State Bank of India savings rates — compare every account, plus switch offers and guides

Who they are

State Bank of India (SBI) is an Indian multinational public sector bank headquartered in Mumbai - the largest bank in India, with roughly a 23% market share by assets and a 25% share of the total loan and deposits market. With a legacy of over 200 years, SBI traces its ancestry to the Bank of Calcutta, founded in 1806. In the UK, SBI has been active since 1921, and has grown to become the largest Indian bank in the country.

State Bank of India (UK) Limited (SBI UK) is a wholly owned UK subsidiary of SBI. Established in 2018, it operates through a network of 11 retail branches across the United Kingdom. Branches are located across major cities including London, Birmingham, and Manchester, all providing retail, business, and NRI services.

Savings accounts

SBI UK's products include Cash ISAs, instant access savings accounts, and fixed deposits, alongside current accounts and commercial lending. Through the YONO SBI UK mobile banking app, customers can open new bank accounts, invest in fixed deposits and Cash ISAs, and arrange money transfers to India.

DepositScout does not currently hold live rate data for SBI UK's savings products. Rates change regularly, so the live figures shown on this page are the most reliable guide to what is on offer right now.

Protection and regulation

SBI UK is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 757156). Eligible deposits with State Bank of India (UK) Limited are protected up to a total of £120,000 under the Financial Services Compensation Scheme, the UK's deposit protection scheme. That is above the standard £85,000 limit most banks carry - worth keeping in mind if you hold savings elsewhere too.

Is it right for you?

SBI UK is a natural fit for anyone with ties to India - whether you are a non-resident Indian looking to manage money across borders or simply someone who values a branch network with deep roots in the British-Indian community. It may be less obvious a choice if you are simply rate-hunting among mainstream UK providers, since it is a smaller player here and its product range is more focused. As always, check the live rates on this page before deciding - what matters most is the number in your account at the end of the year.