Following the recent announcement by Bank of England to increase the base rate, State Bank of India (UK) has hiked interest rates on its range of products.
The rate of increase is from 35bps to 100bps, effective from 22 June.
The new interest rates are: Instant Access - 0.75%; 35 Days Notice -1.05%; Flexi ISA -0.95%; Limited Access - 0.95%.
Rates for Fixed Deposits have also changed: 1-year Fixed Deposit- 2.30%; 2- year Fixed Deposit - 2.55%; 3-year and 5-year are both 2.80%, while 5-year Green Deposit is now 2.85%.
The Individual Savings Accounts: for 2-year - 2.25%, while 3-year and 5-year are both 2.50%.
“We are excited to present these new competitive rates and will continue to offer best-in-class financial services to our customers,” the bank said.
A wholly owned UK based subsidiary of State Bank of India (SBI), the largest commercial bank in India, SBI (UK) is the largest Indian bank in the UK, operating here for over 100 years. The bank currently has 11 branches across the UK, located in Coventry, Birmingham, the City of London, Golders Green, East Ham, Harrow, Leicester, Manchester, Southall, Hounslow, and Wolverhampton.
