State bank of India 7.5% fixed, 5 years...

ed123_2

...There appears to be a new kid on the block (per Moneysupermarket.com). They are registered with FSA so I assume they are covered by the compensation scheme. They are also fairly highly rated per Fitch as they are the largest bank in India. The strange thing is they have no UK website (although they have an Indian site) The account is also listed as being operated by post/branch only...Their is a branch near Bank London but who is going to trot up to London.....strange....and views..

ManAtHome

Maybe dipping their toes in the water - no real need for online management for a 5 year fix, postal good enough for this. Not convinced about 5 years, but would be in the queue for a 2 year one at the same rate - good news though.

LucyTheDwarf

5 years is a long time to tie up money for... who knows what the future holds. Depends on the penalty for early withdrawal, though, I suppose.

piplewis

I have found a web site www.sbilondon.com and they appear to have several branches around the country, the rate of 7.25% looks very tempting if like I you are looking for a monthly income.

LongTermLurker

Was starting to look good until I saw this bit

Fixed Deposits:

• Guaranteed Return
• Option to make deposits in USD, GBP, EUR
• Low minimum deposit amount (GBP10,000.00, USD20,000.00, EUR20,000.00)
• Flexible periods ranging from 1 month to 1 year.
• Automatic renewal facility on maturity.
• Terms and conditions

Do I want to lock up 10k with them? Will have to think about that one.

Other snippets:

State Bank of India is authorised for accepting deposits by the Financial Services Authority (FSA) and is entered in the FSA Register. The
register number is 139156.

The Bank's UK operations comprise of London Main Branch and five satellite branches, Southall, Golders Green, Manchester, Leicester and Birmingham.

We offer Online Banking facilities to all our account holders. P lease log on to https://www.onlinesbiglobal.com/UK and download a registration form (Retail Banking form for individual accounts and Corporate Registration form for Company / business accounts). The completed form can then be sent to the Branch Manager where you have your account.

1. The Fixed Deposit is available to people aged 18 years and over, who are ordinarily resident in the UK for tax purposes
and have a permanent UK address. This deposit is not available for trusts, businesses or charities.
2. Fixed deposits can be placed in £, Euro and US$. Minimum deposit is £1000/ $1000/ €1000 for 1 year and
£10,000/ $10,000/ €10,000 for 2 years and over.
3. All new customers will be required to complete Account Opening formalities, which will include providing satisfactory
identification and address verifications documents.
4. You can open more than one fixed deposit whilst the scheme is open, however you cannot add additional amounts to
your Fixed Term Deposits.
5. Funds can be deposited in the account by means of cheque/Bankers draft or electronic transfer.
6. The rate of interest is fixed for the entire period of the deposit.
7. Interest is paid either on maturity (for term of one year) or annually (for terms of 2,3,4 and 5 years) or monthly at the
depositor’s option. Please ask for further details. The interest can be credited to Savings/Current Account with us or
added to the term deposit.
8. Interest will be paid after deduction of income tax at rate specified by law, currently 20%. However we will be able to
pay gross interest to eligible account holders subject to completion of HM Revenue and Customs form R85 available
from your local branch or the HM Revenue and Customs website at https://www.hmrc.gov.uk.
9. No withdrawals are allowed however early closure is permitted with a loss of interest. Please see our General Terms &
Conditions for details.
10. This Deposit scheme will be available for a limited period and may be withdrawn at any time at the discretion of
the Bank.

Interest rates are here but I can't find any references to those rates quoted above. It says

Fixed Deposit Accounts
These rates are quoted on a daily basis and depend upon the amounts placed. For interest rates payable, please contact extension 4315 or 4398.

LardyCake

LongTermLurker wrote: »

... Interest rates are here but I can't find any references to those rates quoted above.

The rates for the fixed term deposits are shown in the flash graphic on the home page (alternating with the rate for the "online saver") - it also says "click here for details" (which does nothing in my browser!).

Appears to be an automatic roll (at the rates prevailing at that time) over at the end of the term unless you notify them - that puts me off.

LongTermLurker

LardyCake wrote: »

The rates for the fixed term deposits are shown in the flash graphic on the home page (alternating with the rate for the "online saver") - it also says "click here for details" (which does nothing in my browser!).

Hell fire it does, but that's a small font and the graphic changes before I have chance to read it! I've just had to grab a screenshot, paste it into word and enlarge it to 300% to read it - oh for a 21" monitor eh? For those as blind as me (or with small laptops) it shows the sterling AER as:

1yr 6.50%
2yr 7.00%
3yr 7.25%
4yr 7.25%
5yr 7.50%

When you click the flash bit, you get a pdf showing the numbered points I posted above.

Overall, taking into account the hassle of having to submit documents and paper forms, it only looks worthwhile on the longer terms of 3-5 years.

ultra10

LucyTheDwarf wrote: »

5 years is a long time to tie up money for... who knows what the future holds. Depends on the penalty for early withdrawal, though, I suppose.

I agree.. 5 yrs !! way too long .. 6 months or 1yr is enough for me ..