SBI UK is a subsidiary of State Bank of India. It has been active in the UK since 1921, offering current accounts and savings for individuals and businesses. It also offers buy-to-let and commercial mortgages.
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What types of account are available for business owners?
Business current account. If you maintain a balance of at least £10,000, you’ll pay no annual fee, nor a fee for your first 25 transactions of the month. Otherwise, you’ll pay 60p for every credit or debit transaction and an annual fee of £80.
Business savings account. This instant-access savings account pays interest on balances above £10,000. If you maintain a balance of at least £10,000, you’ll pay no annual fee.
Business notice savings account. Save between £1 and £5 million in this account, but you must give 35 days’ notice before you can access your funds.
Limited access business savings account. With this savings account, withdrawals are limited to four times a year. Save between £1 and £5 million.
Business fixed deposit account. A business savings account with terms between one month and five years. A £10,000 balance is required to earn interest. No withdrawals are permitted during the term.
How to apply for an SBI business banking account
You can apply for an SBI business account in a local branch, via the SBI UK website or by calling 0800 532 532.
Pros and cons
Pros
Current accounts and savings accounts are available.
A range of different savings options to choose from.
No annual fee if you maintain a balance of at least £10,000 on current account and easy access saving account.
Cons
A £10,000 balance is required to earn interest and avoid fees on some accounts.
Only 12 branches in the UK.
Customer service information for SBI
Email support
Telephone support
In-app or live chat
Contact form
Branch support
Our verdict
An SBI business account gives you the opportunity to open both a current and savings account, with various savings options to choose from. But other than that it’s pretty basic and doesn’t offer any extra features to help your company thrive. See our guide to the best business bank accounts to find one that’s better suited to you and your business.
Get started by visiting SBI’s website and sign up for an account. If you have read this review and decided that SBI’s account is not for you, you can also compare other business bank accounts on the market.
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Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife.
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