SBI UK is a subsidiary of State Bank of India. It has been active in the UK since 1921, offering current accounts and savings for individuals and businesses, as well as loans.
What types of account are available for business owners?
Business current account. If you maintain a balance of at least £10,000, you’ll pay no annual fee, nor a fee for your first 25 transactions of the month. Other than that, you’ll pay 60p for every credit or debit transaction and an annual fee of £80.
Business savings account. This instant-access savings account pays interest on balances. If you maintain a balance of at least £10,000, you’ll pay no annual fee. Interest is not paid on balances below £10,000.
Business fixed deposit account. A business savings account with terms between one month and five years. Again, a £10,000 balance is required to earn interest.
You can create accounts for dollars or euros. The fees and charges will differ on these accounts. You’ll pay a 2.5% fee for making card transactions overseas. When withdrawing money outside the UK, you’ll pay £2 plus 2.5% of your withdrawal (excluding SBI ATMs in India, which are also free).
How to apply for an SBI business banking account
You can apply for an SBI business account in a local branch, via the SBI UK website or by calling 0800 532 532.
Pros and cons
Pros
Current accounts and savings accounts are available.
A vast choice of terms available on savings accounts.
No fees if you maintain a balance of at least £10,000.
You can open accounts in multiple currencies.
Cons
A £10,000 balance is required to earn interest and avoid fees.
Only 12 branches in the UK.
Customer service information for SBI
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Our verdict
An SBI business account gives you the opportunity to open both a current and savings account, and also accounts in multiple currencies. But other than that it’s pretty basic and doesn’t offer any extra features to help your company thrive. See our guide to the best business bank accounts to find one that’s better suited to you and your business.
Get started by visiting SBI’s website and sign up for an account. If you have read this review and decided that SBI’s account is not for you, you can also compare other business bank accounts on the market.
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Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife. See full bio
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