SBI UK unveils new interest rates across its range of financial products

AFTER the recent announcement by the Bank of England to increase the base rate, the State Bank of India (UK) Ltd has hiked interest rates on its range of products. The rate of increase is from 35bps to 100bps. The new rates are effective from June 22, 2022.

The new interest rates are: Instant Access - 0.75 per cent; 35 Days Notice -1.05 per cent; Flexi ISA -0.95 per cent; Limited Access - 0.95 per cent.

The Rates for Fixed Deposits have also changed and they are like: 1-year Fixed Deposit- 2.30 per cent; 2- year Fixed Deposit - 2.55 per cent; 3-year and 5-year are both 2.80 per cent, while 5-year Green Deposit - 2.85 per cent.

This is what they resulted in for the ISAs: for 2-year - 2.25 per cent and for 3- and 5-year, they are both 2.50 per cent.

SBI UK, which is a wholly owned UK-based subsidiary of the State Bank of India which is a Fortune 500 company with more than 200-year heritage, said: “We are excited to present these new competitive rates and will continue to offer best-in-class financial services to our customers.”

SBI (UK) Limited, currently has 11 branches across the UK and they are in Coventry, Birmingham, the City of London, Golders Green, East Ham, Harrow, Leicester, Manchester, Southall, Hounslow, and Wolverhampton.