STATE BANK OF INDIA

1
STATE BANK OF INDIA ONLINE SAVER
2

6.50 AER
5.50 AER 1 AER/GROSS bonus (Bonus will be
paid on the anniversary if no withdrawals have
been made during 12 months) After this period the
prevailing variable rate will be applicable.
3
FEATURES
4
HIGH RATE OF INTEREST

5
LATEST INTEREST RATES
Effective from AER GROSS PA NET
PA    01-JUNE-2008 5.50 5.37 4.29
-Our current variable rate is AER 5.50 (Gross
p.a. 5.37) and is guaranteed until 30th June
2009.   -New SBI Online Savings Account customers
will get 1 AER/GROSS bonus paid on the
anniversary if no withdrawals have been made
during 12 months. After this period the
prevailing variable rate will be applicable.
  -Interest is calculated daily and credited to
your account on the last working day of each
month.   -AER stands for annual equivalent rate
and illustrates the interest rate if it was paid
and compounded once each year.   -Gross per
annum is the annualized rate before deduction of
tax at standard rate.   -Net per annum is the
annualized rate after deduction of tax at
standard rate (currently 20)   -Interest rate is
variable.
6
     NO PENALITIES
7
Just a simple, Straightforward online
savings account
8
Fast and Easy Access to your money
9
We offer you Fast, Convenient 24/7 online
access to your account anytime anywhere.
10
ADD FUNDS TO THE ACCOUNT   YOU ARE FREE TO
ADD ANY AMOUNT ANYTIME TO THE ACCOUNT AS LONG AS
THE ACCOUNT IS OPEN TO NEW CUSTOMERS.
11
Move your money when you like
12
Your money is easily available for withdrawal
and transfer without any notice.
13
Interest paid monthly
14
Interest will be calculated daily paid monthly
on the last working day of the month.
15
        Safe and Secure
16
SBI is a licensed bank in UK and adheres to the
Banking Code. We are also a member of the
Financial Services Compensation Scheme.
17
SECURITY
18
The Financial Services Compensation Scheme
State Bank of India is a FSA regulated Bank and a
member of the Financial Services Compensation
Scheme established under the Financial Services
and Market Act 2000. If we cannot pay any amount
we owe you on your savings accounts, you will be
able to claim compensation. Deposits held with
our UK branch are protected by the Financial
Services Compensation Scheme. Payments under the
UK scheme are limited to 35,000 of your total
deposits with us. In practice, this means that
each of our customers with deposits at our UK
branch are protected up to a maximum of 35,000.
Where two depositors hold a joint account, each
depositor may receive a maximum of 35,000
compensation in respect of the claim, giving a
total of 70,000. Most depositors, including
individuals and small firms, are covered
www.fsa.gov.uk
19
The Banking Code
We subscribe to the Banking Code. This is a
voluntary code, setting out the standards of good
banking practice that banks, building societies
and card issuers should follow when dealing with
personal customers in the United Kingdom. You can
see the Banking Code online at www.banking
code.org.uk
20
Complaints

• We are committed to give you the highest standard
  of service, but if you are unsatisfied with our
  services, please tell us so that we can correct
  them as quickly as we can. If you have a
  comment or complaint about our services, you
  may get in touch with us and we will do our best
  to put things right and improve our services.
•  
• The Bank has a laid down procedures for fair and
  expeditious handling of customer grievances. In
  case of any difficulty in transacting in your
  account, the customer may approach the officer
  concerned or the Manager, who will ensure that
  the customers needs are attended to. However,
  if this does not happen the customer may lodge a
  written complaint.
• We will respond to you within five working days
  of receiving your complaint, by sending you a
  written acknowledgement.
• Within four weeks, we will write to you again
  with our final response, or to explain why we
  need more time to respond.
• If we have not already sent it, we will send you
  our final or other response within eight weeks
  and will tell you how to take your complaint
  further if you are still not satisfied.
• These above procedures meet with the requirements
  of the Financial Services Authority.
•  
• Please call us on 08081680304, email us at
  onlinesaver_at_sbilondon.com or write to us at
•  
• The Manager
• State Bank of India
• 25, Horsefair Street
• Leicester
• LE1 5BP
• If you are not satisfied with the way we have
  handled your complaint, you can use the free
  service of the Financial Ombudsman. You can
  contact the Financial Ombudsman Service at the
  South Quay Plaza, 183 Marsh Wall, London E14 9SR,
  or telephone them on 08450801800 or visit their
  website on www.financialombudsman.org.uk The
  mbudsman will only look into your complaint if we
  have told you that we can do no more and we have
  been unable to solve the problem.

21
ONLINE SAVER TERMS CONDITIONS
22
 a) The account is available to people aged 18
and over who are ordinarily resident in the UK
for tax purposes and have a permanent UK address.
The account is not available for trusts,
businesses or charities. If you stop being
eligible for the account, we may close it.   b)
The minimum balance and investment required for
opening an account is 500. If balance falls
below 500, no interest will be paid for the
period the balance remains below 500.   c) At no
time can this account be overdrawn.   d) Interest
rates are variable.  e) Interest will be paid net
of UK tax to all account holders.Tax will not be
deducted in case customer is exempt from tax and
has submitted R85 form. f) One account per
customer.Account cannot be held in sole and joint
names at the same time.    
23
-         JOINT ACCOUNTS
If two of you opened a joint account
under this agreement, the following terms
apply.        a) Each one of you is responsible
for the following terms of this agreement. If one
of you breaks the terms, we can take action
against either or both of you . b) We
may give any information about your joint account
to either of you. You each agree that we can act
on notices or information given by either of
you.      c) Either of you may instruct
us to   - make payments or transfer
amounts from the accounts. -       -  close the
account and then transfer the balance to a new
account in only one of your names. -       - If
either of you dies, the surviving account holder
will be entitled to the balances in the
account. -       - If we find out that either of
you is or may be declared bankrupt, we may put a
hold on the joint account and refuse to pay out
any amount from it until we receive joint
instructions from the account holder who has not
become bankrupt and the person appointed to
handle the bankrupt persons assets. A
notice we send to one of you will count as a
notice to both of you. We will send statements in
your joint account name to the first address
listed for your account.
24
COMMUNICATIONS
-          We cannot accept instructions relating
to your account by post or email and instructions
need to be given online. -          If our
contact details change, we will tell you. If you
send us any original, valuable or important
documents, we recommend that you send them by
special delivery. -          We will contact you
using the most recent email address, postal
address or phone number you have given us. Any
notice we send to the most recent address we have
for you will be binding on you. -          We
will not send any confidential information to
you, or request any confidential information from
you by email. -          If your contact details
have changed, you must tell us by using the
Online banking facility. If you do not tell us
about change of address and as a result, post is
returned to us, we may restrict access to the
account until we receive an instruction from you.
25
INSTRUCTIONS

• You agree that as long as we are given the
  security checks as part of our security
  procedures,
• we can
•  
•    a) Act on any instruction on our website to
  make payments into or out of an account.
•    b) Release confidential information we hold
  about you and your accounts.
• This condition still applies if an unauthorised
  person gave us that information about your
• account because you did not take all reasonable
  precautions to prevent unauthorised
• or fraudulent use of them or because you have
  acted fraudulently.
•  
• -          Once we have acted on an instruction,
  you cannot cancel it.
• -          We may refuse to carry out an
  instruction, or insist on getting further
  confirmation
• from you. Before we act on an instruction, we
  may also take more steps to check
• whether you authorised it.
• -         You can usually use your account by
  using our website.

26
CLOSING YOUR ACCOUNT
You may ask us to close your account or
accounts at any time, but you must send us
your request online. We may close your account
or accounts by giving you at least 30 days
notice in writing.
27
Extra Conditions for the Online Savings
Account
Opening, Using and Running the account
         We will only open your account after
receiving identification and address
verification from you and carrying out various
checks.          We reserve the right to
decline your application if the checks carried
out have not been satisfactory When you send us
a cheque for paying into your account, you must
make it payable to yourself.
28
Payments into the account
Apart from your first deposit, once you have
activated your account you can make more payments
into it by            Transferring money from
another account in UK via BACS, CHAPS         
Sending us a cheque When we receive any cheque
made payable to you, we will have it sent for
clearing which takes five working days. The
statement balance shows          All payments
that have been received into your account (some
of which may not have cleared).          Any
withdrawals made. Please note that you cannot
deposit cash into the account at the Branch
Counters.  
29
Withdrawals from the account
-          You can make withdrawals or
transfers from your account by using our internet
banking via BACS, CHAPS, SWIFT SBI
EXPRESS Please note that you cannot withdraw
cash from the account at the Branch Counters.
    -You will be able to view your transactions
online.You must check your online statement and
tell us as soon as possible if it includes an
item that appears to be incorrect. - Hard Copies
of the statements will be available to you only
on request, but you may print statements of your
account online.  
30
FAQS
1) How do I open my SBI Online Savings Account?
Just download and complete the application form
and send it along with certified copies of your
ID and Address Proof and a cheque for minimum of
500 as an initial deposit by post to The
Manager State Bank Of India 25, Horsefair Street
Leicester LE1 5BP Once we have received and
processed your application, we will activate your
account and also send you the account details and
the internet login id and password so that you
can start using your account.
31
ID AND ADDRESS PROOF ANY ONE OF THE
FOLLOWING DOCUMENTS   a)    Current signed
passport b)     Current full Driving License- in
photo-card format c)     National photo Identity
Card issued by Government Agency.    PLUS ONE OF
THE FOLLOWING FOR ADDRESS VERIFICATION   d)   
Any utility bill (e.g. gas, electricity, water,
telephone excluding mobile phones) e)    
Council/ local authority tax bill f)      Bank,
building society or credit card
statement.   Note  -Documents should be less
than three months old.   -Please ensure the
documents include your name and full address
32
2) What is a certified document?
A certified document is a photocopy signed by a
recognized professional (e.g. a Solicitor,
Doctor, Bank official or Public Notary) to show
that it is a true copy of the original document.
33
The certifier must do the following
1) Sign the document and write I certify that
this is a true copy of an original document seen
by me, and presented by (customer's full name,
including title). 2) Date the document 3)
State their full name business address 4) State
their profession 5) State their telephone number
6) Certification should also have a stamp of
certifying authority.
34
3) How do you calculate the interest on my
SBI Online Savings Account?
Interest on your online savings account is
accrued daily, paid monthly and credited to your
available balance on the last working day of the
month.   Daily closing balance (cleared balance)
x interest rate (as a percentage) /100 /365x
number of days in the month For Example
1000(balance) x 5.37 (gross interest
rate)/100/365 x 30 (number of days in the month)
4.41 (gross interest per month)
35
4) Are there any charges for the SBI Online
Savings Account?
No, there are no charges for setting up your SBI
Online Savings Account or for withdrawing funds
via BACS from it. You can transfer money to and
from your account via BACS as you wish, with no
catches and no penalties. However, our remittance
charges as specified in our Schedule of Charges
will be applicable for Inland CHAPS transfers and
for remittances abroad including SBI EXPRESS
transfers.
36
5) How do I close my SBI Online Savings
Account?
To close your account, you need to put a request
online and we will close your account as soon as
we receive your request. We will send you the
closure letter along with your statement by post.
37
APPLY NOW Just download and complete the
application form and send it along with certified
copies of your ID and Address Proof and a cheque
for 500 as an initial deposit by post. Once we
have received and processed your application, we
will activate your account and also send you the
account details and the internet login id and
password so that you can start using your
account.
38
For general terms and conditions governing
the opening and operation of accounts with
State Bank of India in UK Terms and
Conditions relating to Internet Banking
Banking Code Schedule of Charges etc.
please refer to the Information Pack
provided in the Website www.sbilondon
.com