General Terms and Conditions - SBI - London

General Terms & Conditions Inner Page Slide

Quick Links

General Terms and Conditions

STATE BANK OF INDIA
General Banking Terms and Conditions
Version 1.1 - April 2024

About these Terms and Conditions

These Terms and Conditions contain important information which you should read carefully as they explain our obligations to you and your obligations to us as a customer of State Bank of India London Branch.

The Terms and Conditions are divided into three Parts:

The first Part is called "General Terms and Conditions" and sets out the general terms and conditions which apply to the relationship between us and any Accounts you hold with us.
The second Part is called "Specific Terms and Conditions" and contains Account specific information which relates to particular Accounts which you have with us or services which you use.
The third Part is called “Other Terms and Conditions” and contains various terms applicable to these Terms and Conditions, any Accounts you have with us and the services we provide, such as governing laws, contact details, definitions and interpretation, complaints procedures, how we use your information and data and regulatory information. They also explain when we may change these Terms and Conditions (and any other documents to which they refer).

You will also be provided with further supplemental specific terms and conditions relating to your Account upon opening an Account with us which also form part of the agreement between us. To the extent those supplemental specific terms and conditions are inconsistent with these Terms and Conditions, those supplemental terms and conditions override any provision of these Terms and Conditions.

We recommend that you check our Website for further information, our Tariff of Charges (which explains the charges which we can make for providing banking services to you), and our Cut-Off Time Leaflet (which explains the times by which payment instructions must be received by us, and the maximum timescales applicable to the execution of the various types of payment transactions available to you), as these terms apply to your dealings with us and also form part of our contract with you. You should read all these Terms and Conditions carefully and keep them in a safe place for future reference, as they form the legal contract between you and us.

We can provide you with additional or up-to-date copies of these Terms and Conditions (and any other documents which form part of the contract between you and us) upon request. You can also access our up-to-date Terms and Conditions on our Website.

We may offer other products from time to time, and we will provide details of such products on our Website, including details of any further supplemental Terms and Conditions applicable to those products.

Clauses

Part 1: General Terms and Conditions

1	Definitions and Interpretation
2	Opening an Account
3	Interest paid on Accounts
4	Security
5	Proof of your identity and address
6	Instructions
7	Third Party Mandates
8	Paying into your Account
9	Interest on credit balances
10	Payments out of your Account
11	Remittance terms and conditions
12	Transaction Processing Times and suspension of your services
13	Right of Set Off
14	Charges
15	Early Access Charge for Savings Accounts
16	Closing your Account
17	Dormant Accounts
18	Internet banking
19	Use of websites
20	Availability of internet banking services
21	Account Instructions
22	Security requirements
23	Client browser
24	Transactions
25	Borrowing on your Account
26	Changes to these terms
27	Our liability to you
28	Your liability to us
29	Statements
30	Variation, termination and suspension of banking services
31	Confidentiality
32	Data protection
33	General
34	Miscellaneous and communications
35	Resolving complaints
36	Regulatory Information

Part 1: General Terms and Conditions

Definitions and Interpretation

In these Terms and Conditions, a number of words and phrases are printed in bold type because they have a special meaning, which is explained here or in the Specific Terms and Conditions or Supplemental Terms and Conditions:

Account	means your State Bank of India London Branch account(s) and services taken with us from time to time. This could be a business current account, business savings account or fixed term deposit account.
Application Form	means an application form (in the form provided by us) submitted to us by you for the provision of banking services (howsoever described) by us to you.
Approved Third Party Service	has the meaning given to it in Condition 22.7.
Authorised Signatory	means each designated person or persons who are allowed to operate the Accounts on behalf of a firm or organisation. These persons are initially specified in your Application Form and can be changed by submitting an Update Form to us.
BACS	means the Bankers’ Automated Clearing System run by Bacs Payment Schemes Limited (now Pay.UK).
Banking Hours	means the hours the branch with whom you are dealing is open for business.
Base Rate	means the base rate set by the Bank of England (BoE) or any successor authority that takes over responsibility for setting such a rate.
BIC or Swift code	is an alphanumeric code of 8 or 11 characters used for making international payments through the Swift system.
CHAPS	means the Clearing House Automated Payment System run by the Bank of England.
Cut-off Time	means the UK time within which a transaction or a request should be made by you in order to be processed on the same Working Day. Cut-off Time depends on the cut-off time for the particular method of making or receiving payments. Cut-off Time also depends on the currency in which the payment is to be made or received. Details of the Cut-off times are given in the Cut-off Time Leaflet and are also available on https://london.statebank/.
Cut-off Time Leaflet	means details of cut-off times for various payment methods as amended from time to time in accordance with these Terms and Conditions and provided to you at the time of opening an Account.
direct debit	means an arrangement made with a bank that allows a third party to transfer money from a person's account on agreed dates, typically in order to pay bills. The amount payable may be varied by the payee. It also includes (for Accounts or payments in Euros) SEPA direct debits, which are direct debits under the Single Euro Payments Area Scheme.
Faster Payments	means a real time payments system available for transfers of money between UK bank accounts and run by Bacs Payment Schemes Limited (now Pay.UK).
FCA	means the Financial Conduct Authority and any successor bodies from time to time.
General Terms and Conditions	means the terms and conditions applying to your Account and dealings with us and set out in Part 1 of these Terms and Conditions.
IBAN (International Bank Account Number)	is a unique identification number issued by us for a customer Account which has the bank branch identification along with the Account number.
Sort Code	is a 6-digit identifier code used for making bank to bank payments within the UK.
Specific Terms and Conditions	means the terms and conditions contained in Part 2 of these Terms and Conditions.
standing order	a regular payment of an amount of money that’s paid on a specified date, which you set up with your account bank, meaning that if the date or amount needs to be changed, you need to make the change.
State Bank of India, SBI or SBILB	means State Bank of India - London Branch, registered at Companies House with foreign company registration number FC004460 and UK established branch number BR000696 registered at 15 King Street, London, EC2V 8EA, regulated by the Prudential Regulation Authority and Financial Conduct Authority with Financial Services Registry number 139156.
Swift or SWIFT	means the intra-bank messaging system run by The Society for Worldwide Interbank Financial Telecommunications, a messaging network used by banks and financial institutions to securely send and receive information.
Supplemental Terms and Conditions	means any terms and conditions specific to an Account and which are issued by us at the time the Account is opened.
Tariff of Charges	means the schedule of charges as amended from time to time in accordance with these Terms and Conditions and provided to you at the time of opening the Account.
Terms and Conditions	means these General Banking Terms and Conditions, incorporating our Tariff of Charges, Cut-off Time Leaflet and any Application Form(s).
UK	means the United Kingdom.
Unique Identifier	means the unique identifier we ask you for in connection with your initiation of a payment transaction, such as the IBAN, IFSC code, or branch and account code.
Update Form	means a form (in the form provided by us) to be submitted to us by you in order to update the details relating to your Account(s).
Websites	means our internet presence at https://london.statebank/corporate-accounts and for internet banking https://www.onlinesbiglobal.com/64GBweb/index.htm and such replacement URLs as we may direct you to from time to time.
Working Days	means from 9am to 5 pm Monday to Friday except for public holidays.
"we", "us" "our"	means State Bank of India.
"in writing”	includes messaging and notices sent by email, via our Website or banking app or any other electronic communication method which we indicate we will accept or use.
"you" and “your"	refers to the person who is named as the Account holder, and it refers to any company or other business entity which is an Account holder.

Where there is a conflict or inconsistency between the General Terms and Conditions and the Specific Terms and Conditions and any Supplemental Terms and Conditions, the following precedence shall apply: (i) the Supplemental terms and Conditions, (ii) the Specific Terms and Conditions, and (iii) the General Terms and Conditions.
The following rules of interpretation apply in these Terms and Conditions:
1. paragraph headings shall not affect the interpretation of these Terms and Conditions;
2. a “person” includes an individual, firm, company, corporation, partnership, unincorporated body of persons, government, state or agency of a state or any association, trust, joint venture or consortium or other entity (whether or not having separate legal personality);
3. unless the context otherwise requires, words in the singular shall include the plural and in the plural shall include the singular;
4. unless the context otherwise requires, a reference to one gender shall include a reference to the other genders;
5. a reference to a party or person shall include that party or person's successors, permitted assigns and permitted transferees and these Terms and Conditions shall be binding on, and enure to the benefit of, you and us and our respective successors, permitted assigns and permitted transferees;
6. a reference to legislation or a legislative provision is a reference to it as amended, extended or re-enacted from time to time;
7. a reference to legislation or a legislative provision shall include all subordinate legislation made from time to time under that legislation or legislative provision;
8. an obligation on a party not to do something includes an obligation not to allow that thing to be done;
9. a reference to these Terms and Conditions (or any provision of them) or to any other agreement or document referred to in these Terms and Conditions is a reference to these Terms and Conditions, that provision or such other agreement or document as amended (in each case, other than in breach of the provisions of these Terms and Conditions) from time to time;
10. unless the context otherwise requires, a reference to a paragraph or condition is to a paragraph or condition of these Terms and Conditions;
11. any words following the terms “including”, “include”, “in particular”, “for example”or any similar expression shall be interpreted as illustrative and shall not limit the sense of the words, description, definition, phrase or term preceding those terms;
12. a reference to an “amendment” or “variation”includes a novation, supplement or variation (and “amend”, “amended”, “vary”, “varied” and “variation” shall be construed accordingly);
13. a reference to “determines”or “determined” means, unless the contrary is indicated, a determination made at the absolute discretion of the person making it; and
14. a reference to a “regulation” includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, inter-governmental or supranational body, agency, department or regulatory, self-regulatory or other authority or organisation

Opening an Account
1. Accounts can be opened by any corporate entity with separate legal personality which has more than 10 employees and a turnover or annual balance sheet exceeding €2,000,000 (two million Euros), expect for micro-enterprises and charities. Natural persons cannot open an Account with us.
2. You must submit an Application Form for the Account for which you are applying. Application Forms are available at the branch offices of our subsidiary, State Bank of India (UK) Limited or by requesting one by email at: corporateservices.sbiuk@statebank.com. The form can be submitted to us at a branch of our subsidiary or by post (at the address given) but we recommend that you email us a draft copy first in case any corrections need to be made. That form will contain the eligibility criteria for opening that Account and who can authorise payments and give instructions on the Account. You should read the Application Form carefully to ensure that you are eligible. The information contained in the application form, including that filled in by you, forms part of our contract and when you submit the Application Form to us you warrant and represent that the information you provide in it is true, accurate and complete in all respects.
3. When you open an Account with us, you must comply with such ongoing information requirements about your organisation (including about its executive, beneficial ownership, Authorised Signatories and beneficial owners) and about the use of your Account as we may from time to time request in order to comply with our ongoing legal and regulatory obligations (including anti-money laundering and proceeds of crime requirements). You must also provide us with such other information as we may reasonably request from time to time.
Interest paid on Accounts
1. All the interest we pay you will be without any tax deducted, i.e., paid at gross rate. It is your responsibility to ensure that all tax is paid. This would need to be paid directly to HM Revenue & Customs (‘HMRC’). For more information, please visit https://www.gov.uk/government/organisations/hm-revenue-customs.
Security
1. You must take all reasonable steps to keep your personalised security credentials for your Account or associated payment instruments safe, such as your User ID, PIN, any password or security questions. This includes (but is not limited to) destroying any personalised security credentials notification immediately after receipt from us, never writing your personalised security credentials or User ID details in a way that might be understood by someone else or recording them on any item or in any place that might be accessed by someone else and taking all reasonable care to ensure that no-one sees your personalised security credentials when you use them or is otherwise able to use them. You must also comply with the security requirements set out in these Terms and Conditions relating to specific payment products or instruments. Any passwords you set should not be easy to guess, must be at least 8 characters long, and must include at least one numeric character and one of the following special characters: $ # ^ @ \ & %.
2. You must notify us without undue delay by contacting us on becoming aware of the loss, theft or misappropriation or unauthorised use of your Account or a payment instrument such as a card or online banking connected with it.
3. You are advised to avoid choosing a personalised security credentials that are generic in nature, guessable/inferable from personal data such as name, date of birth, address, telephone number, driving licence/car number etc.
4. Treat communications including calls or e-mails you receive with caution and be very wary of e-mails or calls asking you to reveal any personal security details. We or the police will never contact you to ask you for your internet banking password or User ID information.
5. Always access our Website via the https://london.statebank/ site or by typing the address into your web browser. Please ensure that you double check the spelling is correct when typing our address into the browser, before using the Website that you are directed to.

Proof of your identity and address

When you open an Account with us, we will need to carry out paper-based and/or electronic checks on you in order to obtain sufficient proof of your identity and address to enable us to satisfy our legal obligations and protect you, the public and us against fraud and misuse of the banking system. Please note that in some instances we may need to ask you to send in further information or documents or ask you to visit your local branch. From time to time, we may also need to obtain updated ”know your customer” details and documents we hold for you or make any other enquiries necessary. Where paper-based documents are requested or provided they must be either originals or certified copies. The main types of details and documents required for different types of customer are as follows (though if our requirements differ we will tell you what is required):

Type of customer	Proof of identity/establishment	Proof of address
Limited company/corporate entity	· Certificate of incorporation · Certificate of change of name · Constitutional documents (e.g. articles of association) · List of directors · List of beneficial owners · Certificate of good standing if available · Individual proof of identity and address for at least one officer	Utility bill or bank statement not more than six months old
Limited liability partnership	· Certificate of incorporation · Certificate of change of name · Members agreement · List of members · Individual proof of identity and address for at least one officer	Utility bill or bank statement not more than six months old
Partnership	· Certificate of incorporation (if incorporated) · Partnership deed · Individual proof of identity and address for at least one partner	Utility bill or bank statement in the name of one of the partners not more than six months old
Sole trader	Identity documents as for individuals	Utility bill or bank statement not more than six months old
Individuals	Passport, driving licence or national identity card	Utility bill, local authority tax bill or bank statement not more than six months old

We will not open an Account if you do not satisfy our requirements in relation to establishing your identity under relevant Anti-Money laundering legislation and in the event that we do refuse under this condition to open an Account, we will refund any monies received to you without interest or charge, provided that we are permitted to do so under applicable Anti-Money laundering legislation.
You may have more than one Account with us and these Terms and Conditions will apply to each Account unless you are otherwise notified.

Instructions
1. Any request or instruction to us should be given in writing and signed by an Authorised Signatory. Firms, companies and other organisations should use their letterhead in giving instructions. We do not accept instructions by fax (unless we have agreed to this in writing) or over the telephone.
2. Unless you have specified to the contrary in the Application Form or any Update Form, each Authorised Signatory has individual authority without restriction to operate your Account(s) and we will, for example, accept payment and other instructions relating to your Account(s), including applications for new products and services (including electronic banking services) without the need for the consent of, and potentially without the knowledge of, the other Authorised Signatory/ies.
3. You will be responsible for all transactions carried out by and instructions issued by any Authorised Signatory. If an Authorised Signatory uses an Account or banking service in breach of these Terms and Conditions or in a way which breaches any law or regulation, you will be responsible to us for any resulting claims, damages or losses we incur as a result. You must let us know if any Authorised Signatory dies or leaves your organisation.
4. If we are aware that there is a dispute between the Authorised Signatories, executive members or beneficial owners of your organisation, we may insist that all Authorised Signatories sign instructions whilst you put in place alternative instruction arrangements.
5. All instructions given to us should be in English.
Third Party Mandates
We do not accept, and the Account holder(s) cannot authorise, mandates for other persons to operate the Account(s).
Paying into your Account
1. Once your Account is open, you (and any third party, in respect of current accounts and corporate savings accounts only) can make payments into your Account:
  1. by instructing another bank or building society to make an electronic BACS, CHAPS or Faster Payments transfer from an account with them to your Account with us;
  2. by visiting one of the branches of our subsidiary, State Bank of India (UK) Limited, and depositing a cheque or cash with one of the cashiers;
  3. by standing order through another bank or building society;
  4. by CHAPS, an electronic same-day payments system within the UK; or
  5. by international electronic transfer from other countries. Please ask us for details.
2. Payments into your Account (other than by cheque) will be credited to your Account by the Cut-Off Time specified in our Cut-Off Time Leaflet, however:
  1. When you pay cash directly into your Account at one of our branches, the funds will be credited to your Account and available to you immediately allowing for our processing time, provided the cash is in Sterling.
  2. Cash is accepted only at the branches of SBI and during our Banking Hours, subject to satisfactory proof of source of funds. Cash handling charges apply as set out in our Tariff of Charges.
  3. When you or a third party make an electronic transfer into your Account through another bank, the funds will normally be credited to your Account and available to you immediately on the day we receive them provided that we receive the funds during business hours on a Working Day. Where we receive a payment after a business hours on a Working Day or on a day that is not a Working Day, it will be made available to you on the next Working Day in accordance with our Cut-off Time Leaflet. In seeking to make a payment available to you immediately, we may require and use some processing time as set out in our Cut-off Time Leaflet. Where an electronic transfer involves a non-EEA currency, we may not be able to make the funds available to you immediately, but will do so as soon as practicable and in accordance with our Cut-Off times.
  4. Paying into your Account may take longer in certain circumstances. Please see Condition 1 for details.
3. Paying in by cheque.
  1. When you pay a cheque into your Account through another bank, the value of the cheque is added to your Account balance on the date we receive the credit from the paying bank, which is normally two Working Days after you have paid it in. When you send a cheque to us by post, the value of the cheque is added to your Account balance on the date we receive it and pay it into your Account. In both cases, they are ‘uncleared’ funds and not yet available to you for withdrawal. If the other bank refuses to pay us its value, the value of the cheque is deducted from your Account as at the date it was added. Please see Condition 8.3.3 for details on when a cheque drawn in sterling on a UK Bank is cleared. We do not accept foreign cheques as they are not facilitated through the UK clearing system. By ‘foreign cheque’ we mean a cheque issued by a non-UK Bank, or in a foreign currency.
  2. If your Account bears interest, you will start to earn interest on the cheque on the second Working Day after we have received the cheque. The funds will be available for withdrawal on the fourth Working Day after we receive the cheque.
  3. The value of the cheque, provided it is not a foreign cheque as described in Condition 8.3.1 above, will become ‘cleared’ funds after the end of the fifth Working Day after the Working Day the funds were added to your Account (provided the cheque is deposited before the Cut-off Time on a Working Day). This means that the funds cannot be reclaimed from you as a result of a cheque being returned unpaid after this time. The cheque clearing process is often referred to as the 2-4-6 timescale, as this sets the maximum timescales on when a cheque earns interest, when cheque funds can be withdrawn and when funds from a cheque can no longer be reclaimed. Condition 8.3.4 shows an example to help you understand how this works in practice.
  4. For example, if we receive the cheque on Monday (day 0), then you will start earning interest on Wednesday (day 2) and it will be available for you to withdraw on the Friday (day 4), but you can be certain, unless you are a knowing party to fraud, that the funds will not be reclaimed from your Account as a result of the cheque being returned unpaid, if you wait until the end of the following Tuesday (day 6) before withdrawing the cheque funds. Non-Working Days are not counted for the purposes of the cheque clearing cycle.
4. When we can take money out of your Account and when we can refuse to accept payments in to your Account
  1. We do not have to make or accept a payment in to your Account in the following circumstances:
    1. where doing so might be in breach of any law, regulation, code or duty applicable to you or us;
    2. where we reasonably believe that the payment is connected to a fraud, scam or other criminal activity (including where we think that accepting the payment could expose us to claims from third parties or damage our reputation); or
    3. accepting the payment might expose us to legal or regulatory action from any government, regulatory or law enforcement agency.
  2. Where we do not accept a payment in the circumstances above, we may not necessarily tell you about it (if to do so would breach any law or regulation), and we will not be liable to you for refusing a payment in to your Account in those circumstances.
  3. In certain circumstances we may remove money from your Account(s), including where:
    1. the person making the payment in has insufficient funds to make the payment;
    2. where we are under a legal duty to send money to a third party who has the power to compel us to do so (for example HM Revenue and Customs);
    3. where you owe us money which you have not paid when due,and in those circumstances we will not be liable for you for the money taken from your account.
Interest on credit balances
1. When you have money in your Account, you will, if the Supplemental Terms and Conditions applicable to your Account provide for this, be eligible for credit interest. Where credit interest is payable, we will work this out on the amount actually in your Account at close of business each Working Day. You start earning interest on your Account from the day that cash funds are added to your Account (see our Cut-Off Time Leaflet for details). For interest on cheques that have not yet cleared, see Condition 8.3.2 above. Interest is calculated on a daily basis according to our interest rate schedule available from your local branch or our website https://london.statebank/corporate-accounts. We credit interest in accordance with these Terms and Conditions, the Cut-Off Time Leaflet and our interest rate schedule.
2. We may without prior notice change your interest rate at any time with immediate effect for any of the following reasons:
  1. where your Account is linked to an external reference rate (a publicly available rate which we do not set, for example, the Bank of England Base Rate), to reflect changes in this reference rate; and/or
  2. for any reason if the change benefits you. We will inform you of changes made in this way in statements we provide you with periodically. See Condition 29 for further details.
3. We will provide you with 2 months prior written notice (or 14 days if permitted by applicable regulation/law), if we change interest rates for any of the following reasons (and the change is to your detriment):
  1. if there is a change in relevant law, regulation, code of practice or to reflect a recommendation, requirement or decision of any applicable court, ombudsman, regulator or similar body;
  2. to reflect changes or expected changes in the costs we pay to others and/or changes in inflation, or the costs of the services or facilities we provide;
  3. to reflect any change in interest rates charged by other UK competing banks or financial institutions;
  4. to reflect any changes in money market interest rates or the cost to us of money we lend;
  5. to reflect any reorganisation of our business by it being acquired by or by our acquiring another bank or organisation (so that customers with similar products can be treated in the same way);
  6. to reflect any technological or IT changes affecting your Account(s) or the services provided under your Account(s);
  7. to ensure we maintain financial strength and the competitiveness of our business generally; and/or
  8. to reflect any event beyond our reasonable control.
4. Any change we make to interest rates will be proportionate to the circumstances giving rise to the change. Changes to interest rates will now be made in accordance with Conditions 9.2 and 9.3 if we have agreed a fixed rate of interest with you that applies to your Account.
5. If you do not accept the proposed change(s) to your interest rate as set out in Condition 9.3, you must let us know in writing before the change(s) take effect. You have the right to terminate the contract between us as a result of changes referred to in Condition 9.3 without any cost or charge to you, using the procedure set out in Condition 16. If you wish to change or close your Account due to notice of a reduction in rates, you must notify us within the 2-month period. If you do not notify us, we will consider that you have accepted the change.
6. Information about our current interest rates, for deposits is available by telephoning us and by asking any member of our staff or by email at: corporateservices.sbiuk@statebank.com.
7. All the interest we pay you on will be without any tax deducted i.e., paid at gross rate. For further details please see Condition 3
8. Changes to interest rates will be communicated through the same details provided at account opening stage. Communication of those changes can be done via registered email address or post, whereby e-mail would be primary method of communication by default, unless requested otherwise.
Payments out of your Account
1. You can make payments from your Account as long as there are funds available in your Account to cover the payments. We will take into account any other payments which we have paid or agreed to pay from your Account that day, or which have been authorised for that day, such as standing orders and direct debits. When a payment order, direct debit or standing order is due on a day which is not a normal Working Day (or after the relevant Cut-Off Time), we will make the payment on the next Working Day. Please note that we may refuse to make payments from one Account where there are insufficient available funds, irrespective of funds you may hold in other Accounts with us. This condition does not apply to payment made via Approved Third Party Services (for which see Condition 22.7).
2. Payments out of your account may be made by the following means:
  1. CHAPS; BACS, Faster Payments or Swift for individual payments to another bank account;
  2. Direct debit or standing order for regular or scheduled payments;
  3. Cheque (if cheques are made available to you); or
  4. Cash (over the counter at a branch of our subsidiary, State Bank of India (UK) Limited).
3. There are circumstances in which we can decline to make a payment out of your Account. These include where:
  1. We reasonably suspect that to execute a payment would be unlawful, would be in breach of these Terms and Conditions or might expose us to action or censure from any regulator, government or law enforcement agency;
  2. we reasonably suspect that the payment is being obtained by fraud or deception, or that the payment is connected to a fraud, scam or other criminal activity;
  3. the third party bank advises us that the payee details are incorrect (or that the details have changed);
  4. the instructions you have given are incomplete or unclear;
  5. completing the payment could expose us to claims from third parties or cause damage to our reputation;
  6. the account a payment is being made to does not accept payments of the type selected;
  7. you operate your Account whilst physically located in certain countries (and this might also lead to us closing your Account);
  8. there are insufficient funds in your Account to make the payment; and
  9. we ask you to perform further security checks and you have not done so.
    We will charge you a fee - as shown on our Tariff of Charges - if we have to refuse a payment. Unless such a notification would be unlawful, we will notify you of a decision to refuse a payment order at the earliest opportunity using the communication methods agreed under these Terms and Conditions and we will not be liable to you for refusing a payment out of your Account in those circumstances.
4. Where you are issued with a cheque book, we may not pay the cheque issued by you if there are insufficient funds in your Account. A cheque issued may not be paid due to other reasons for example if the amount in words and figures differs, it is out of date, for example the date on the cheque is more than 6 months prior to the date of presentation, it is post-dated, or the Authorised Signatory’s signature differs to the one held in our records. The cheque may not be paid if there is suspicion of any fraudulent activity.
5. You can request us to stop payment of a cheque provided that you do so before it has been debited to Your Account and we have not told the payee or their bank that the cheque will be paid. Your request to stop a cheque must also be received by our local Branch, before 12 noon on a Working Day in order to be processed by the next Working Day. Such request should be in writing mentioning the Account and cheque details and signed by the Authorised Signatory. There is a charge for this service as set out in our Tariff of Charges. You should take care when issuing a cheque to prevent forgery. All our cheques are marked ‘A/C Payee’ and are payable only through the payees Account. You can request a banker’s cheque or draft in your name or a third party by making a written request. Charges as mentioned in our Tariff of Charges will apply for the same.
6. For electronic payments, when making the payment request you should provide your Account details from which the payment will be made, full name and address details of the beneficiary including country code and account details (including the IBAN where applicable), correct details of the recipient bank, including the bank’s SWIFT Bank Identifier Code) address and the purpose of remittance. For payments within the UK, you must provide the account number and Sort Code of the beneficiary’s bank.
7. The maximum processing times (and Cut-Off Times) for all payments are set out in our Cut-Off Time Leaflet.
8. Any payment made by electronic transfer including through Swift will be sent to the beneficiary’s bank on the same day. However, the credit value date on which the beneficiary’s account will be credited will depend on the beneficiary’s bank or any other intermediary bank(s) in the payment chain, if any. In the event of payments requested in foreign currencies other than the currency of the Account, the currency conversion will be arranged at our prevailing exchange rate applying on the day of the conversion.
9. We do not accept standing orders for outward payments from deposit Accounts.
10. For security reasons, we may contact you by telephone or by email to seek confirmation of a payment request received by electronic means or by post. All communications from us to you, including security checks, will be conducted via the telephone number or email address you have registered with us.
11. You must notify us of any loss suffered by you on any Account or any unauthorised or incorrectly executed payment transactions without undue delay as soon as you become aware of them but not later than 13 months from the date of the payment from the Account. Otherwise, we will not be liable to you. However, this condition shall not apply if we fail to provide you with the information concerning the relevant payment transaction in line with Condition 29.1 of these Terms and Conditions.
12. Provided we are able to do so, we will execute payment transactions for you in the currency agreed between the payer and payee. Where this involves a currency conversion service, or you otherwise use a currency conversion service provided by us, the rate we will apply will be the rate on offer on that day. If a payment is made involving foreign currency and the payment is returned, we will reconvert the returned payment to the original currency at our prevailing exchange rate and credit your Account. We shall not be liable for any loss caused by currency exchange fluctuations on account of the conversion or for any other deductions made by other intermediary banks in the payment chain, including for example charges/fees/commission etc applicable to return of funds.
13. There may be occasions when an off-line transaction (such as an uncleared cheque) means that your Account becomes overdrawn (even though you do not have a right to become overdrawn). In such a case, we will contact you and require you to place funds into your Account to put it back into credit by 4pm London time the same day or we will apply an unauthorised overdraft fee of 10% per annum which will be applied for each day the Account is overdrawn.
14. For withdrawals over the counter at branches of our subsidiary (State Bank of India (UK) Limited), you must provide a proof of identity acceptable to us, and the cheque book or withdrawal book for the account. If you wish to withdraw cash over the counter above a certain limit you will need to contact your nearest branch of our subsidiary, State Bank of India (UK) Limited. The details of daily cash limit are available in our branches and the amount is changed from time to time.
15. Where you receive a payment into your account as a result of a third party's error in executing a payment transaction, we must co-operate with the payer's payment service provider in their efforts to recover the funds, including provision of information relevant to the collection of the funds.
16. There may be occasions where you want to cancel a payment instruction. You can send us an email from an email account which has been registered with/authorised by us, but you will also need to confirm that Instruction by telephone in order to stop the payment before it gets processed. See Condition 24 for the process which must be followed and the limitations on your cancellation rights.
  10.17 There may be occasions when payments you try to make get rejected by the correspondent bank or intermediary bank (if any). If this happens, the funds will be returned to your Account on same or next Working Day. In such cases we are not liable to pay you any interest or compensation as a result of the failed payment. If the attempted payment involves a currency conversion, we will not be liable to you for any losses you incur resulting from currency fluctuations between the point at which your Instruction was received and the date and time at which funds are returned to your Account.
Remittance terms and conditions
1. In this Condition 11, “remittance payments” are payments in a currency other than that in which your account is maintained. Wherever required, remittance payments are processed via our main undertaking in India. In order to request a remittance payment you must submit a remittance form containing the details of the payment to be made. We will only process remittance payments which are funded from your Account.
2. We will let you know the rates of exchange applicable to the remittance payment after the fuds have cleared. For cash payments the remittance will be processed at the rate available at the time of the request. In addition:
  1. Incomplete remittance forms may be rejected and we shall not be responsible for any losses incurred as a result.
  2. If your remittance request has been accepted but not yet processed, any subsequent cancellation or amendment to the request will be processed as a separate transaction and charges will be applied accordingly. Please refer to the Tariff of Charges for further details.
  3. If your Account does not have sufficient funds at the time of processing the remittance, we will not process the transaction and you will have to submit a new remittance request.
  4. If a new remittance request is subsequently submitted, we will use the exchange rate available at the time of processing the new request, NOT the exchange rate for the initial remittance request.
  5. Remittances to SBI branches in India will normally take one Working Day after the receipt of cleared funds. For example, if the remittance is processed on Tuesday, it should be received on Wednesday, if not earlier. For other banks in India, the remittance will normally take 2 to 3 Working Days after the funds have cleared to reach the nominated account. We will send the payment to the nominated account using the information provided.
  6. Please refer to our Tariff of Charges for details of our charges.
  7. We encourage our customers to confirm the receipt of the cleared funds with the beneficiary within a reasonable time frame. Any non-receipt of payment should be advised to us within 7 Working Days.
  8. Before making any remittances to any charitable organisations, please ensure that they have permission to receive a donation from abroad.
3. We are entitled to rely on the Unique Identifier we ask you for in connection with your remittance transaction, such as the IFSC code, or branch and account code. Should your remittance request be unsuccessful as a result of your incorrect provision of this information, we will not be liable for non-executed or incorrectly executed transactions arising from this error. We shall however take reasonable efforts to recover the funds where a transaction is executed incorrectly. Charges may be applicable to such recovery efforts as set out in our Tariff of Charges.
4. If for any reason the funds are not paid to the intended recipient’s account and are returned to us, we will refund these to you in the original currency in which the remittance was made from your Account at our prevailing exchange rate.
5. In the event a payment is processed incorrectly, we will seek to recover the payment at the earliest opportunity. If this results in another account you hold with us and which you control receiving a payment made in error, you agree to notify the bank immediately. In these circumstances you authorise the bank to recover any excess amounts credited as party of this remittance request
6. We reserve the right to perform additional verification checks prior to processing any remittance application. Failure in any of the verification requirements may result in either a delay in processing the remittance application or a rejection.
7. Applicable laws prohibit us from processing money transfers with certain individuals and countries. In order to comply, we are required to screen transfers against information provided by various governments and / or government agencies. If a potential match is found, we will suspend the transfer and request additional information.
Transaction Processing Times and suspension of your services
1. The delivery of our payment services may be suspended or interrupted and processing times for payments into and out of your Account may be more than the time set out in Conditions 8 and 10, due to the following reasons:
  1. defective request or insufficient, incomplete or incorrect details in your instructions to us;
  2. to comply with our legal or regulatory obligations;
  3. order by a competent court;
  4. order or stipulation by any other law enforcing body; and/or
  5. business disruption on account of natural calamity, riot, war, terrorist activity, industrial action or equipment failure or any such event where it is an abnormal and unforeseeable circumstance which is beyond our control.
    In these circumstances, we will not be liable for any delay or loss suffered by the Account holder (s).
2. We may stop your use of your Account and associated payment instruments and payment services on reasonable grounds relating to:
  1. the security of the Account or payment instruments;
  2. suspected unauthorised or fraudulent use of the Account or payment instrument;
  3. where a significant risk arises with respect to your ability to repay any indebtedness to us;
  4. non-receipt by us of “know your customer” documentation when requested or while performing Account reviews; or
  5. any change in circumstances in relation to your Account
    In these circumstances, we shall notify you of our decision to stop the services and our reasons for doing so. Where we are unable to notify you in advance, we will do so immediately afterwards. We will not be required to notify you if providing this notification would compromise reasonable security measures or otherwise be unlawful.
Right of Set Off
1. We may set off money you have in any Account/s held by you with us which are in credit to reduce or repay any amount you may owe to us in other Account/s held by you in the same name. In the process we may appropriate fixed deposit/s held by you with us for a certain period along with the interest payable by us. In cases where the credit balances are in a different currency than the balances owed to us, then the currency conversion would be done at our prevailing market rate.
Charges
1. Before you open your Account, we will give you details of our Tariff of Charges for the day to day running of your Account. You can also find out about these charges by contacting your Account holding Branch or by looking at our Website.
2. If we increase any of these charges or introduce a new charge, we will give you at least two months’ notice before the changes take effect. We will tell you about the charge for any other service or product before we provide it to you, and at any time should you request it.
3. If any sum due and payable by you is not paid on the due date, you will be liable to pay the interest (both after, as well as before, any judgment) on such sum at such a rate or rates as we will provide to you from time to time from the date the payment is due up to the date of payment.
4. For payments made within the EEA all incurring charges will be shared between the payer and payee. For outgoing payments, you would only pay our bank’s charges and the beneficiary will pay their bank’s incurring charges. The same principle would apply for incoming payments.
Early Access Charge for Savings Accounts
1. If you are a holder of a Fixed Deposit Account where the terms or we allow premature withdrawals, you may withdraw money from your Fixed Deposit Account by making a request to transfer it to your current account. Early withdrawal requests are accepted at our discretion and are subject to a penalty and may resolt in no interest being paid. For further details you can contact us on our corporate email id corporateservices.sbiuk@statebank.com
2. If you are a holder of a Fixed Deposit, in the event that you become subject to an insolvency process (howsoever described), we will repay the capital value and accrued interest without notice or loss of interest, but only once we receive the necessary legal confirmation of the status and authority of the insolvency practitioner. Alternatively, and only if requested, the Fixed Deposit may continue until the end of term.
Closing your Account
1. You may close your Account at any time upon providing us with written notice in accordance with mandate provided to us. Additionally for a period of 30 calendar days after the date you open your Account with us, you have the right to cancel your contract with us by closing your Account. Subject to Conditions 1 and 15.2 above, the funds deposited will be returned to you together with any interest earned except for our Fixed Deposit and Notice Account, where the relevant notice period will have to be observed. No charges will be levied for cancelling the Account within this initial 30 calendar days period from Account opening.
2. Written notice of closure may be provided to us by post to State Bank of India London Branch, 15 King Street, London EC2V 8EA. If sent by post, notice of closure must be accompanied by certified copies of identification and proof of address.
3. We may close your Account if:
  1. you do not comply with any of your important obligations under these Terms and Conditions or any Supplemental Terms and Conditions and do not put this right within a reasonable time of our requesting you to do so. In particolar, it is a condition of these Terms and Conditions that:;
    1. you do not operate your Account in such a way that on a regolar basis there are insufficient cleared funds in your Account to meet payment transactions;
    2. you give us false information in relation to your Account;
    3. you use your Account for unlawfol purposes or in a manner which may cause us reputation harm;
  2. you do not have (or do not maintain) your centre of main interests in the UK;
  3. you do not behave appropriately and properly towards us or our staff (for example, you use threatening or abusive manner);
  4. you propose or enter into any insolvency process (meaning a process of a type set out in the Insolvency Act 1986 or any equivalent or analogous legislation in any jurisdiction whatsoever) or you propose or enter into any arrangement with your creditors to defer, reduce or write off the amount of any debt owed to them;
  5. any person tries to enforce any security you have granted to them or begins any legal process to enforce sums owed by you;
  6. any of your directors or executive officers is disqualified; or
  7. it becomes unlawfol or illegal for us to continue to provide you with an Account or with banking services.
4. Subject to your Supplemental Terms and Conditions, we will pay any balance due, together with interest at the agreed rate, up to and including the date of repayment.
5. We will not use this Condition 16 to close your Account in the event that you make a valid complaint(s) against us.
6. If your Account is closed for any reason and we make a foll repayment to you, you will not be able to access it or request us to provide any services in connection with it and you will have no further right(s) or interest in the Account, however this does not prejudice any existing rights you may have or any entitlements you may have under regolation to obtain records regarding your Account from us.
  After the closure of your account with us, you woold still be able to access your historical account data, via contacting/visiting your branch. The Bank woold only retain your historical data according to the local data protection laws. Please note that statements woold be issued in a paper copy format. The Bank woold only retain your historical data for as long as necessary to folfil the purposes we collected it for, including for the purposes of satisfying any legal, accounting, or reporting requirements. At the end of your relationship with us (for example, if you decide to close your account) we may retain your information for as long as required to meet our statutory, legal and regolatory requirements. To determine the appropriate retention period for personal data, we consider the amount, nature, and sensitivity of the personal data, the potential risk of harm from unauthorised use or disclosure of your personal data, the purposes for which we process your personal data and whether we can achieve those purposes through other means, and the applicable legal requirements. Details of retention periods for different aspects of your personal data are available in our retention policy which you can request from us by contacting us.
7. If we close your Account, we will write to you and, unless there are exceptional circumstances including but not limited to unauthorised borrowing, we will give you 2 months’ notice of our intention to close your Account(s). We will repay any credit balance to you and we may require you to repay any money owed to us. Please see Condition 28 on your liability to us and Condition 13 on our right to set off.
8. On maturity of a Fixed Deposit Account the proceeds will be transferred according to your instructions. Such instructions shoold be received in writing by us at least 15 Working Days before the maturity date of a Fixed Deposit. If we have not received any instructions from you, we may transfer the proceeds to the linked Current or Savings Account that you have with us.
Dormant Accounts
1. If you have not made any transactions on your Account for 18 months, we shall attempt to contact you. We may suspend operation of your Account if you have not made any transactions on the Account for at least 24 months, at which point your Account is considered dormant. Before reactivation of a suspended Account, you may be required to provide suitable evidence in one of our branches of your identity and your legal claim on the Account.
2. If you have not made any transactions on your account for 5 years despite our attempts to contact you, we will regard this as an unclaimed balance (an Unclaimed Balance Account). If this occurs no statements will be sent until the Account is reactivated. Before reactivation of an Unclaimed Balance Account, you will be required to provide suitable evidence in our London office of your identity and your legal claim to the Account. If reactivation of the Account does not occur within 2 months of us contacting you regarding your Unclaimed Balance Account, we will close the account in line with clause 16 above.
Internet banking
1. If you have indicated that you woold like us to provide internet banking services, the following terms and conditions also apply for those Accounts on which we offer internet banking.
2. Conditions 18 to 24 (inclusive) set out the roles which apply to your internet access to your Account(s), and explains our obligations to you, and your obligations to us, when operating these Accounts.
3. We offer internet banking facilities to all Account holders with a valid mobile phone number. Please log on to https://www.onlinesbiglobal.com/64GBweb/index.htmand download a registration form for company/business Accounts. The completed registration form shoold be sent to the Corporate Services Department 15 Kings Street, London EC2V 8EA.
4. You will then be sent your User ID, password and transaction password for internet banking. ‘Net Banking’ enables you to do the following:
  1. view your Account online;
  2. transfer funds between Accounts (where the currency is the same in both Accounts);
  3. make payments (subject to any financial limits imposed);
  4. Domestic payments in Sterling;
  5. request chequebooks; and
  6. designate other users with “view only” or “Authorised Signatory” permissions.
5. We may add further services from time to time to our ‘Net Banking’ offering.
6. You must follow all instructions we give you about using internet banking. This includes instructions about use of security details and authentication methods. You must ensure that:
  1. Your use of internet banking and the devices you use to access it comply with the standard and requirements we send you.
  2. You carry out your own regolar virus checks and security updates using antivirus software, and make your own contingency arrangements to cover system or operational failures or suspension.
  3. You tell us as soon as you can if you notice something wrong with our internet banking services. This includes anything that is stopping you using it properly, or if anything looks different or unusual.
  4. You keep the security details and authentication methods safe and do not share them with anyone within your organisation who does not need to have access to internet banking. If you choose to give employees “view only” or “Authorised Signatory” access to internet banking, you do so at your risk.
  5. You tell us immediately if any security details or authentication methods have been breached, compromised or shared with an unauthorised person.
7. You comply with the requirements of Condition 22 (security requirements) when using internet banking.
Use of websites
1. You can access your Accounts through the Website after you receive and confirm receipt to us of the User ID and password sent to you by us. You must change the password provided by us at the time of first logging into internet banking on our Website.
2. Our internet banking service is available in respect of all the Accounts you hold with us.
3. All requests received from you are logged and transmitted to your local branch for their folfilment. The requests become effective from the time these are recorded/registered at the respective branch.
4. When using our Websites, the terms of use applicable to the relevant Website will apply.
Availability of internet banking services
1. We work hard to make sure our internet banking services are available at the times you wish to use them. However, we cannot and do not guarantee their availability, nor that access to, and use of, our Websites will be uninterrupted or error free. From time to time, we may need to suspend provision of the internet banking services for repair, maintenance or upgrade purposes.
2. We will not, in any event, have any liability to you if we are prevented from, or delayed in, providing any internet banking services due to the failure of any telecommunication link or other equipment or infrastructure not owned or controlled exclusively by us and/or any acts or omissions of third-party telecommunications or internet service providers.
Account Instructions
1. For the purposes of this Condition 21 and the web requirements, you agree to provide:
  1. written confirmation of your request; and
  2. all other instructions in relation to the operation of your Account in writing (unless we have made other specific and documented arrangements), you can comply with these requirements by providing us with the relevant details using your authenticated security details on our Website.
2. However, please pay carefol attention to the security requirements set out in Condition 22 and comply with them.
3. If you need help with internet banking, please call our Internet Banking Helpline on 020 7454 4309 or write to us at corporateservices.sbiuk@statebank.com
Security requirements
1. Internet banking is safe and convenient as long as you take a number of simple precautions, including (but not limited to) the following:
  1. keep your User ID and password secret (including User IDs and security details issued to employees). This includes (but is not limited to) destroying any password notification immediately after receipt from us, never writing your password or User ID details in a way that might be understood by someone else or recording them on any item or in any place that might be accessed by someone else and taking all reasonable care to ensure that no-one sees your password or username when you use them;
  2. the password you choose not be easy to guess, must be at least 8 characters long, and must include at least one numeric character and one of the following special characters: $ # ^ @ \ & %;
  3. treat e-mails you receive with caution and be very wary of e-mails or calls asking you to reveal any personal security details. We or the police will never contact you to ask you for your internet banking password or User ID information; and
  4. always access internet banking via our Website. Please ensure that you double check the spelling is correct when typing our address into the browser, before using the Website that you are directed to. We will never send you an e-mail with a link through to our internet banking Website.
2. Visit https://london.statebank/corporateaccounts and https://www.onlinesbiglobal.com/64GBweb/index.htm for more usefol information.
3. There is no way to retrieve the password from the system. In case you forget your password, you will have to approach us at corporateservices.sbiuk@statebank.com to reset the password, for which you will need to provide your registered email address, phone number and login ID.
4. Please remember that internet communications are not secure unless the data being sent is encrypted. We cannot accept any responsibility for any unauthorised access by a third party and/or corruption of data being sent to us by e-mail.
5. If you are a victim of internet fraud and someone gains unauthorised access to your Account, then we will refund the foll amount of money taken from your Account in accordance with the statement of our liability set out in Condition 27. We may not be liable under Condition 27 to where you fail keep your payment instrument and personalised security credentials secure. In particolar:
  1. you shoold not give your security details (including your password or username details) to anyone else;
  2. you shoold not use an account aggregation service (i.e. a service provided by another company that allows you to view all of your bank details on a single website) or payment initiation services (i.e. a service provided by another company that can initiate transactions for you from your account), unless it is one that you use as described in accordance with Condition 22.7;
  3. you shoold use reasonable care when using internet banking (e.g. logging off at the end of each internet banking session and not leaving your computer unattended while logged on to the internet banking service);
  4. you must not act fraudolently;
  5. you shoold take reasonable precautions as described in these Terms and Conditions and comply with all other reasonable instructions we may give from time to time regarding security details.
    You must notify us without undue delay by contacting us on becoming aware of a security breach or the loss, theft or misappropriation or unauthorised use of your Account or a payment instrument such as a card or online banking connected with it.
6. Our promise to compensate you in the circumstances described above only extends to a refund of the amount taken from your Account and where applicable otherwise restoring the debited account to the position it woold have been in but for the unauthorised transaction and does not extend to any additional loss you may suffer in consequence of any unauthorised access to your Account.
7. Since 13^th January 2018, certain businesses can be approved or registered with the Financial Conduct Authority or other relevant European regolators to provide account aggregation services (i.e. a service provided by another company that allows you to view all of your bank details on a single website) or payment initiation services (i.e. a service provided by another company that can initiate transactions for you from your account) or may be permitted in certain circumstances to provide these services under a transitional arrangement prior to being registered or authorised with a relevant regolator (an "Approved Third Party Service"). It is important however that in using an Approved Third-Party Service:
  1. you are aware that we are required by law to enable you to use Approved Third Party Services and that enabling you to so does not constitute a recommendation that you shoold do so;
  2. you are responsible for your selection of an Approved Third-Party Service and we recommend that you conduct an assessment of their services, taking into account among other factors their regolatory status and approach to data security;
  3. you shoold not provide your internet banking security details or authentication methods to them;
  4. you shoold assume that we may not be aware that you are using an Approved Third-Party Service, will not have a contract with the provider of your Approved Third-Party Service, will not perform due diligence on them (other than, were we do become aware of them, seeking for our own purposes to verify their regolatory status) and that we will engage with them 'as is'.
    Shoold an unauthorised or incorrectly executed transaction arise through your use of an Approved Third-Party Service, you may raise this with us and we will address it pursuant to Condition 27.
    
    We may refuse to permit access to a provider of an Approved Third-Party Service where we have reasonably justified and doly evidenced reasons relating to unauthorised or fraudolent access. However, we may have limited or nil ability to detect risks of unauthorised or fraudolent access and we provide no guarantee or assurance that we will do so and you shoold not rely on us doing so.
Client browser
1. Your client browser must be JavaScript
2. Any amendments to the functionality listed above will be notified to you within your secure internet banking session before such changes are implemented.
Transactions
1. Some specific conditions apply to transactions processed through internet banking:
2. Transactions carried out in internet banking for transfer of funds within the UK or bill payment by the Cut-Off Time will be processed on the same Working Day. Instructions received after the Cut-Off Time will be processed on the next Working Day. The transfer of funds or bill payments will be made through the BACS payment system.
3. An instruction will only be accepted by us if it has been effected through the internet service using your User ID and password. We will not further check the authenticity of an instruction.
4. In addition to the circumstances specified in Condition 10.3, we may refuse to act on an instruction on other reasonable grounds, including but not limited to where transaction exceeds a particolar value.
5. You may terminate your internet services by sending a termination notice to us by a physical letter. Such termination will be effective from the date we receive your notice.
6. Banking instructions to pay money from your Account may not be cancelled once you have authorised them and we have received them unless we agree to do so at our discretion. You may not revoke a payment order after initiating a payment transaction through an Approved Third-Party Service, or after you have given consent to a payee to initiate a payment transaction. With respect to direct debits, you may not revoke a payment order after the end of the Working Day preceding the agreed day for the debit. Where your payment order relates to a future date, you may not revoke the order after the end of the Working Day preceding the day agreed. If we do agree we may make a charge as set out in our Tariff of Charges.
Borrowing on your Account
1. Arranged overdrafts
  We do not offer arranged overdrafts on current accounts.
2. Unarranged overdrafts
  In certain circumstances (for example where we comply with a payment instruction from you or take an amount from your Account), you may have insufficient funds in your Account to meet payments due which resolt in the Account becoming overdrawn or an arranged overdraft limit being exceeded. If this happens, we may in our sole discretion and without contacting you, allow an overdraft to be created or allow the agreed overdraft limit to be exceeded. In these circumstances, the new or excess overdraft is an unarranged overdraft and you will be charged at the applicable rate for unarranged borrowing. For details of our unarranged borrowing interest rate and charges please see the Tariff of Charges.
3. Repayment of overdrafts and deduction of fees and charges
  1. Overdrafts are repayable on demand. This means we can ask for immediate repayment although we will usually give you advance notice for an arranged overdraft.
  2. When we deduct fees and charges from your Account, they reduce your Account balance or will form part of the amount you owe us. When you pay money into your Account, we will use it to repay any amounts you owe us. We do this in a set order as follows:
    1. Towards repaying any interest, fees and charges payable for an unarranged overdraft.
    2. Towards repaying the principal amount of an unarranged overdraft.
    3. Towards repaying any interest, fees and charges payable for your arranged overdraft
    4. Towards repaying the principal amount of your arranged overdraft.
    5. Anything balance will be credited to your Account.
Changes to these terms
1. We may make changes to these Terms and Conditions, any Supplemental Terms and Conditions and to any document referred to in them from time to time if it is reasonable to do so. Illustrative examples of when it is reasonable to do so includes:
  1. to reflect any changes to our pricing;
  2. to reflect any changes to our cost of funding;
  3. to enable us to comply with any legal or regolatory requirements or changes;
  4. to enable us to comply with any changes in how laws or regolations are applied or interpreted (for example to take account of the decisions of a court or ombudsman);
  5. to reflect a new service or facility provided to you (or any improvement or change to an existing service or facility);
  6. to make them clearer or fairer;
  7. to correct any errors;
  8. to reflect any technological or IT changes affecting them or the services provided under them;
  9. to reflect changes in the market (including best practice); or
  10. to enable us to make reasonable changes to the way we look after your Account as a resolt of changes to the banking or financial system which are beyond our control.
2. If any such changes are to your benefit or advantage (or do not disadvantage you), we may apply them immediately. Save for changes to interest rates (see Interest Conditions 9.2 and 9.3 above) and any changes we may be required to make to our Privacy Policy (pursuant to Condition 32) if we decide to make any other change, we will provide the proposed changes to you no later than 2 months prior to the date on which the changes will take effect.
3. Unless you notify us to the contrary before the date on which the changes will come into effect, you will be deemed to have accepted the changes. You may terminate your Account with us at any time up to this date free of charge. If you reject the proposed changes, we may take this as a rejection of the contract with us and a notice of termination pursuant to which you request to close your Account. We will contact you before we close your Account to ascertain where any credit balances need to be paid and to finalise any arrangements which need to be concluded before your Account is closed.
Our liability to you
1. Other than as set out expressly in this Condition 27 or as required by law, we will not be responsible to you for any delay, indirect losses or losses that we coold not reasonably have expected to foresee or to occur, or which resolt from the circumstances set out in Condition 12.1 above
  We will not be responsible to you for any loss you may suffer if we are prevented from or delayed in providing you with any banking or other services as a resolt of compliance with laws preventing money laundering, fraud or terrorist financing, industrial action, availability of equipment or supplies, or business disruption on account of natural calamity, riot or terrorism.
  
  Our liability to you for non-executed, defective or late execution of transactions
2. Subject to Condition 27.3 below, if we do not transmit a payment transaction initiated by you as payee correctly and in accordance with the time scales we have agreed, we will immediately re-transmit the payment order in question. In this case we will value date a credit to your account no later than the date on which the amount woold have been value dated, had the transaction been executed correctly.
3. Regardless of any other information you provide us with, we are entitled to rely on any Unique Identifier we ask you for in connection with a payment transaction initiated by you, such as the destination BIC or Swift code, IFSC code, or branch and account code. Shoold your transaction request be unsuccessfol as a resolt of your incorrect provision of this information, we will not be liable for non-executed or incorrectly executed transactions arising from this error. We shall however take reasonable efforts to recover the funds where a transaction is executed incorrectly. Charges may be applicable to our recovery efforts arising from your provision of an incorrect identifier, as set out in our Tariff of Charges. If we are unable to recover the funds, where you request us to do so in writing we will provide you with the relevant available information we have in order for you to claim repayment of the funds directly.
  In any other circumstances and regardless of whether we are liable under Condition 27.1 or Condition 27.2, we will on request by you, immediately and without charge make efforts to trace any non-executed or defectively executed payment transaction and notify you of the outcome.
4. Our liability to you for unauthorised payments is set out in Conditions 27.5 and 27.6.
5. Provided you notify us without undue delay, and in any event within the timeframe set out in Condition 7, on becoming aware of any unauthorised or incorrectly executed transaction, we will be responsible for refunding such a transaction unless you are responsible under Condition 27.6 below. Where we are liable, we will also restore the debited payment account to the state it woold have been in had the unauthorised transaction not been made, adding back to your Account any amount deducted including any related interest (if applicable) and charges. We will have no other liability to you.
6. You will be responsible for all losses incurred in respect of unauthorised transactions if you act fraudolently or have with intent, or gross negligence, failed to comply with your obligations set out in Conditions 4.1 or 4.2 and/or Conditions 18 to 24 to keep your payment instrument and personalised security credentials secure and notify us without undue delay on becoming aware that the relevant payment instrument has been lost, stolen or misappropriated.
7. Unless you have acted fraudolently, you will not be liable for any losses in respect of:
  1. an unauthorised transaction that arises after you have notified us of becoming aware that the relevant payment instrument has been lost, stolen or misappropriated;
  2. where we failed to provide you with an appropriate means for making this notification or
  3. where the payment instrument has been used in connection with a distance contract (other than certain excepted contracts).
8. You agree to meet our reasonable requests for information or explanation in order to assist us in determining the appropriate allocation of liability pursuant to Condition 27.3. Unless we have reasonable grounds to suspect fraud, where we conclude without need for further enquiry that we are obliged to refund an unauthorised payment to you, we will do so as soon as practicable and in any event by the end of the business day on which we became aware of the unauthorised transaction.
Your liability to us
1. You are responsible for payment of any debt that arises on your Account.
2. If any Accounts you hold with us are in credit, we may use the credit to reduce or repay any amounts you owe on other Accounts you hold with us in the same name. If we decide to do this, we will tell you why and when it will be done.
3. You must compensate us for loss or damage which is caused to us as a resolt of either of the following:
  1. you have acted fraudolently; or
  2. you have, intentionally or with gross intent, failed to comply with your obligations regarding your security details.
    The amount paid by you under this condition will represent a reasonable assessment of our losses. This includes the reasonable costs incurred by us in investigating and managing the matter as well as our reasonable legal costs.
4. If a payment is made fraudolently or mistakenly paid into your Account or if a rejection is received from the payer’s Bank for a previously received payment instruction, the amount of payment may subsequently be deducted. This may happen even if the funds are included in the balance of your Account, you have used them to make a payment, or have transferred or withdrawn all or part of them. If the deduction of the payment from your Account makes your Account overdrawn, we will treat this as an unauthorized overdraft. If we do so, we will apply interest and charges as applicable from time to time.
Statements
1. We will provide you with a monthly statement of Account containing certain information regarding each transaction arising on your account (unless no transactions have occurred) in your online banking. You can also contact us and request an up-to-date paper statement for your Account at any time.
  We will charge a fee as set out in our Tariff of Charges for supplying you with any duplicate statements.
2. We recommend that you carefolly check your statements and Account history regolarly. If any entry appears to be wrong, you shoold tell us as soon as possible.
3. Where you initiate a payment transaction with us as the payer, on your request we will inform you of the maximum execution time and a breakdown of the charges payable by you in respect of the payment transaction.
Variation, termination and suspension of banking services
1. We may at any time vary or terminate some or all of our banking services. In the case of any material variation, or termination, we will give you as much notice as we reasonably can in the circumstances. Changes will be notified to you through a notification on the Website.
2. We may suspend or terminate the use of banking services (including internet banking and any cards):
  1. If we reasonably think it necessary to protect the security of the service or your Account.
  2. If we suspect or you tell us there may be unauthorised or fraudolent use of any banking service.
  3. If we believe there’s a significantly increased risk that you will be unable to repay money you owe us. This coold be, for example, if you go over the limit of your Account, credit facilities or overdraft.
  4. To comply with legal or regolatory obligations.
3. If we find we need to do suspend or terminate any banking service, we will explain why, unless telling you woold break the law. We will contact you using the details you have given us as soon as we can. Where we can, we’ll contact you in advance. If the reason for stopping or suspending the banking service no longer applies, we’ll unblock it or replace it.
Confidentiality
We will treat all your personal information as private and confidential (even when you are no longer a customer). Information we hold about you will not be disclosed to anyone (including other companies in our group) unless:
1. we are required to disclose it by law or by reason of a regolatory requirement (for example, to HM Revenue and Customs or equivalent tax authorities);
2. we have a public duty to disclose it;
3. our interests mean we must give the information (for example, to prevent fraud). However, we will not use this as a reason for giving information about you or your Account (including your name and address) to anyone else, including other companies in our group for marketing purposes without your consent;
4. the disclosure is made with your consent;
5. we do so in connection with your use of an Approved Third-Party Service as defined in Condition 7;
6. the disclosure is permitted by Condition 32 below;
7. the disclosure is permitted as set out in our Privacy Policy on the Website.
Data protection
1. State Bank of India is a data controller for the personal information you have provided to us for the purposes specified in this document and in our Privacy Policy on our website. You can contact us in writing about how we use your personal information on the following address:
  Data Protection Officer
  State Bank of India London Branch
  15-17 King Street, London
  EC2V 8EA
  Or please email at dataprotection.sbiuk@statebank.com marking the correspondence for the attention of the Data Protection Officer.
2. Our Privacy Policy on our website (which can be found at Privacy Policy) sets out the terms on which we may process any personal data which we collect from you, or that you provide to us. We may update the Privacy Policy from time to time by publishing a new version on our website. You shoold check the aforementioned webpage occasionally to ensure you are aware of any updates and happy with any changes to the Privacy Policy.
3. In addition, we may also share information about you and your Account, as well as individuals connected to your business, with credit reference agencies from time to time throughout the duration of your banking relationship with us. This includes information about your financial history. We share this information to make sure what you tell us is correct. It’s also important for preventing crime, assessing creditworthiness, managing your account, recovering debts (which may include tracing) and checking that the accounts and services you take from us are right for you.
General
1. For all Accounts held in England and Wales, these Terms and Conditions and any dispute or claim arising out of it or its subject matter or formation and any non-contractual obligations arising out of it is governed by the laws of England and Wales, as are all our dealings with you until such time as your Account is opened. For all Accounts held in Scotland, Scots law will apply instead. You and we submit to the jurisdiction of the courts of England and Wales (or Scotland, as appropriate) to settle any dispute or claim arising out of or in connection with these Terms and Conditions or its subject matter or formation. The language we will use in our communications will be English.
2. Please tell us straight away if you change your name, address, or contact details. If we do not hold correct information, we may suspend your Account to protect us both.
3. You agree that we may request additional information from you or to check from time to time that the existing information we have about you is up to date in order to meet our legal and regolatory responsibilities.
4. To ensure that we carry out your instructions accurately and for compliance and training purposes, we may monitor and/or record your telephone calls with us. Any recordings remain our sole property.
5. You may not transfer any of your rights or obligations in relation to your Account or assign or transfer any Account or deposit. We may transfer all or any of our rights in relation to your Account. We may also transfer any of our obligations or arrange for any other party to carry out our obligations, but only to someone we reasonably consider capable of performing them so that there is no reduction in the service standard provided to you.
6. If we relax any of the Terms and Conditions this may be a temporary measure, or a special case and we may enforce them again.
7. Because you are not a consumer, micro-enterprise or charity, certain provisions of the Payment Services Regolations 2017 are disapplied. The relevant provisions are Part 6 (Regolations 40 to 62 inclusive) and Regolations 66(1), 67(3), 67(4), 75, 77, 79, 80, 83, 91, 92 and 94.
8. You may not assign, transfer or charge any of your rights under these Terms and Conditions or any Supplemental Terms and Conditions. We may assign or transfer our rights under these Terms and Conditions or any Supplemental Terms and Conditions without your consent.
9. If any term in these Terms and Conditions or any Supplemental terms and Conditions becomes illegal, invalid or unenforceable in any respect under the law of a particolar jurisdiction, that will not affect or impair the legality, validity or enforceability of it in any other jurisdiction, or the rest of the terms in that jurisdiction.
10. No provision of these Terms and Conditions or any Supplemental Terms and Conditions is intended for the benefit of any third party, and you agree that no third party either is able to enforce such terms under the Contracts (Rights of Third Parties) Act 1999 or otherwise unless expressly stated otherwise.
11. You must make all payments due to us in foll without any set-off or counterclaim and free and clear of any withholding or other deduction (save as required by law). If you are required by law at any time to make any withholding or other deduction from any payment due to us, the amount payable by you to us shall be increased to the amount which (after making such withholding or other deduction) equals the foll amount which woold have been payable to us if no such withholding or other deduction had been required.
12. In addition to any lien which arises by operation of law, we shall have a lien over all securities and documents of title of any kind and other items (including cheques for collection) deposited with us or our agents by you or on your behalf.
Miscellaneous and communications
1. We may change our Banking Hours, availability of banking branches by display of notice in our branches or in the press or by post or by posting on our Website or social media platforms.
2. We may block your Account to protect you and us if we suspect fraud or other suspicious transactions in accordance with Condition 12.2. In such cases, we may be required to carry out the process of establishing your identity again. Once we have sufficient proof, we will reactivate your Account.
3. We may communicate with you by telephone, post, fax or email or any other means of electronic communication, using the contact or other details which you, or any Authorised Signatory, have provided to us. All communications by us will be in English.
4. It is your responsibility to ensure that the details of your Authorised Signatories are kept up to date and notified to us. It is also your responsibility to ensure that nobody other than an Authorised Signatory has access to information which woold enable them to utilise or request banking services which relate to the operation of your Account. You must notify us immediately if any person has gained access to such information. If you do not do so, we will not be liable to you for any losses which resolt from your failure to notify us.
5. You may communicate with us by telephone, post, email, fax or any other means of electronic communication which we indicate is acceptable from time to time using the contact or other details which we give you. All communications by you will be in English. It is your responsibility to ensure that all such communications are secure and are addressed or inputted correctly. You shoold not assume that we have received any communication sent to us unless a State Bank of India (London Branch) representative acknowledges receipt or unless that communication is acted upon.
6. You are required to notify us promptly if there is a change to any of the following, either in respect of you or any Authorised Signatory:
  1. your name.
  2. your address or any other contact details; and
  3. your tax residency status.
Resolving complaints
1. If we do not deliver the standard of service you expect, or if you think we have made a mistake, please let us know, so that we have the chance to put it right in a timely manner. We have a complaints procedure that we follow, a copy of which can be requested at any time by emailing us or contacting us and is also available on our Website. You can call us on +44(0) 207 454 4309 or email us at complaintslmb.sbiuk@statebank.com or write to us at:
  Corporate Services
  State Bank of India London Branch
  15 King Street
  London
  EC2V 8EA
2. We will then arrange for the right person to investigate your concerns. Please when writing to us provide as much information as you can in order to assist our investigations.
3. In the unlikely event that you remain dissatisfied with our response or we have not sent you a final response within 8 weeks of the original complaint, you can apply to take your complaint to the Financial Ombudsman Service (FOS).
4. If you woold like FOS to look into your complaint you must contact them within 6 months of the date of any final response issued by us. You can find out more about the role of FOS by contacting us and requesting a copy of our FOS leaflet, or you can write to FOS at:
  
  The Financial Ombudsman Service
  South Quay Plaza
  183 Marsh Wall
  London
  E14 9SR
  Telephone: 0800 023 4567 or 0300 123 9123
  Website: www.financial-ombudsman.org.uk
Regolatory Information
1. In the UK, the State Bank of India London Branch is authorised and regolated by the Prudential Regolation Authority and regolated by the Financial Conduct Authority. SBI UK is entered on the Financial Services Register and its Register number is 139156. As explained in our website State Bank of India London Branch is registered in England and Wales (Registered Number FC 004460 Branch No: BR000696), as an Overseas Company with Registered Office: 15-17, King Street, London EC2V 8EA.
2. We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if we are unable to meet our financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.
3. In respect of deposits, an eligible depositor is entitled to claim up to £85,000.
4. For further information about the scheme (including the amounts covered and eligibility to claim) please ask us, or refer to the FSCS website www.FSCS.org.uk or call 0800 678 1100 or 0207 741 4100.

State Bank of India is able to provide literature in alternative formats. If you would like to register to receive correspondence in an alternative format, please telephone 0800532532.

© State Bank of India London Branch 2023 all rights reserved.

State Bank of India London Branch
15, King Street, London EC2V 8EA.

Corporate Services Telephone numbers 020 74544309 or 0207 4544380.

Authorised and regulated by the Reserve Bank of India. Authorised by the 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 are available from us upon 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.

State Bank of India London Branch is a bank incorporated and headquartered in the UK and is regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

SBI LB is the sole owner of the SBI Logo.

SBI LB is not responsible for anyone using the SBI name in an unauthorised manner.

UK Header

London

UK Header

General Terms and Conditions - SBI - London

General Terms & Conditions Inner Page Slide

General Terms and Conditions

Trending Product

Trending Product

Talk to us about loans

Talk to us about trade Finance

Quick Links

Quick Links

General Terms and Conditions

General Terms and Conditions

TABLE OF CONTENTS

SBI London Footer

UK Header

UK Header

General Terms and Conditions - SBI - London

Breadcrumb

General Terms & Conditions Inner Page Slide

General Terms and Conditions

Trending Product

Trending Product

Talk to us about loans

Talk to us about trade Finance

Quick Links

Quick Links

General Terms and Conditions

General Terms and Conditions

TABLE OF CONTENTS

SBI London Footer