History of State Bank of India

  • State Bank of India (SBI) is one of the oldest and largest banks in the world.  

  • It is a household name in India and is well-known for its expertise in both wholesale and retail banking.

  • Established in 1806, State Bank of India is one of the largest banks in the world and is featured in the Fortune 500 list.

  • State Bank of India is 58.60% owned by the Government of India, making it a solid investment.

  • The bank currently has 500 million customers worldwide, 24,000 State Bank Group branches, 59,000 ATMs and is present in 37 countries outside India.

  • The symbol of State Bank of India is a circle depicting perfection and the common man is at the centre of the circle, being the focus of the bank’s business.

State Bank of India UK

  • In the UK, the SBI London Main Branch has been operating for more than 95 years.

  • Its range of products which include M&A financing, Trade Finance, Syndications and Bi-lateral Credit, and Treasury products, is very well established.  Currently, SBI UK is re-positioning its retail offering with a wide range of products and services through a revamped and enlarged branch network.  These include products such as the popular fixed deposits, Cash ISAs, Safe Deposit Lockers and a competitive buy-to-let offering. 

  • Its head office is in London and it has 12 branches situated across the country.

  • Branches can be found in the City of London, Ilford, Hounslow, Golders Green, East Ham, Birmingham, Coventry, Harrow, Leicester, Manchester, Southall and Wolverhampton.

  • It is committed to the UK market and growing its customer base, among the NRI and wider non-NRI community

  • The bank is authorised and regulated by Reserve Bank of India and Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority (FCA) and limited regulation by the Prudential Regulation Authority. Details about the extent of our regulation by the Prudential Regulation Authority and Financial Conduct Authority are available from us on request.

  • State Bank of India is a member of the Financial Services Compensation Scheme established under the Financial Services and Market Act 2000. The Financial Services Compensation Scheme protects deposits held with our UK branches. Payments under this scheme are limited to £85,000 of your total deposits with us in the UK. In practice, this means that each eligible depositor will be compensated up to a maximum of £85,000 of their total deposits.

Products and Services

  • State Bank of India in the UK offers: corporate banking, personal banking, fixed deposits, business loans, remittances, NRI Services, forex services, and trade finance.

  • SBI UK has a comprehensive range of products including Cash ISAs, Safe Deposit Lockers, Instant Access Savings Account, Business Accounts, and Buy to let mortgages.

  • State Bank of India has the only instant access savings account in the UK open to both Small to Medium-sized Enterprises (SMEs) and charities with a competitive rate and easy access to funds.

  • The bank offers free remittance service to India to all customers who open a savings or current account.

  • In all products, the bank focuses on clarity, simplicity and flexibility.

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