building society account in your name"¹².

That requirement exists for a practical reason. Payments into and out of UK savings accounts normally move through the UK payment systems, and Confirmation of Payee, the name-checking service, was introduced by directing the UK's six largest banking groups to adopt it¹³. Name checks and UK payment rails work most smoothly between UK accounts held in the same name. If you try to fund an account from an account in a different name, or from an account the provider cannot verify, the payment may be delayed or returned.

Some UK providers do offer accounts in other currencies, most commonly US dollars, for customers with income or commitments abroad. Whether State Bank of India's UK arm offers dollar accounts, and on what terms, is a question for its own website: the FCA register entry lists its permissions but not its individual account types⁶. If you are saving in a currency other than pounds, two things change. First, foreign currency accounts are not always covered by the Financial Services Compensation Scheme in the same way as sterling deposits, so check the protection position before you open one. Second, the value of your savings in pounds moves with the exchange rate, which can add or remove value regardless of the interest the account pays. Our guide to money abroad covers the wider picture.

Who State Bank of India lends to in the UK

State Bank of India's UK permissions allow it to enter into regulated credit agreements as a lender, excluding high-cost short-term credit, bill of sale agreements and home collected credit agreements⁶. That places its lending in the mainstream regulated market: personal loans, and potentially mortgages or business lending, rather than the high-cost end of the credit market.

It is worth knowing where a lender does not operate, as well as where it does. The Open Market Shared Equity scheme in Scotland, which helps buyers purchase a home without a deposit, publishes a list of participating lenders: Bank of Scotland, Barclays, Capital Credit Union, Glasgow Credit Union, Halifax, Leeds, Lloyds Bank, Nationwide, NatWest, Scottish Building Society, Skipton, TSB and Scotwest Credit Union¹⁴. State Bank of India does not appear on that list, so it was not among the lenders offering mortgages for that scheme as at 17 March 2026. Similarly, the Help to Buy equity loan scheme applied to England only¹⁵, and there is nothing in the public record to suggest State Bank of India's UK arm participated in it.

If you are comparing lenders, the practical steps are the same whatever the provider. Check the firm is authorised on the FCA register before you borrow⁶. Compare the total cost of credit, not a headline rate. And check your credit score and credit report first, because what a lender offers you depends heavily on your credit history. Our guides to loans, mortgages and buying a home set out how each type of borrowing works and what to compare.

Banking with State Bank of India: online and by phone

State Bank of India's UK website address, as recorded on the FCA register, is https://sbiuk.statebank⁶. That is the address given in its official register entry, so it is the safest starting point: type it in or reach it via the register rather than through a search result, because copycat websites sometimes imitate banks' online banking pages. Our guide to shopping and banking safely online explains the common tricks.

Once you are logged in to online banking, the everyday tasks work much as they do anywhere. Bank transfers, including faster payments, can be made over the phone, via online banking, or in person¹⁶. Standing orders are set up by contacting your bank and giving the details of how much you want to transfer and when; with most banks this can be done online or through their mobile banking app¹⁷. To move money into a savings account from another provider, you typically need an account you can top up online and a UK bank account you can access through your bank's app or website¹⁸.

If something goes wrong with a payment, for example a card retained by a cash machine, the first step is to contact your card issuer or bank to tell them what has happened¹⁹. If they do not resolve the matter, the complaint can be taken further, which the sections below explain.

How to open a State Bank of India deposit account

Opening a deposit account with any UK bank follows the same broad pattern, and State Bank of India's UK arm is no exception. The provider will need to verify your identity and your address, which it does under the UK's anti-money laundering rules, and it will need the money you intend to deposit to come from an account in your name.

The funding step is where providers' requirements differ, and the market shows the range. NS&I's Income Bonds, for example, can be opened with at least £500, paid by a debit card or a personal cheque drawn on a UK bank account in your name²⁰. Other accounts accept smaller opening deposits, and some accept only electronic transfers. State Bank of India's own minimums and accepted payment methods for each account are published on its website², so check the specific account's terms before you apply.

A numbered summary of the process:

1. Check the firm is authorised. Search the FCA's Financial Services Register at register.fca.org.uk; State Bank of India (UK) Limited's reference number is 757156⁶. The register can be checked on the FCA's website to see if a firm is authorised²¹.
2. Choose the account type. Fixed term, notice and instant access accounts behave differently; our savings guide explains each.
3. Prepare your identification. A passport or driving licence and a proof of address are typically required.
4. Prepare your funding account. A UK bank or building society account in your own name is the usual requirement¹².
5. Apply and fund. Follow the provider's own process, which is set out on its website².

One point worth knowing whatever provider you choose: if you apply for a basic bank account and are refused, the institution must tell you how to complain to it and to the Financial Ombudsman Service, and provide the relevant contact details²².

Making a complaint to State Bank of India

If something goes wrong, complain to the bank first. That is not a formality: the Financial Ombudsman Service will only look at a complaint after the firm has had the chance to resolve it²³. Start with the bank's customer services team, and if the first answer does not satisfy you, make a formal complaint so it is handled under the firm's official complaints process.

The deadlines the bank must work to depend on what your complaint is about. For complaints related to payments, banks have 15 days to investigate and give a final response²⁴. For complaints about anything else, they have eight weeks²⁴. The same split appears in MoneyHelper's guidance: 15 days for payment complaints, eight weeks for everything else²⁵, and nidirect's guidance for Northern Ireland similarly advises giving the bank at least eight weeks to try to resolve your complaint, after which the bank should send a final decision letter telling you how to contact the Financial Ombudsman Service²⁶. Where a scam is involved, the firm should investigate what has happened and respond within 15 days²⁷.

Keep a record of everything: dates, names, what you were told, and copies of letters and messages. If the bank sends a final response letter, keep it, because it explains how to take the matter to the ombudsman. Some complaints also have other routes: the Payment Systems Regulator notes that if you have a complaint about a breach of the interchange fee regulation, you may submit it to the PSR, which may then decide to open an investigation²⁸, and its general guidance is to contact your financial provider first and contact the Financial Ombudsman Service if you are still unhappy²⁹.

When you can take a complaint to the Financial Ombudsman

The Financial Ombudsman Service is free and independent, and it can look at complaints about most UK financial firms. The trigger points are simple. Before bringing a complaint to the ombudsman, complain to the company involved; if they do not send a final response letter within eight weeks, or you are unhappy with their response, the complaint can be brought to the ombudsman³⁰. The same rule is stated across the ombudsman's own guidance: complain to the company first, then escalate if there is no final response within eight weeks or the response is unsatisfactory³¹.

In practice, that means three situations let you escalate:

• The bank has sent a final response letter and you are unhappy with it.
• Eight weeks have passed since you complained and you have had no final response³³.
• The bank's response is not satisfactory, in which case customers may complain to the independent ombudsman³⁴.

The ombudsman's decision is binding on the firm if you accept it, and the service costs you nothing. If your complaint is about a payment or a scam, the 15-day response deadline means you may reach the escalation point sooner than with other complaints²⁷. Our guide to consumer protection explains the ombudsman's role in the wider system of safeguards.

Is money with State Bank of India protected by the FSCS?

The Financial Services Compensation Scheme (FSCS) is the UK's deposit protection scheme, and the starting principle is simple: "if your bank goes bust then you'll automatically get your money back"³⁵. There is no claim form to fill in at the outset and no action you need to take in advance; protection applies automatically to eligible depositors with regulated UK banks.

The scope of that protection has a firm boundary. The FSCS states that "FSCS can only protect money held by UK branches of authorised banks and building societies"³⁶. State Bank of India (UK) Limited is authorised by the FCA with permission to accept deposits⁶, so deposits held with its UK operation fall within the scheme's scope, subject to the scheme's own limits and eligibility rules. The current protection limits, and how they apply across accounts and currencies, are set out in our guide to consumer protection, and the FSCS's own guidance covers the detail³⁷.

Two practical checks are worth making. First, confirm the firm's status yourself: the Financial Services Register on the FCA's website at register.fca.org.uk can be checked to see if the firm is authorised²¹, and searching by the firm's reference number gives the most accurate results³⁸. Second, if you cannot find a firm on the FSCS's check tool, its guidance on firms it cannot find explains what to do³⁶. Protection applies per banking licence, not per brand, so if a provider operates several brands under one licence, your money across those brands counts together towards one limit.

Free, impartial help

If you need help with money decisions or with a complaint, free and impartial support is available. MoneyHelper, the government-backed money guidance service, offers free guidance on current accounts, basic bank accounts and everyday banking, and it does not sell anything²⁵. The Financial Ombudsman Service resolves complaints about financial firms at no cost to the consumer³⁰. The FSCS explains deposit protection and lets you check whether a firm is covered³⁷. For wider help with debts, our guide to debt lists the free debt advice charities, and for spotting and reporting fraud, our guide to scams and fraud sets out the steps and where to report them.