Are you considering State Bank of India UK business banking? The State Bank of India has enjoyed a presence in the UK for over a century, making this a popular choice of financial provider for any business with close trading links to this nation.
With 11 branches in the UK, SBI has more locations than most localised rivals, but there is little to recommend this provider over a domestic alternative if this does not apply to you.
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Most banking with the State Bank of India needs to take place in person, including opening an account and applying for lending such as an overdraft. Some of the fixed bond savings rates are impressive, but overall, this is very much a specialist account that will not appeal to – or suit – many British businesses.
State Bank of India UK business banking services
- Pros and cons
- Business current accounts
- Business overdrafts
- Business savings accounts
- State Bank of India UK at a glance
- State Bank of India UK business loans and finance
- State Bank of India UK reviews
- Business eligibility criteria
- Business finance alternatives
- FAQ
Pros and cons of State Bank of India UK for business services
| Pros of State Bank of India UK | Cons of State Bank of India UK |
|---|---|
| ✓ FSCS protected | ✗ Only 11 branches in the UK |
| ✓ Lending streams are available | ✗ Annual account fee of £80 if your balance drops below £10,000 |
| ✗ Expensive microtransactions | |
| ✗ Limited savings options | |
| ✗ No apps for business customers |
Business current accounts
The State Bank of India UK offers one basic business bank account.
You will be charged an annual fee of £80 to maintain this account if your balance drops below £10,000. If you keep your balance above this minimum, you will enjoy 25 free transactions per month and your annual renewal fee will be waived.
Once you have exceeded your 25 free transactions, or if you are not eligible for this perk, you will be charged 60p for every credit and debit made on the account, totalled and charged on a quarterly basis.
Business overdrafts
The State Bank of India UK offers a business overdraft to holders of a business current account. This must be applied for and discussed in person at a branch. Interest rates and overdraft limits will then be assigned.
Business savings accounts
The SBI UK offers two business savings accounts:
Business Savings Account
This instant access savings account is only available to microbusinesses that employ 10 people or fewer. No interest is payable on accounts with a balance below £10,000. A balance of £10,000 or higher attracts an AER of 1,70%, calculated daily and paid monthly.
Business Fixed Deposit Account
If you prefer a fixed rate savings bond, deposit between £10,000 and £25,000 and earn interest at the following rates upon maturity.
| Duration of deposit | Interest rate |
|---|---|
| Less than 6 months | 0.10% AER |
| Less than 12 months | 1% AER |
| One year | 3.5% AER |
| Two years | 3.86% AER |
| Three years | 4.15% AER |
| Five years | 4.25% AER |
State Bank of India UK at a glance
| Phone number | 0800 532532 |
| App downloads | N/A – personal customers only |
| Website | https://sbiuk.statebank/business-banking |
| Number of branches | 11 |
| FSCS protected? | Yes |
| Founded | 1921 |
State Bank of India UK business loans and finance
Alongside a current account and savings, the State Bank of India offers business customers the following products.
Business borrowing
The State Bank of India offers business customers a range of lending streams, including short- and long-term unsecured business loans, secured loans guaranteed against personal assets, and fixed deposit loans secured against outstanding invoices and future income.
The State Bank of India does not discuss these forms of lending online – you will need to contact your closest branch to learn about your options and eligibility.
Commercial mortgage
Business owners can apply for a commercial mortgage through the State Bank of India, which again, will need to be discussed in person. Interest rates will be the Bank of England base rate plus 3% for loans below £1,000,000, or the London Interbank Offered Rate (LIBOR) plus 3% for larger borrowing.
State Bank of India UK reviews
What are other business banking customers saying about State Bank of India UK?
| Review platform | Score | Number of votes |
|---|---|---|
| TrustPilot | 2.1/5 | 257 |
| Feefo | Not reviewed | N/A |
| Reviews.co.uk | Not reviewed | N/A |
| Smart Money People | 3.5/5 | 2 |
| Which? | Not reviewed | N/A |
| Average score | 2.8/5 | 259 |
Business eligibility criteria
Anybody aged over 18 or over that is a registered SME owner can apply for a business current account with State Bank of India UK – this bank does not support sole traders. Ideally you will open your account at one of the 11 branches found in the UK, but if not, you can apply by post.
Business finance alternatives
The most direct alternative to the State Bank of India is utilising the financial services of ICICI UK, an offshoot of the Industrial Credit and Investment Corporation of India, who will offer superior saving options for those that require instant access to their funds.
If you prefer a more straightforward, UK-centric banking experience, any of the big names on the high street will meet your needs.
FAQ
Yes, State Bank of India (UK) is an authorised banking institution licensed by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the PRA. It is also a member of the Financial Services Compensation Scheme (FSCS), giving its customers protection against certain financial losses up to £85,000. As a result, it is an authorised and regulated bank in the UK that meets all necessary requirements for proper banking operations.
Opening a State Bank of India (UK) business account is simple and straightforward. You will need to provide identification documents, such as proof of address, business registration details and other relevant information. Once the application has been processed and approved, you’ll have access to your account within two working days. The bank offers both current accounts and savings accounts for businesses, with a range of features and benefits tailored to business needs.
State Bank of India (UK) offers competitive fee structures for its business accounts. It does not charge monthly fees or overdraft charges, but there are some costs associated with certain transactions such as cash withdrawals and international payments. There may also be a small charge for using its online banking services, depending on the type of account you have.
State Bank of India (UK) offers a range of services to businesses, including current accounts, savings accounts and international transfers. It also provides online banking services and access to its dedicated business support team for advice and assistance. In addition, it offers loyalty programmes such as discounts on transactions for regular customers, cashback rewards and more.
State Bank of India (UK) accepts both domestic and international payments, including cheques, direct debits and credit cards. It also offers mobile banking services that allow customers to make payments on the go using their smartphones or tablets. The bank also facilitates wire transfers, so businesses can easily receive payments from overseas.