General Terms and Conditions
State Bank of India (UK) Limited
Terms and Conditions
Effective from 25 May 2018
Terms and Conditions for your Account
These Terms and Conditions contain important information which you should read carefully as they explain our obligations to you and your obligations to us as a customer of State Bank of India (UK) Limited.
The Terms and Conditions are divided into two Parts. The first Part called "General Terms and Conditions" sets out the general terms and conditions which apply to any Account you hold with us. The second Part called "Specific Terms and Conditions" contains Account specific information which relates to particular Accounts which you have with us or services which you use. You will also be provided with further "Specific Terms and Conditions" relating to your Account upon opening an Account with us. You should also check our Website for further information and our Tariff of Charges and our Cut-Off Time Leaflet which apply to your dealings with us, as these also, form part of our contract with you. You should read all these Terms and Conditions carefully and keep them in a safe place for future reference, as they form a legal contract between you and us.
We can provide you with additional or up to date copies of these Terms and Conditions (and any other documents which form part of the contract between you and us) upon request. You can also access our up to date Terms and Conditions on our Website.
We may offer other products from time to time and we will provide details of such products on our Website, including details of any further Specific Terms and Conditions applicable to those products.
Part 1: General Terms and Conditions
Meaning of Words
1.1 In these Terms and Conditions, a number of words and phrases are printed in bold type because they have a special meaning, which is explained here or in the Specific Terms and Conditions:
- Account means your State Bank of India (UK) Limited account(s) and services taken with us from time to time;
- Authorised Signatory means the Account holder(s) in case of an individual Account and a designated person or persons who are allowed to operate the Accounts on behalf of a firm or organisation;
- Banking Hours means the hours the Branch with whom you are dealing is open for business;
- Base Rate means the base rate set by the Bank of England or any successor authority that takes over responsibility for setting such a rate;
- BIC or Swift code is an alphanumeric code of 8 or 11 characters used for making international payments through the swift system;
- Branch(es) means the UK branches of State Bank of India (UK) Limited;
- CHAPS means the Clearing House Automated Payment System;
- Cut-off Time means the UK time within which a transaction or a request should be made by you in order to be processed on the same Working Day.
Cut-off Time depends on the cut-off time for the particular method of making or receiving payments.
Cut-off Time also depends on the currency in which the payment is to be made or received. Details of the Cut-off times are given in the Cut-off Time Leaflet and are also available on www.sbiuk.com;
- Cut-off Time Leaflet means details of cut-off times for various payment methods as amended from time to time in accordance with the General Terms and Conditions and provided to you at the time of opening the Account;
- FCA means the Financial Conduct Authority and any successor bodies from time to time;
- General Terms and Conditions means the general terms and conditions applying to your Account and dealings with us and set out in Part 1 of these Terms and Conditions;
- IBAN (International Bank Account Number) is a unique identification number issued by us for a customer Account which has the bank branch identification along with the Account number;
- Sort Code is a 6 digit identifier code used for making bank to bank payments within the UK;
- Specific Terms and Conditions means the product specific terms and conditions relating to your Account. These are made available to you at the time of opening an Account, are displayed on our Website, and there are also Specific Terms and Conditions contained in Part 2 of these Terms and Conditions;
- State Bank of India (UK) Limited (SBI) means State Bank of India (UK) Limited UK;
- Tariff of Charges means the schedule of charges as amended from time to time in accordance with the General Terms and Conditions and provided to you at the time of opening the Account;
- Terms and Conditions means this document, consisting of Parts 1 & 2, Specific Terms and Conditions, our Tariff of Charges and our application form;
- UK means the United Kingdom;
- Unclaimed Balance Account is as defined in section 16.2 below.
- Unique Identifier means the unique identifier we ask you for in connection with your initiation of a payment transaction, such as the IBAN, IFSC code, or Branch and account code.
- Website means our internet presence at www.sbiuk.com and for internet banking www.onlineSBIglobal.com and such replacement URLs as we may direct you to from time to time;
- Working Days means from 9am to 5pm Monday to Friday except public holidays;
- "we", "us" "our" and "State Bank of India (UK) Limited" means State Bank of India (UK) Limited registered in England and Wales with company number 10436460 with registered office at 15 King Street, London, EC2V 8EA; and"you" and "your" refers to each person who is named as the Account holder and it refers to any company or other business entity which is an Account holder. If there is more than one of you then it refers to all of you individually and jointly. We explain more about what this means for joint Account holders in sections 4 and 19.1 below.
1.2 Where there is a conflict between the General Terms and Conditions and the Specific Terms and Conditions the Specific Terms and Conditions shall apply.
2 Opening an Account
2.1 Accounts can be opened by individuals, partnership firms, micro-enterprises, corporates charitable organisations, trusts or any other organisations formed within the legal framework.
2.2 Our application form for the Account for which you are applying will contain the eligibility criteria for opening that Account. You should read the application carefully to ensure that you are eligible. The information contained in the application form, including that filled in by you, forms part of our contract.
2.3 All the interest we pay you will be without any tax deducted i.e. paid at gross rate.
If the total amount of interest you receive exceeds any Personal Savings Allowance to which you are entitled, you may have to pay tax at the applicable rate. It is your responsibility to ensure that this tax is paid. This would need to be paid directly to HM Revenue & Customs (‘HMRC’). For more information, please visit gov.uk.
2.4 The agreement between us relating to the Account is made up of these Terms and Conditions and includes any other special conditions (such as interest rates, notice periods and charges) whether on our Website or in paper form. Please see sections 8.2, 8.3 and 17 for details of when we may make changes to these Terms and Conditions or your Account.
2.5 You must take all reasonable steps to keep your personalised security credentials for your Account or associated payment instruments safe, such as your User ID, any password or security questions. This includes (but is not limited to) destroying any personalised security credentials notification immediately after receipt from us, never writing your personalised security credentials or User ID details in a way that might be understood by someone else or recording them on any item or in any place that might be accessed by someone else and taking all reasonable care to ensure that no-one sees your personalised security credentials when you use them. You must also comply with the security requirements set out in these Terms and Conditions relating to specific payment products or instruments.
2.6 You must notify us without undue delay by contacting us on becoming aware of the loss, theft or misappropriation or unauthorised use of your Account or a payment instrument such as a card or online banking connected with it.
2.7 You are advised to avoid choosing a personalised security credentials that are generic in nature, guessable/inferable from personal data such as name, date of birth, address, telephone number, driving licence/car number etc.
2.8 Treat communications including calls or e-mails you receive with caution and be very wary of e-mails or calls asking you to reveal any personal security details. We or the police will never contact you to ask you for your internet banking password or User ID information.
2.9 Always access our Website via the www.sbiuk.com site or by typing the address into your web browser. Please ensure that you double check the spelling is correct when typing our address into the browser, before using the Website that you are directed to.
3 Proof of your identity and address
3.1 When you open an Account with us, we will need to carry out paper-based and/or electronic checks on you in order to obtain sufficient proof of your identity and address to enable us to satisfy our legal obligations and protect you, the public and us against fraud and misuse of the banking system. Please note that in some instances we may need to ask you to send in further information or documents or ask you to visit your local Branch. From time to time we may also need to update the proof of identity and address we hold for you or make any other enquiries necessary. Where paper-based documents are requested or provided they must be either originals or certified copies.
3.2 We will not open an Account if you do not satisfy our requirements in relation to establishing your identity under relevant Anti-Money laundering legislation and in the event that we do refuse under this section to open an Account, we will refund any monies received to you without interest or charge, provided that we are permitted to do so under applicable Anti-Money laundering legislation.
3.3 You may have more than one Account with us and these Terms and Conditions will apply to each Account unless you are otherwise notified.
4 Joint Accounts
4.1 Anyone who is eligible to open an Account with us may be accepted by us to open a joint Account.
4.2 For joint Account holders, the interest is paid by us at gross rate without deducting tax. Please refer section 2.3 above for further details.
4.3 Each joint Account holder is responsible for complying with these Terms and Conditions. If one of you breaks any of the terms of your agreement with us we are able to take action against any or all of you.
4.4 If we find out that any one of you is declared bankrupt, we may put a hold on the joint Account and refuse to pay out any amount from it until we receive instructions from the Account holder who has not become bankrupt and the person appointed to handle the bankrupt person’s assets.
4.5 We will send (on paper or, if requested, by email) statements to each of the Account holders, but you can opt out of receiving more than one statement, in which case we will send the statement relating to your Account to the first named Account holder, unless you otherwise advise us. If you opt out of receiving more than one statement then a notice to the first named Account holder/the one Account holder counts as a notice to all of you.
4.6 Unless you have previously given us instructions to the contrary, we are entitled to accept the authority of any joint Account holder to give instructions on behalf of all other Account holders relating to the Account until it is cancelled by any such other joint Account holders, or treated by us as cancelled as described in section 4.7 or by operation of law.
4.7 If any one of the joint Account holders tells us of a dispute between them, we may treat this as notice of cancellation of the authority of any single joint Account holder. If we do, any further transactions will need the authority of all the joint Account holders.
4.8 In the event of the death of any joint Account holder, then subject to any rights we or a third party may have, any money in the Account will be at the disposal of the survivor(s).
4.9 We may make information about a joint Account available to any other joint Account holder by telephone, letter, e-mail or over the internet if you subscribe to internet banking on our Website.
5.1 Any request or instruction should be given in writing signed by the Authorised Signatory. Firms, companies and other organisations should use their letterhead in giving instructions. We do not accept instructions by email or over the telephone.
5.2 Unless agreed in writing with us personal customers may not issue instructions by fax or as a scanned copy by email.
5.3 Instructions by fax and/or as a scanned copy by email can only be accepted from corporate customers if we have agreed to this in writing.
5.4 All instructions given to us should be in English.
6 Third Party Mandates
6.1 The Account holder(s) can authorise another person to operate the Account by executing a third party mandate in our standard format. The Account holder(s) will continue to be responsible for the actions or omissions of the mandate holder. For security reasons, we may not allow a mandate holder, to access some services through some of the channels. Where we make these services available, that mandate holder may use your security details. However, we will not treat this as you breaking your security obligations
7 Paying into your Account
7.1 Once your Account is open, you can make further payments into your Account:
- by instructing another bank or building society to make an electronic BACS transfer from your account with them to your Account with us;
- by visiting one of our Branches and depositing a cheque or cash with one of our cashiers;
- by bank credit across the counter at any UK bank or building society using one of our paying-in slips. These institutions may charge for the service;
- by standing order through another bank or building society;
- by post with a paying-in slip or letter to your Account holding Branch. Please do not send cash by post;
- by CHAPS, an electronic same-day payments system, within the UK; or
- by international electronic transfer from other countries. Please ask us for details.
7.2 When you pay cash directly into your Account at one of our Branches, the funds will be credited to your Account and available to you immediately allowing for our processing time, provided the cash is in Sterling.
7.3 Cash is accepted only at our Branch counters and during our Banking Hours subject to satisfactory proof of source of funds. Cash handling charges apply as set out in our Tariff of Charges.
7.4 When you make an electronic transfer into your Account through another bank, the funds will normally be credited to your Account and available to you immediately on the day we receive them provided that we receive the funds during a Working Day. Where we receive a payment after a Working Day or on a day that is not a Working Day, it will be made available to you immediately on the next Working Day . In seeking to make a payment available to you immediately, we may require and use some processing time and in normal circumstances this should not take us longer than two hours. Where an electronic transfer involves a non-EEA currency we may not be able to make funds the funds available to you immediately but will do so as soon as practicable and in accordance with our Cut-Off times.
7.5 Paying into your Account may take longer in certain circumstances. Please see section 10.1 for details.
7.6 Paying in by cheque
7.6.1 When you pay a cheque into your Account through another bank, the value of the cheque is added to your Account balance on the date we receive the cheque, which is normally two Working Days after you have paid it in. When you send a cheque to us by post, the value of the cheque is added to your Account balance on the date we receive it and pay it into your Account. In both cases, they are ‘uncleared’ funds and not yet available to you for withdrawal. We must first ask the bank of the person who issued the cheque to confirm they will pay us the value (to ‘clear’ the cheque). If the other bank refuses to pay us its value, the value of the cheque is deducted from your Account as at the date it was added. Please see section 7.7.1 for details on when a cheque drawn in sterling on a UK Bank is cleared. A ‘foreign cheque’ (by that we mean a cheque issued by a non UK Bank, or in a foreign currency) may take longer to clear.
7.6.2 You will start to earn interest on the cheque on the second Working Day after we have received the cheque. The funds will be available for withdrawal on the fourth Working Day after we receive the cheque.
7.7 Cleared funds
7.7.1 The value of the cheque, provided it is not a foreign cheque as described in section 7.6.1 above, will become ‘cleared’ funds after the end of the fifth Working Day after the Working Day the funds were added to your Account (provided the cheque is deposited before the Cut-off Time on a Working Day). This means that the funds cannot be reclaimed from you as a result of a cheque being returned unpaid after this time. The cheque clearing process is often referred to as the 2-4-6 timescale, as this sets the maximum timescales on when a cheque earns interest, when cheque funds can be withdrawn and when funds from a cheque can no longer be reclaimed. Section 7.7.2 shows an example to help you understand how this works practically:
7.7.2 For example, if we receive the cheque on Monday (day 0), then you will start earning interest on Wednesday (day 2) and it will be available for you to withdraw on the Friday (day 4), but you can be certain, unless you are a knowing party to fraud, that the funds will not be reclaimed from your Account as a result of the cheque being returned unpaid if you wait until the end of the following Tuesday (day 6) before withdrawing the cheque funds. Non-Working Days are not counted for the purposes of the cheque clearing cycle.
8.1 When you have money in your Account, you will be eligible for credit interest. We will work this out on the amount actually in your Account at close of business each Working Day. You start earning interest on your Account from the day that cash funds are added to your Account. For interest on cheques that have not yet cleared, see condition 7.6.2 above. Interest is calculated on a daily basis according to our interest rate schedule available from your local Branch or our website (www.sbiuk.com). We credit interest in accordance with these Terms and Conditions and our interest rate schedule.
8.2 We may without prior notice change your interest rate at any time with immediate effect for any of the following reasons:
- where your Account is linked to an external reference rate (a publically available rate which we do not set, for example, the Bank of England Base Rate), to reflect changes in this reference rate; and/or
- for any reason if the change benefits you. We will inform you of changes made in this way in statements we provide you with periodically. See section 20 for further details.
8.3 We will provide you with 2 months prior written notice (or 14 days if permitted by applicable regulation/law), if we change interest rates for any of the following reasons:
- if there is a change in relevant law, regulation, code of practice or to reflect a recommendation, requirement or decision of any applicable court, ombudsman, regulator or similar body;
- to reflect changes or expected changes in the costs we pay to others and/or changes in inflation, or the costs of the services or facilities we provide;
- to reflect any change in interest rates charged by other UK competing banks or financial institutions;
- to reflect any changes in money market interest rates or the cost to us of money we lend;
- to reflect any reorganisation of our business by it being acquired by or by our acquiring another bank or organisation (so that customers with similar products can be treated in the same way);
- to ensure we maintain financial strength and the competitiveness of our business generally; and/or
- to reflect any event beyond our reasonable control.
8.4 Any change we make to interest rates will be proportionate to the circumstances giving rise to the change. Changes to interest rates will now be made in accordance with conditions 8.2 and 8.3 if we have agreed a fixed rate of interest with you that applies to your Account.
8.5 If you do not accept the proposed change(s) to your interest rate as set out in section 8.3, you must let us know in writing before the change(s) take effect. You have the right to terminate the contract as a result of changes referred to in section 8.3 without any cost or charge to you. If you wish to change or close your Account due to notice of a reduction in rates, you must notify us within the 2 month period. If you do not notify us, we will consider that you have accepted the change.
8.6 Information about our current interest rates, for savings and current accounts, is available on our Website, by telephoning us and by asking any member of our staff at any of our Branches. When we change the interest rate on your Account the old rate will also be available to help you compare rates.
8.7 All the interest we pay you on will be without any tax deducted i.e. paid at gross rate. For further details please see section 2.3 above.
8.8 Changes to interest rates will be communicated through the same details provided at account opening stage. Communication of those changes can be done via registered email address or post, whereby e-mail would be primary method of communication by default, unless requested otherwise.
9 Payments out of your Account
9.1 You can make payments from your Account as long as there are enough available funds in your Account to cover the payments. We will take into account any other payments which we have paid or agreed to pay from your Account that day, or which have been authorised for that day, such as standing orders and direct debits. When a payment or standing order is due on a day which is not a normal Working Day, we will make the payment on the next Working Day. Please note that we may refuse to make payments from one Account where there are insufficient available funds irrespective of funds you may hold in other Accounts with us. We may also refuse a payment transaction where to execute it would be unlawful or would otherwise be in breach of these Terms and Conditions. We will charge you a fee - as shown on our Tariff of Charges - if we have to refuse a payment. Unless such a notification would be unlawful, we will notify you of a decision to refuse a payment order at the earliest opportunity using the communication methods agreed under these Terms and Conditions.
9.2 When you want to make payments from savings Accounts which do not have a cheque facility, you can either speak to one of our cashiers at our Branches or send us the relevant withdrawal or transfer form. We will be able to assist you provided that we will require you to comply with certain verification and security processes . We can:
- transfer funds to a specified account at another UK bank in Sterling, whether single one off payments or standing orders; please ensure that you provide us with your beneficiary’s account details including the Unique Identifier we request, each time you want us to make a payment on your behalf. The funds will be taken from your Account on the day we initiate the payment in accordance with your request and your account will be debited on that date. Provided a payment order is received before the Cut-off Time, the funds will arrive in the beneficiary’s account at the latest by the end of the next Working Day A paper based payment order received before the Cut-off Time may take until the end of the second Working Day. Where a payment order is received after the relevant Cut-off Time, its time of receipt will be deemed to be the next Working Day.
- transfer funds by CHAPS, an electronic payments system, to another bank account within the UK; funds are cleared on the same day. Please refer to our Tariff of Charges for our charges for this service.
- transfer funds to a bank account in another country by international electronic transfer. Please enquire for further details. If you want to make a payment in a currency other than sterling, please contact us and we will advise you how this can be done, the exchange rate we will apply and what our charges will be. The bank receiving the payment may also impose charges that are outside our control.
9.3 Payment may be made by the Account holder issuing a cheque wherever cheque books are issued by us. Cheques should be issued in the currency of the Account. We may not pay the cheque issued by you if there are insufficient funds in your Account. A cheque issued may not be paid due to other reasons for example if the amount in words and figures differs, it is out of date i.e. date on the cheque is more than 6 months prior to the date of presentation, it is post-dated, or the Authorised Signatory’s signature differs to the one held in our records. The cheque may not be paid if there is suspicion of any fraudulent activity.
9.4 You can request us to stop payment of a cheque provided that you do so before it has been debited to Your Account and we have not told the payee or their bank that the cheque will be paid. Your request to stop a cheque must also be received by our local Branch, before 12 noon on a Working Day in order to be processed on that day. Such request should be in writing mentioning the Account and cheque details and signed by the Authorised Signatory. There is a charge for this service as set out in our Tariff of Charges. You should take care when issuing a cheque to prevent forgery. All our cheques are marked ‘A/C Payee’ and are payable only through the payees Account. You can request a banker’s cheque or draft in your name or a third party by making a written request. Charges as mentioned in our Tariff of Charges will apply for the same.
9.5 Withdrawals may be allowed by way of direct debits received through clearing where the Account has such facility.
9.6 Payments can be made by electronic transfer through Swift by providing us with a written request signed by you. You should provide your Account details from which the payment will be made, the beneficiary’s name, address and IBAN, correct details of the recipient bank, including the bank’s Swift (BIC) address and the purpose of remittance. For payments within the UK, you must provide the account number and Sort Code of the beneficiary’s bank. If there are funds in the Account, payments will be made within one Working Day of receiving your instructions provided it is received before the Cut-off Time.
9.7 Any payment made by electronic transfer including through Swift will be sent to the beneficiary’s bank on the same day. However, the value date on which the beneficiary’s account will be credited will depend on the beneficiary’s banker. In case of payments requested in currencies other than the currency of the Account, the currency conversion would be done at our prevailing exchange rate applying on the day of the conversion. We will disclose this to you prior to your transaction.
9.8 We do not accept standing orders for outward payments from deposit Accounts.
9.9 For security reasons, we may contact you by telephone or by email to seek confirmation of a payment request received through a messenger, by post or by fax.
9.10 You must notify us of any loss suffered by you on any Account or any unauthorised or incorrectly executed payment transactions without undue delay as soon as you become aware of them but not later than 13 months from the date of debit in the Account, otherwise we shall not be liable to you. However, this condition shall not apply if we fail to provide you with the information concerning the relevant payment transaction in line with section 20.1 of these Terms and Conditions.
9.11 Provided we are able to do so, we will execute payments transactions for you in the currency agreed between the payer and payee. Where this involves a currency conversion service, or you otherwise use a currency conversion service provide by us, the rate we will apply will be the rate on offer on that day. We will disclose this to you prior to your transaction . If a payment is made involving foreign currency and the payment is returned, we will reconvert the returned payment to the original currency at our prevailing exchange rate and credit your Account. We shall not be liable for any loss in exchange on account of the conversion.
9.12 There may be occasions when an off-line transaction means that your Account becomes overdrawn. In such a case we will contact you and require you to place funds into your Account to put it back into credit.
9.13 For withdrawals over the counter at Branches, you must provide a proof of identity acceptable to us, and the cheque book or withdrawal book for the account. You can not use your Debit Card for withdrawals over the counter. If you wish to withdraw cash over the counter above a certain limit you will need to contact your nearest Branch. The details of daily cash limit are available in our branches and the amount is changed from time to time.
9.14 Where you receive a payment into your account as a result of a third party's error in executing a payment transaction, we must co-operate with the payer's payment service provider in their efforts to recover the funds, including provision of information relevant to the collection of the funds.
10 Transaction Processing Time and suspension of your services
10.1 The delivery of our payment services may be suspended or interrupted and processing times for payments into and out of your Account may be more than the time set out in sections 7 and 9, due to the following reasons:
- defective request or insufficient, incomplete or incorrect details in your instructions to us;
- to comply with our legal or regulatory obligations;
- order by a competent court;
- order or stipulation by any other law enforcing body; and/or
- business disruption on account of natural calamity, riot, war, terrorist activity, industrial action or equipment failure or any such event where it is an abnormal and unforeseeable circumstance which is beyond our control.
- In these circumstances, we will we will not be liable for any delay or loss suffered by the Account holder (s).
10.2 We may stop your use of your Account and associated payment instruments and payment services on reasonable grounds relating to:
- the security of the Account or payment instruments;
- suspected unauthorised or fraudulent use of the Account or payment instrument; or
- where a significant risk arises with respect to your ability to repay any indebtedness to us.
- In these circumstances, notify you of our decision to stop the services and our reasons for doing so. Where we are unable to notify you in advance, we will do so immediately afterwards. We will not be required to notify you if providing this notification would compromise reasonable security measures or otherwise be unlawful.
11 Right of Set Off
11.1 We may use any Account/s held by you with us which are in credit to reduce or repay any amount you may owe to us in other Account/s held by you in the same name. In the process we may appropriate fixed deposit/s held by you with us for a certain period along with the interest payable by us. In cases where the credit balances are in a different currency than the balances owed to us, then the currency conversion would be done at our prevailing market rate.
11.2 If you hold a joint Account, and another Account holder on this Account owes us money in relation to another Account held with us in his/her name, we can exercise our right of set off on the Account you hold jointly with this Account holder.
12 Cheques you issue
12.1 If your Account has a cheque facility and you issue a cheque on your Account, it will normally be deducted from your Account two Working Days after the recipient pays it into their Account. For example, a cheque paid in on a Monday will normally be deducted from your Account on a Wednesday. More time may be needed for a cheque paid into a building society account or any bank outside England and Wales, or any account held at a non-clearing bank.
13.1 Before you open your Account, we will give you details of our Tariff of Charges for the day to day running of your Account. You can also find out about these charges by contacting your Account holding Branch or by looking at our Website.
13.2 If we increase any of these charges or introduce a new charge, we will give you at least two months’ notice before the changes take effect. We will tell you the charge for any other service or product before we provide it to you, and at any time should you request it.
13.3 If any sum due and payable by you is not paid on the due date, you will be liable to pay the interest (both after, as well as before, any judgment) on such sum at such a rate or rates as we will provide to you from time to time from the date the payment is due up to the date of payment.
13.4 Payments from your Account will be made in accordance with the notice period applying to your Account. You choose this notice period when you open your Account. For example, if your Account is on 90 calendar days’ notice, you will need to allow 90 calendar days from the day we receive your instructions before we make the payment. You can give notice for a withdrawal by telephone or fax. However, we will only carry out the withdrawal if we have received confirmation of your request in writing and we will be able to assist you provided that we will require you to comply with certain verification and security processes.13.5 For payments made within the EEA all incurring charges will be shared between the payer and payee. For outgoing payments you would only pay our bank’s charges and the beneficiary will pay their bank’s incurring charges. The same principle would apply for incoming payments.
14 Early Access Charge
14.1 Where restrictions on access apply to your Savings Account, you may have early access to your savings at short notice (a minimum of one Working Day) but, unless we have agreed otherwise, we will charge you the interest due on the amount withdrawn for the part of your notice period for which you have not given notice. So if you withdraw £500 on 15 calendar days’ notice from an Account set up on 90 calendar days’ notice, then the interest you would have earned on that £500 for 75 calendar days (i.e. 90 - 15) will be deducted from your Account. However this provision will not apply and you will get a full capital refund if your Account has been opened with us for less than the notice period.
14.2 If you are a holder of a Fixed Deposit Account where the terms or we allow premature withdrawals, you may withdraw cash from your Fixed Deposit Account as per the Specific Terms and Conditions for the Fixed Deposit. Please refer to the Specific Terms and Conditions for Fixed Deposits for further details.
14.3 If you are a holder of a Fixed Deposit, in the event of your death, we will repay the capital value and accrued interest without notice or loss of interest, but only once we receive the necessary legal confirmation of status and authority. If you hold a fixed deposit jointly with another person or with other persons, and if one of you should die, the survivor(s) may elect to transfer the Account to their sole name(s) for the remaining term or they may receive the capital value and accrued interest without notice or loss of interest.
14.4 If you are a holder of a Fixed Deposit, in the event that you are made bankrupt, we will repay the capital value and accrued interest without notice or loss of interest, but only once we receive the necessary legal confirmation of the status and authority. Alternatively and only if requested, the Fixed Deposit may continue until the end of term. The same provisions apply where you hold a Fixed Deposit jointly with another person or with other persons and one party is made bankrupt, although in these circumstances we will require instructions from both the person appointed to deal with the Bankrupt’s affairs and the joint Fixed Deposit holder(s).
15 Closing your Account
15.1 You may close your Account at any time upon providing us with written notice in accordance with 15.2. Additionally for a period of 30 calendar days after the date you open your Account with us, you have the right to cancel your contract with us by closing your Account. Subject to 14.1 and 14.2 above, the funds deposited will be returned to you together with any interest earned except for our Fixed Deposit and Notice Account. No charges will be levied for cancelling the Account within this initial 30 calendar day period from Account opening.
15.2 Written notice of closure may be provided to us in person at any of our Branches or sent by post to State Bank of India (UK) Limited, 15 King Street, London EC2V 8EA. If sent by post, notice of closure must be accompanied by certified copies of identification and proof of address.
15.3 We may close your Account if you:
- do not comply with any of your important obligations under these Terms and Conditions and do not put this right within a reasonable time of our requesting you to do so. In particular but without limitation, it is a condition of these Terms and Conditions that:
- you do not operate your Account in such a way that on a regular basis there are insufficient cleared funds in your Account to meet payment transactions;
- you do not give us false information in relation to your Account;
- you are entitled to open the Account(s);
- you are (and remain) a UK resident;
- you behave appropriately and properly towards us or our staff (for example, you do not use threatening or abusive manner).
15.4 Subject to your Specific Terms and Conditions, we will pay any balance due, together with interest at the agreed rate, up to and including the date of repayment.
15.5 We will not use this clause 15 to close your Account in the event that you make a valid complaint(s) against us.
15.6 If your Account is closed for any reason and we make a full repayment to you, you will have no further right(s) or interest in the Account, provided this does not prejudice any existing rights you may have or any entitlements you may have under regulation to obtain records regarding your Account from us.
15.6.1 After the closure of your account with us, you would still be able to access your historical account data, via contacting/visiting your branch. Please note that statements would be issued in a paper copy format. The Bank would only retain your historical data for as long as necessary to fulfil the purposes we collected it for, including for the purposes of satisfying any legal, accounting, or reporting requirements. At the end of your relationship with us (for example, if you decide to close your account) we may retain your information for as long as required to meet our statutory, legal and regulatory requirements. To determine the appropriate retention period for personal data, we consider the amount, nature, and sensitivity of the personal data, the potential risk of harm from unauthorised use or disclosure of your personal data, the purposes for which we process your personal data and whether we can achieve those purposes through other means, and the applicable legal requirements. Details of retention periods for different aspects of your personal data are available in our retention policy which you can request from us by contacting us.
15.7 Except for fixed rate bond (Fixed Deposits) Accounts and Accounts with notice periods for withdrawals you may terminate your Account without charge at any time by writing to us.
15.8 If we close your Account, we will write to you and, unless there are exceptional circumstances including but not limited to unauthorised borrowing, we will give you 2 months’ notice of our intention to close your Account(s). We will repay any credit balance to you and we may require you to repay any money owed to us. Please see section 19 on your liability to us and section 11 on our right to set off.
15.9 On maturity of a Fixed Deposit Account the proceeds will be transferred according to your instructions. Such instructions should be received in writing by us at least 15 Working Days before the maturity date of a Fixed Deposit. If we have not received any instructions from you, we may transfer the proceeds to the linked Current or Savings Account that you have with us.
16 Dormant Accounts
16.1 If you have not made any transactions on your Account for 9 months we shall attempt to contact you. We may suspend operation of your Account if you have not made any transactions on the Account for at least 12 months. Before reactivation of a suspended Account, you may be required to provide suitable evidence in one of our Branches of your identity and your legal claim on the Account. Please note that a payment order initiated by a third party on your Account during a period of dormancy (for example a direct debit) may still be met if there are sufficient funds in your Account.
16.2 If you have not made any transactions on your account for 5 years despite our attempts to contact you we will regard this as an unclaimed balance (an Unclaimed Balance Account). If this occurs no statements will be sent until reactivated. Before reactivation of an Unclaimed Balance Account, you will be required to provide suitable evidence in one of our Branches of your identity and your legal claim to the Account.
17 Changes to these terms
17.2 Unless you notify us to the contrary before the date on which the changes will come into effect, you will be deemed to have accepted the changes. You may terminate your Account with us at any time up to this date free of charge. If you reject the proposed changes, we may take this as a rejection of the contract with us and a notice of termination. We will contact you before we close your Account.
18 Our liability to you
18.1 Other than as set out expressly in this clause 18 or as required by law, we will not be responsible to you for any delay, indirect losses or losses that we could not reasonably have expected to foresee or to occur, or which result from the circumstances set out in section 10.1 above
We will not be responsible to you for any loss you may suffer if we are prevented from or delayed in providing you with any banking or other services as a result of compliance with laws preventing money laundering, fraud or terrorist financing, industrial action, availability of equipment or supplies, or business disruption on account of natural calamity, riot or terrorism.
Our liability to you for non-executed, defective or late execution of transactions
18.2 (The clause 18.2 is applicable only for consumers, micro-enterprises and charities)
Subject to clause 18.4 below, if we do not execute a payment transaction initiated by you as payer correctly or delay doing so, or incorrectly execute a payment transaction on your behalf where initiated by a payee, we will refund as necessary the incorrectly executed transaction and restore the debited account to the state it would have been in had the defective transaction not taken place (including as to interest or charges), using as a credit value date the date of the debit. Where a transaction is executed late, we may request on your behalf that the payee's payment service provider ensures that the credit value date to the payee's account is no later than the date on which the amount would have been value dated had the transaction been executed correctly.
18.3 Subject to clause 18.4 below, if we do not transmit a payment transaction initiated by you as payee correctly and in accordance with the time scales we have agreed, we will immediately re-transmit the payment order in question. In this case we will value date a credit to your account no later than the date on which the amount would have been value dated, had the transaction been executed correctly.
18.4 Regardless of any other information you provide us with, we are entitled to rely on any Unique Identifier we ask you for in connection with a payment transaction initiated by you, such as the destination BIC or Swift code, IFSC code, or Branch and account code. Should your transaction request be unsuccessful as a result of your incorrect provision of this information, we will not be liable for non-executed or incorrectly executed transactions arising from this error. We shall however take reasonable efforts to recover the funds where a transaction is executed incorrectly. Charges may be applicable to our recovery efforts arising from your provision of an incorrect identifier, as set out in our Tariff of Charges. If we are unable to recover the funds, where you request us to do so in writing we will provide you with the relevant available information we have in order for you to claim repayment of the funds directly.
In any other circumstances and regardless of whether we are liable under 18.1 or 18.3, we will on request by you, immediately and without charge make efforts to trace any non-executed or defectively executed payment transaction and notify you of the outcome.
18.5 Our liability to you for unauthorised payments is displayed under clauses 18.6 to 18.8.
18.6 Provided you notify us without undue delay, and in any event within the timeframe set out in clause 18.8, on becoming aware of any unauthorised or incorrectly executed transaction, we will be responsible for refunding such a transactions unless you are responsible under section 18.7 below. Where we are liable we will also restore the debited payment account to the state it would have been in had the unauthorised transaction not been made, adding back to your Account any amount deducted including any related interest (if applicable) and charges. We will have no other liability to you.
18.7 You will be responsible for all losses incurred in respect of unauthorised transactions if you act fraudulently or have with intent, or gross negligence, failed to comply with your obligations set out in clause 2.5, 2.6 and/or clause 21 to keep your payment instrument and personalised security credentials secure and notify us without undue delay on becoming aware that the relevant payment instrument has been lost, stolen or misappropriated.
18.7.1 (The clause 18.7.1 is applicable only for consumers, micro-enterprises and charities)
In all other cases, we may require that you bear the first £35 of losses, provided that we may not do so where the loss, theft or misappropriation of the payment instrument was not detectable by you prior to the unauthorised payment or where the loss was caused by the acts or omissions of our staff or service providers.
18.7.2 Furthermore, unless you have acted fraudulently, you will not be liable for any losses in respect of:
- an unauthorised transaction that arises after you have notified us of becoming aware that the relevant payment instrument has been lost, stolen or misappropriated;
- where we failed to provide you with an appropriate means for making this notification; or
- where the payment instrument has been used in connection with a distance contract (other than certain excepted contracts).
18. 8 You agree to meet our reasonable requests for information or explanation in order to assist us in determining the appropriate allocation of liability pursuant to clause 18.3. Unless we have reasonable grounds to suspect fraud, where we conclude without need for further enquiry that we are obliged to refund an unauthorised payment to you, we will do so as soon as practicable and in any event by the end of the business day on which we became aware of the unauthorised transaction.
19 Your liability to us
19.1 You are responsible for payment of any debt that arises on your Account. If you have a joint Account, you will each be responsible for any money owing on your Account, both individually and jointly. This means that if one of you is unable to repay the money owing, the other Account holder(s) can be required to pay the amount due in full, even if your relationship has changed or ended. Where a joint Account holder has an Account with us in their sole name, and that Account has a credit balance, we can use money in that Account to repay any money owing to us on the joint Account.
19.2 If any Accounts you hold with us are in credit, we may use the credit to reduce or repay any amounts you owe on other Accounts you hold with us in the same name. If we decide to do this, we will tell you why and when it will be done.
19.3 You must compensate us for loss or damage which is caused to us as a result of either of the following;
- You have acted fraudulently; or
- You have, intentionally or with gross intent, failed to comply with your obligations regarding your security details.
The amount paid by you under this condition will represent a reasonable assessment of our losses. This includes the reasonable costs incurred by us in investigating and managing the matter as well as our reasonable legal costs.
19.4 If a payment is made fraudulently or mistakenly paid into your Account or if a rejection is received from the payer’s Bank for a previously received payment instruction, the amount of payment may subsequently be deducted. This may happen even if the funds are included in the balance of your Account, you have used them to make a payment, or have transferred or withdrawn all or part of them. If the deduction of the payment from your Account makes your Account overdrawn, we will treat this as an unauthorized overdraft. If we do so, we will apply interest and charges as applicable from time to time.
20.1 We will provide you with a monthly statement of Account containing certain information regarding each transaction arising on your account (unless no transactions have occurred) in your online banking. You can also contact us and request an up to date paper statement for your Account at any time.
We will charge a fee as set out in our Tariff of Charges for supplying you with any duplicate statements.
20.2 We recommend that you carefully check your Account history regularly. If any entry appears to be wrong, you should tell us as soon as possible.
20.3 Where you initiate a payment transaction with us as the payer, on your request we will inform you of the maximum execution time and a breakdown of the charges payable by you in respect of the payment transaction.
21 Internet banking
21.1 If you have indicated that you would like us to provide internet banking services, the following terms and conditions also apply for those Accounts on which we offer internet banking.
21.2 This section 21 sets out the rules which apply to your internet access to your Account(s), and explains our obligations to you, and your obligations to us, when operating these Accounts.
21.3 We offer internet banking facilities to all Account holders. Please log on to https://www.onlinesbiglobal.com/64GBweb/index.htm and download a registration form for individual Accounts and Corporate Registration form for company/business Accounts. The completed registration form should be sent to the Branch Manager where you have your Account.
21.4 You will then be sent your User ID, password and transaction password for internet banking. ‘Net Banking’ enables you to do the following:
- view your Account online;
- transfer funds between Accounts (where the currency is the same in both Accounts);
- make payments (subject to any financial limits imposed);
- request cheque books; and
- deal with other related enquiries.
21.5 We may add further services from time to time to our ‘Net Banking’ offering.
21.6 Use of websites
21.6.1 You can access your Accounts through the Website after you receive and confirm receipt to us of the User ID and password sent to you by us. You must change the password provided by us at the time of first logging into internet banking on our Website.
21.6.2 Our internet banking service is available in respect of all the Accounts you hold with us.
21.6.3 All requests received from you are logged and transmitted to your local Branch for their fulfilment. The requests become effective from the time these are recorded/registered at the respective Branch.
21.7 Availability of internet banking services
21.7.1 We work hard to make sure our internet banking services are available at the times you wish to use them. However, we cannot and do not guarantee their availability, nor that access to, and use of, our Websites will be uninterrupted or error free. From time to time we may need to suspend provision of the internet banking services for repair, maintenance or upgrade purposes.
21.7.2 We will not, in any event, have any liability to you if we are prevented from, or delayed in, providing any internet banking services due to the failure of any telecommunication link or other equipment or infrastructure not owned or controlled exclusively by us and/or any acts or omissions of third party telecommunications or internet service providers.
21.8.1 For the purposes of this section 21 and the web requirements, you agree to provide:
- written confirmation of your request; and
- all other instructions in relation to the operation of your Account in writing (unless we have made other specific and documented arrangements), you can comply with these requirements by providing us with the relevant details using your authenticated security details on our Website.
21.8.2 However, please pay careful attention to the security notice set out in the following section and comply with it.
21.9 Security notice
21.9.1 Internet banking is safe and convenient as long as you take a number of simple precautions, including (but not limited to) the following:
- keep your User ID and password secret. This includes (but is not limited to) destroying any password notification immediately after receipt from us, never writing your password or User ID details in a way that might be understood by someone else or recording them on any item or in any place that might be accessed by someone else and taking all reasonable care to ensure that no-one sees your password or username when you use them;
- you are advised to avoid choosing a password that is generic in nature, guessable/inferable from personal data such as name, date of birth, address, telephone number, driving licence/car number etc;
- treat e-mails you receive with caution and be very wary of e-mails or calls asking you to reveal any personal security details. We or the police will never contact you to ask you for your internet banking password or User ID information; and
- always access our Website via the www.sbiuk.com site or by typing the address into your web browser. Please ensure that you double check the spelling is correct when typing our address into the browser, before using the Website that you are directed to. We will never send you an e-mail with a link through to our internet banking Website.
21.9.2 Visit www.banksafeonline.org.uk for more useful information.
21.9.3 There is no way to retrieve the password from the system. In case you forget your password, you will have to approach us to re-set the password.
21.9.4 Please remember that internet communications are not secure unless the data being sent is encrypted. We cannot accept any responsibility for any unauthorised access by a third party and/or corruption of data being sent to us by e-mail.
21.9.5 If you are a victim of internet fraud and someone gains unauthorised access to your Account, then we will refund the full amount of money taken from your Account in accordance with the statement of our liability set out in Clause 18. We may not be liable under clause 18 to where you fail keep your payment instrument and personalised security credentials secure. In particular:
- you should not give your security details (including your password or username details) to anyone else;
- you should not use an account aggregation service (i.e. a service provided by another company that allows you to view all of your bank details on a single website) or payment initiation services (i.e. a service provided by another company that can initiate transactions for you from your account), unless it is one that you use as described in accordance with clause 21.9.7;
- you should use reasonable care when using internet banking (e.g. logging off at the end of each internet banking session and not leaving your computer unattended while logged on to the internet banking service);
- you must not act fraudulently;
- you should take reasonable precautions as described in these Terms and Conditions and comply with all other reasonable instructions we may give from time to time regarding security details.
- You must notify us without undue delay by contacting us on becoming aware of a security breach or the loss, theft or misappropriation or unauthorised use of your Account or a payment instrument such as a card or online banking connected with it.
21.9.6 Our promise to compensate you in the circumstances described above only extends to a refund of the amount taken from your Account and where applicable otherwise restoring the debited account to the position it would have been in but for the unauthorised transaction, and does not extend to any additional loss you may suffer in consequence of any unauthorised access to your Account.
21.9.7 From 13 January 2018, certain businesses can be approved or registered with the Financial Conduct Authority or other relevant European regulators to provide account aggregation services (i.e. a service provided by another company that allows you to view all of your bank details on a single website) or payment initiation services (i.e. a service provided by another company that can initiate transactions for you from your account) or may be permitted in certain circumstances to provide these services under a transitional arrangement prior to being registered or authorised with a relevant regulator (an "Approved Third Party Service"). It is important however that in using an Approved Third Party Service:
- you are aware that we are required by law to enable you to use Approved Third Party Services and that enabling you to so does not constitute a recommendation that you should do so;
- you are responsible for your selection of an Approved Third Party Service and we recommend that you conduct an assessment of their services, taking into account among other factors their regulatory status and approach to data security;
- you should assume that we may not be aware that you are using an Approved Third Party Service, will not have a contract with the provider of your Approved Third Party Service, will not perform due diligence on them (other than, where we do become aware of them, seeking for our own purposes to verify their regulatory status) and that we will engage with them 'as is' and on the assumption that you have given us permission to engage with them for the purposes of provision of services to you.
- Should an unauthorised or incorrectly executed transaction arise through your use of an Approved Third Party Service, you may raise this with us and we will address it pursuant to clause 18.
- We may refuse to permit access to a provider of an Approved Third Party Service where we have reasonably justified and duly evidenced reasons relating to unauthorised or fraudulent access. However, we may have limited or nil ability to detect risks of unauthorised or fraudulent access and we provide no guarantee or assurance that we will do so and you should not rely on us doing so.
21.10 Client browser
21.10.2 Any amendments to the functionality listed above will be notified to you within your secure internet banking session, before such changes are implemented.
21.11.1 Some specific conditions apply to transactions processed through internet banking:
21.11.2 Transactions carried out in internet banking for transfer of funds within the UK or bill payment by the Cut-Off Time will be processed on the same Working Day. Instructions received after the Cut-Off Time will be processed on the next Working Day. The transfer of funds or bill payments will be made through the BACS payment system.
21.11.3 An instruction will only be accepted by us if it has been effected through the internet service using your User ID and password. We will not further check the authenticity of an instruction.
21.11.4 We may refuse to act on an instruction, for example if the transaction exceeds a particular value.
21.11.5 You may terminate your internet services by sending a termination notice to us. Such termination will be effective from the date we receive your notice.
21.11.6 Banking instructions to pay money from your Account may not be cancelled once you have authorised them and we have received them, unless we agree to do so at our discretion. You may not revoke a payment order after initiating a payment transaction through an Approved Third Party Service, or after you have given consent to a payee to initiate a payment transaction. With respect to direct debits, you may not revoke a payment order after the end of the Working Day preceding the agreed day for the debit. Where your payment order relates to a future date, you may not revoke the order after the end of the Working Day preceding the day agreed. If we do agree we may make a charge as set out in our Tariff of Charges.
21.12 Joint Accounts
21.12.1 User ID and passwords information will be sent to all Account holders separately on request, but for the purposes of the General Terms and Conditions and the requirements: (1) to provide written confirmation of your request to make a withdrawal from your Account; and (2) to provide all other instructions in relation to the operation of your Account in writing (unless we have made other specific and documented arrangements), one of you can comply with these requirements by providing us with the relevant details using your authenticated security details on our Website. However, please pay careful attention to the security notice set out above.
21.12.2 If any of you inform us in writing of a dispute between you, we will treat this information as notice of termination of the mandate, thereby suspending internet access. Any further transactions will need the authority of all of you.
21.13.1 We may at any time vary or terminate some or all of our internet banking services. In the case of any material variation, or termination, we will give you as much notice as we reasonably can in the circumstances. Changes will be notified to you through a notification on the Website.
21.13.2 For any help, please call our Internet Banking Helpline on 0800 532 532 or write to us at email@example.com
22.1 We will treat all your personal information as private and confidential (even when you are no longer a customer). Information we hold about you will not be disclosed to anyone (including other companies in our group) unless:
- we are legally required to disclose;
- we have a public duty to disclose;
- our legitimate and compelling interests mean we must give the information (for example, to prevent fraud). However, we will not use this as a reason for giving information about you or your Account (including your name and address) to anyone else, including other companies in our group for marketing purposes without your consent;
- the disclosure is made with your written consent;
- we do so in connection with your use of an Approved Third Party Service as defined in clause 21.9.7
23 Data protection
Data Protection Officer
State Bank of India (UK) Limited
15-17 King Street, London
Or please email at firstname.lastname@example.org marking the correspondence for the attention of the Data Protection Officer.
24.1 For all Accounts held in England and Wales, these Terms and Conditions and any dispute or claim arising out of it or its subject matter or formation and any non contractual obligations arising out of it is governed by the laws of England and Wales, as are all our dealings with you until such time as your Account is opened. For all Accounts held in Scotland, Scottish law will apply instead. You and we submit to the jurisdiction of the courts of England and Wales (or Scotland, as appropriate) to settle any dispute or claim arising out of or in connection with these Terms and Conditions or its subject matter or formation. The language we will use in our communications will be English.
24.2 Please tell us straight away if you change your name, address, or contact details. If we do not hold correct information we may suspend your Account to protect us both.
24.3 You agree that we may request additional information from you or to check from time to time that the existing information we have about you is up to date, in order to meet our legal and regulatory responsibilities.
24.4 To ensure that we carry out your instructions accurately and for compliance and training purposes, we may monitor and/or record your telephone calls with us. Any recordings remain our sole property.
24.5 You may not transfer any of your rights or obligations in relation to your Account or assign or transfer any Account or deposit. We may transfer all or any of our rights in relation to your Account. We may also transfer any of our obligations or arrange for any other party to carry out our obligations, but only to someone we reasonably consider capable of performing them so that there is no reduction in the service standard provided to you.
24.6 If we relax any of the terms and conditions this may be a temporary measure or a special case and we may enforce them again.
25.1 We may change our Banking Hours, availability of banking Branches by display of notice in our Branches or in the press or by post or by posting on our Website.
25.2 We may block your Account to protect you and us if we suspect fraud or other suspicious transactions in accordance with clause 10.2. In such cases, we may be required to carry out the process of establishing your identity again. Once we have sufficient proof, we will reactivate your Account.
26 Resolving your complaint
26.1 If we do not deliver the standard of service you expect, or if you think we have made a mistake, please let us know, so that we have the chance to put it right in a timely manner. We have a complaints procedure that we follow, a copy of which can be requested at any time by emailing us or contacting us and is also available on our Website. You can call us on 0800 532 532 or email us at email@example.com or write to us at:
State Bank of India (UK) Limited
15 King Street
26.2 We will then arrange for the right person to investigate your concerns. Please when writing to us provide as much information as you can in order to assist our investigations.
26.3 In the unlikely event that you remain dissatisfied with our response or we have not sent you a final response within 8 weeks of the original complaint, you can apply to take your complaint to the Financial Ombudsman Service (FOS).
26.3.1 (The clause 26.3.1 is applicable only for consumers, micro-enterprises and charities)
It is our aim to respond within 15 working days since the receipt of a complaint, however depending on complexity of cases final response may sometimes be extended to up to 35 business days, upon which deadline you’d be advised on relevant outcome.
26.4 If you would like FOS to look into your complaint you must contact them within 6 months of the date of any final response issued by us. You can find out more about the role of FOS by contacting us and requesting a copy of our FOS leaflet, or you can write to FOS at:
The Financial Ombudsman Service
South Quay Plaza
183 Marsh Wall
Telephone numbers: 0800 023 4567 or 0300 123 9123
27 Regulatory Information
27.1 State Bank of India (UK) Limited is authorised by Reserve bank of India. In the UK, State Bank of India (UK) Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority. SBI is entered on the Financial Services Register and its Register number is 139156. As explained in our website in the "Customer Care" section, State Bank of India (UK) Limited, (the UK Operations) is registered in England and Wales (Registered Number FC 004460 Branch No: BR000696), as an Overseas Company with Registered Office: 15-17, King Street, London EC2V 8EA.
27.2 We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if we are unable to meet our financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.
27.3 In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint Accounts each Account holder is treated as having a claim in respect of their share so, for a joint Account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor’s Accounts with us, including their share of any joint Account, and not to each separate Account.
27.4 For further information about the scheme (including the amounts covered and eligibility to claim) please ask us or, refer to the FSCS website www.FSCS.org.uk or call 0800 678 1100 or 0207 741 4100.
Part 2: Specific Account Terms and Conditions
Debit Card Terms and Conditions
These are our terms and conditions for use of the card with your current Account. Please read them carefully and keep them in a safe place.
1.1 Your agreement with us is contained in:
- these card conditions;
- the application form for the card/Account application signed by you; and
- Our General Terms and Conditions and any other Terms and Conditions which apply to your Account. The General Terms and Conditions shall prevail over these conditions to the extent of any inconsistency.
2 Issuing a card
2.1 We will only send you a card if you ask for one or to replace a card you already have. We issue the following types of card:
- MasterCard and un-embossed Debit Card.
2.2 For security purposes we will ask you to contact us upon receipt of any new or replacement card you receive from us before you can use it.
2.3 We will issue you with a Personal Identification Number (PIN). We will send your PIN number separately from your card for security purposes. We will not reveal your PIN to anyone but you. You can use your PIN with your card for withdrawing money and using other services available from self-service machines. You will also need your PIN to be sure that you can pay for goods and services at the premises of a retailer or other supplier with a chip and PIN card.
2.4 You must sign your card as soon as you receive it and follow any reasonable instructions that we give about using cards and keeping them safe.
2.5 You can change your PIN. We tell you how to change your PIN when we issue your PIN.
2.6 You must not use your card after the end of the month it expires or after we have asked you to return it to us or told you that its use is suspended.
2.7 You authorise us to deduct from your Account the amount of any transaction carried out using your card with or without use of your PIN or using your debit card details, whether or not you have given or authorised such instructions. Please refer to section 10 of this Part about responsibility for unauthorised transactions.
2.8 You have the right to cancel your use of the card at any time by sending us written notice in accordance with section 15 of our General Terms and Conditions. You must also return the card cut into 4 pieces, making sure you cut through the magnetic strip. Please note that that the cancellation of your card will not automatically cancel your Account.
Making payments using your card
3.1 Subject to section 3.2 below, MasterCard can be used to pay for goods and services where you see the appropriate MasterCard logo in the UK, the Channel Islands and the Isle of Man or the MasterCard logo abroad. A "cash back" service may also sometimes be available.
3.2 You may use your debit card to make payment for goods and services through a variety of channels such as the internet and by point of sale transactions with merchants who accept the card. For further details of how you can use your card please visit our Website. For security reasons, your debit card cannot be used to make payments over the telephone. You must not disclose your PIN when using any of these channels. We strongly recommend the use of "secure payment" sites and software when sending your card details over the internet.
3.3 Your card will be enabled for the MasterCard Secure Code by default. This code is used to confirm your transactions over the internet by the organisations that participate in MasterCard Secure Code (to prevent fraud). To get your code, you will have to visit our website (https://acs.onlinesbi.com/sbi/enrollment/enroll_welcome.jsp) and give your card number and mobile number. Details of the procedure are provided in sections 13.4 and 13.5 below.
3.4 We will not be responsible if a retailer or other supplier refuses to accept your card or if you cannot use your card to make a payment.
3.5 You can only use the card or the card number for transactions if you have enough money in your Account.
3.6 We will normally deduct from your Account the amount of any payment made in the UK either on the same day or on the first Working Day following the transaction.
4 Self-service machines
4.1 You may use your card in ATM self-service machines in the UK, Channel Islands and Isle of Man, which display the MasterCard logo.
4.2 We may allow you to use your card in self-service machines in the UK and abroad operated by other financial institutions if such machines display the MasterCard logo. We will advise you if you are able to use your card in these machines when we send you your card and about any limitations which apply. Please tell us if you are going abroad before you go. If you do not we may not authorise your transactions using your card whilst you are abroad.
4.3 Cash withdrawals in the UK will normally be deducted from your Account on the same day.
4.4 If financial institutions charge for your use of their self-service machines, such charges will be payable by you.
4.5 For cash withdrawals at self-service machines outside the UK we will convert the amount of any cash withdrawal made in a currency other than Sterling into Sterling at our applicable exchange rate on the day we receive details of the withdrawal. See Tariff of Charges for charges that will apply. We will normally deduct the amount of such withdrawals and any charges from your Account within 5 Working Days.
4.6 We will be responsible for any money lost if there is a fault on one of our self-service machines and we have not notified you by a message on the screen or a notice on the machine. If we have notified you we will not be responsible for any loss if our self-service machines are not in operation. We may change the availability of our machines at any time without notice.
4.7 We will not be responsible if you cannot use your card in a machine operated by another financial institution, as this is outside our control.
4.8 You can only use the card or the card number for cash withdrawals if you have enough money in your Account.
4.9 We will tell you what the daily cash withdrawal limit is when we send you your card and we may change the limit from time to time by giving you at least 2 months’ notice. You may use your card to obtain cash from any cash machine which we advise will accept your card only up to the daily limit on your Account. Your daily cash limits are applicable to the UK ATM and POS transactions. This maybe different when you use your card in other countries dependent on the local country, financial institutions and merchant daily/ per transaction limit.
5 Payments and your Account
5.1 All transactions, cash withdrawals and transfers will be shown on your Account statement.
5.2 You cannot stop a debit card payment but a retailer or supplier may make a refund. We will credit your Account when we receive their instructions but will not be responsible for any delay in receiving their instructions.
5.3 We may refuse to authorise a payment if we consider that your card or Account has been or is likely to be misused or for fraud prevention purposes. We may refer an authorisation request back to the retailer for more information if we consider this necessary to help us to prevent card misuse. This may result in you being asked to produce additional identification. This may also be done on a random basis for fraud prevention purposes.
6.1 We may charge for use by you of the card at the rate set out in our Tariff of Charges. Please also see section 11 below about how we may change our charges which apply. You authorise us to deduct all such charges from your Account.
7.1 You must do all that you can to keep the card safe and your PIN secret at all times. You must keep the card separate from any cheques.
7.2 You must never allow anyone else to use your card, PIN or other security information.
7.3 You must never write down or record your PIN or other security information.
7.4 You must only reveal the card number to make a transaction, to report loss or theft of the card or if we allow you to do so.
7.5 We will never contact you to ask you for your security information such as your PIN, passwords or the 3 digit number on the reverse of your card. You should not reveal your security information to anyone else.
8 What you must tell us
8.1 You must tell us as soon as reasonably possible if:
- the card is lost or stolen or you think that the card may be misused or that someone may know the PIN;
- your statement includes an item which you think is wrong; or
- you change your name or address
8.2 We have a 24 x 7 Helpline only for blocking cards. You may contact us on 0808 1017633 (toll free within the UK) or 00442074544404 (if contacting from outside the UK) if you think that the card has been stolen or you think the card may be missing or that someone may know the PIN.
8.3 For all other matters you can contact us at any of our Branches in the UK during Banking Hours or you may phone us on 0800 532 532 during Banking Hours. We may ask you to confirm in writing within 7 days any information which you have not already given us in writing.
8.4 You must give us all the information you have about the loss, theft or misuse of a card or the PIN and any other information we ask for to help us. We may give the police, national authorities, or government fraud prevention agencies any information we think will be useful. If you find cards which you have reported as lost, stolen or at risk of misuse you must not use them. You must cut them into four pieces, making sure you cut through the magnetic strip and return them to us immediately.
Suspending and withdrawing your use of the card
9.1 We may ask you to return your card to us or we may suspend its use at any time. We will normally give you at least 2 months’ prior notice unless we have a valid reason for not doing so, such as we consider that your card or Account has been or is likely to be misused or if the card has not been used by you for a considerable amount of time. We may deduct from your Account the amount of any card transaction (and any charges) made by you but not paid by us until after return or suspension.
9.2 We may also suspend, withdraw or restrict the use of your card for either of the following reasons:
- there are concerns as to the security of the debit card; or
- if we have reasonable grounds to believe that you may have difficulty in meeting your financial commitments.
9.3 We will send you notice before we take this action or as soon as possible afterwards in accordance with our General Terms and Conditions.
10 Responsibility for unauthorised transactions
10.1 Provided you notify us without undue delay, and in any event within the timeframe set out in clause 18.8 above, on becoming aware of any unauthorised or incorrectly executed transaction, we will be responsible for refunding unauthorised transactions unless you are responsible under section 10.2 below. Where we are liable we will also restore the debited payment account to the state it would have been in had the unauthorised transaction not been made, adding back to your Account any amount deducted including any related interest (if applicable) and charges. We will have no other liability to you.
10.2 You will be responsible for all losses incurred in respect of unauthorised transactions if you act fraudulently or have with intent, or gross negligence, failed to comply with your obligations set out in clause 18.7 above, to keep your payment instrument and personalised security credentials secure.
10.2.1. (The clause 10.2.1 is applicable only for consumers, micro-enterprises and charities)
In all other cases, we may require that you bear the first £35 of losses, provided that we may not do so where the loss, theft or misappropriation of the payment instrument was not detectable by you prior to the unauthorised payment or where the loss was caused by the acts or omissions of our staff or service providers.
10.2.2 Furthermore, unless you have acted fraudulently, you will not be liable for any losses in respect of:
- an unauthorised transaction that arises after you have notified us of becoming aware that the relevant payment instrument has been lost, stolen or misappropriated;
- where we failed to provide you with an appropriate means for making this notification; or
- where the payment instrument has been used in connection with a distance contract (other than certain excepted contracts).
10.3 You agree to meet our reasonable requests for information or explanation in order to assist us in determining the appropriate allocation of liability pursuant to this clause 10. Unless we have reasonable grounds to suspect fraud, where we conclude without need for further enquiry that we are obliged to refund an unauthorised payment to you, we will do so as soon as practicable and in any event by the end of the business day on which we became aware of the u8nauthorised transaction.
11 Ending your use of the Card
11.1 If your Account is closed you will not be able to use your card.
11.2 You will not be able to use your card if we suspend or end its use under section 9 above.
11.3 We can end your use of the card at any time by giving you at least two months’ written notice in accordance with our General Terms and Conditions.
11.4 You can end your use of the card at any time by telling us in writing and returning your card to us immediately (cut into at least 4 pieces, making sure you cut through the magnetic strip).
12 Disabled customers
12.1 We offer card services to disabled customers who are unable to use a PIN due to a disability or medical condition. For more information call us on 0800 532 532. Lines are open 9 a.m. to 5 p.m. every Working Day. Cards can be used at Point-of- Sale terminals of selected merchants who accept payments against MasterCard Debit Cards without the need for a PIN. You may be required by the merchant to sign a receipt. You must also allow the merchant to verify the signature on the receipt against the signature on the back of your card.
13 MasterCard Secure Code Terms and Conditions
13.1 These section supplements and is in addition to the Terms and Conditions prescribed for our Debit Cards, issued in association with MasterCard.
13.2 In addition to the defined terms explained in clause 1 of the General Terms and Conditions a number of words and phrases are printed in bold type because they have the special meaning explained here:
- Card means our Debit Card issued in association with MasterCard.
- Cardholder means any person holding a valid Debit Card issued by us and who desires to make payments to the Merchant over the internet using the Debit Card.
- ID means the user identification provided to the Cardholder by us to enable Cardholder to make payments through the internet using the Card.
- Merchant means any person who owns or manages or operates a merchant establishment through a physical establishment and/or a website.
- Password means the passwords, digital signatures or other means of authentication as we may specify from time to time which the Cardholder uses to make payments through the internet using the Card.
- Registration Data means the information we ask in order to confirm the identity of the Cardholder before proceeding for MasterCard Secure Code password creation.
- Service means the MasterCard Secure Code (3D Secure) being offered by us enabling the Cardholder to make payments through the internet using the Card.
13.3 These terms form the contract between the Cardholder and us for the Service. The Cardholder shall apply to us online for use of the Service. We are entitled at our sole discretion to accept or reject such applications.
13.4 The Cardholder shall register for the Service by giving their card number and mobile number in the SBI’s web site (https://acs.onlinesbi.com/sbi/enrollment/enroll_welcome.jsp). The Cardholder will be given an authentication code by SMS or any other communication means decided by us from time to time based on the registration date (like Name, Mobile Number etc) to set their own secured password.
13.5 In order to use MasterCard Secure Code, the Cardholder must provide certain information to us including the mobile number that allows us to validate the Cardholder’s identity and verify that the Cardholder is the owner of or an authorised user of the specified Card. The information that the Cardholder provides may be validated against information we already hold associated with the Cardholder and their Card. Once we validate the Cardholder’s identity as part of the MasterCard Secure Code registration process, the Cardholder is permitted to create a Password.
13.6 We shall validate the Card details provided by the Cardholder during the course of a transaction directly and the Merchant will not be privy to the same.
13.7 This Service is available to the Cardholder upon registration. We may add, revise, suspend in whole or in part any of the services provided by the Service, without notice. By using the Service, the Cardholder has accepted these Terms and Conditions.
13.8 The Cardholder is hereby made aware that in case of payment over the internet using their Card, the Cardholder will not sign the charge-slips at the time of making the payment. Accordingly, the Cardholder accepts that, in the event of any dispute regarding the authenticity or validity of such a payment, the Cardholder’s Account shall be liable to be debited with the amount payable. Please refer to sections 10.1 and 10.2 of this Part, detailing the responsibilities for unauthorised transactions.
13.9 If the Cardholder does not successfully register for MasterCard Secure Code or if the Cardholder chooses not to register for MasterCard Secure Code, we and/or the Merchant may not accept the Card to pay for an e-commerce or other transaction subject to MasterCard Secure Code.
13.10 Any payment made on the internet using the Cardholder’s Password shall be considered to be an order received from the Cardholder. The Cardholder’s Password issued to him/her, allows the Cardholder to make payments through the internet and that Cardholder is the sole and exclusive owner of the Cardholder’s Password and accepts sole responsibility for use, confidentiality and protection of the Password, as well as for all payments made using such Password subject to sections 10.1 and 10.2 of this Part.
Part 3: Remittance terms and conditions
1.1 We will only process remittance payments which are funded from your Account.
1.2 We will apply the remittance rate available only after the funds have cleared. For cash payments the remittance will be processed at the rate available at the time of the request.
- Incomplete remittance forms may be rejected and we shall not be responsible for any losses incurred as a result.
- If your remittance request has been accepted but not yet processed, any subsequent cancellation or amendment to the request will be processed as a separate transaction and charges will be applied accordingly. Please refer to the Tariff of Charges for further details.
- If your Account does not have sufficient funds at the time of processing the remittance, we will not process the transaction and you will have to submit a new remittance request.
- If a new remittance request is subsequently submitted, we will use the exchange rate available at the time of processing the new request, NOT the exchange rate for the initial remittance request.
- Remittances to SBI branches in India will normally take one Working Day after the receipt of cleared funds. For example if the remittance is processed on Tuesday it should be received on Wednesday, if not earlier. For other banks in India, the remittance will normally take 2 to 3 Working Days after the funds have cleared to reach the nominated account. We will send the payment to the nominated account using the information provided.
- Please refer to our Tariff of Charges for details of our charges.
- We encourage our customers to confirm the receipt of the cleared funds with the beneficiary within a reasonable time frame. Any non-receipt of payment should be advised to us within 7 Working Days.
- Before making any remittances to any charitable organisations, please ensure that they have permission to receive a donation from abroad.
1.3 We are entitled to rely on the Unique Identifier we ask you for in connection with your remittance transaction, such as the IFSC code, or Branch and account code. Should your remittance request be unsuccessful as a result of your incorrect provision of this information, we will not be liable non-executed or incorrectly executed transactions arising from this error. We shall however take reasonable efforts to recover the funds where a transaction is executed incorrectly. Charges may be applicable to such recovery efforts as set out in our Tariff of Charges.
1.4 If for any reason the funds are not paid to the nominated account and are returned to us, we will refund these to you. The refund will be made in GBP and the exchange rate applied will be the higher of:
- The exchange rate on the date of the refund plus INR 0.50; or
- The exchange rate at the date of the remittance plus INR 0.50,
1.5 In the event a payment is processed incorrectly, we will seek to recover the payment at the earliest opportunity. If this results in another account you hold with us and which you control receiving a payment made in error, you agree to notify the bank immediately. In these circumstances you authorise the bank to recover any excess amounts credited as party of this remittance request
1.6 We reserve the right to perform additional verification checks prior to processing any remittance application. Failure in any of the verification requirements may result in either a delay in processing the remittance application or a rejection.
1.7 Applicable laws prohibit us from processing money transfers with certain individuals and countries. In order to comply, we are required to screen transfers against information provided by various governments and / or government agencies. If a potential match is found, we will suspend the transfer and request additional information.
State Bank of India (UK) Limited is able to provide literature in alternative formats. If you would like to register to receive correspondence in an alternative format please telephone 0800532532. © State Bank of India (UK) Limited 2018 all rights reserved.
State Bank of India (UK) Limited
15, King Street, London EC2V 8EA.
Customer Services Telephone - 0800 532 532 (if you are calling from within the UK) or +44 (0)20 7454 4338 (if you are calling from outside the UK)
Authorised and regulated by Reserve Bank of India. Authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority (FCA) and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority are available from us on request. State Bank of India (UK) Limited is a member of the Financial Services Compensation Scheme established under the Financial Services and Market Act 2000. The Financial Services Compensation Scheme protects deposits held with our UK branches. Payments under this scheme are limited to £85,000 of your total deposits with us in the UK. In practice, this means that each eligible depositor will be compensated up to a maximum of £85,000 of their total deposits.
State Bank of India (UK) Ltd is a bank incorporated and headquartered in India and is regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
SBI UK is the sole owner of the SBI UK Logo.
SBI UK is not responsible for anyone using the SBI UK name in an unauthorized manner.