Members of FSCS

Important information about compensation arrangements

Bank of India is a member of Financial Services Compensation Scheme

On 30th January 2017 the deposit protection limit is changing from £75,000 to £85,000.
If your bank, building society or credit union fails, the Financial Services Compensation Scheme (FSCS) protects your eligible deposits up to the deposit protection limit (currently £75,000 for most depositors).

If you have eligible deposits of more than £75,000 and up to GBP 85,000, you are likely to be fully protected after 30th January 2017.

From 30th January 2017, your eligible deposits with BANK OF INDIA will be protected up to a total of £85,000 by the FSCS. The limit is applied to the total of your eligible deposits held with the following UK branches of Bank of India: London, Eastham, Wembley, Birmingham, Leicester, Manchester & Glasgow branches in UK.

PLEASE CONTACT YOUR BANK OF INDIA BRANCH FOR FURTHER INFORMATION ON KEEPING YOUR MONEY PROTECTED.

If you have total eligible deposits of less than £75,000 with BANK OF INDIA in UK, then you will not be affected by the limit change.

Further information regarding the protection provided by FSCS is set out below.

General limit of protection Your eligible deposits held at the same bank, building society or credit union are added up in order to determine the coverage level. If, for instance, you hold eligible deposits in a savings account with £70,000 and a current account with £20,000, you will only be repaid £85,000.

The FSCS protects most depositors, including individuals and small companies, up to £85,000 until 30th January 2017.

Eligible deposits of large companies and small local authorities are eligible for FSCS protection from 3 July 2015 onwards. The £85,000 deposit protection limit will apply from 30th January 2017.

Depositors with aggregate deposit balances over £85,000 Further information will be provided to depositors on how these changes will affect depositors with aggregate balances over £85,000. Please contact Bank of India branch or the FSCS (details below) for further information.

Temporary high balances In some cases, an eligible deposit which is categorised as “a “temporary high balance” (for example, as a result of a house sale, inheritance, or insurance payment) may be protected to a higher limit for six months after the amount has been credited to your account or from the moment when such eligible deposits become legally transferable. This applies from 3 July 2015. See the FSCS website for full details.

Exclusions from protection In some cases, an eligible deposit which is categorised as “a “temporary high balance” (for example, as a result of a house sale, inheritance, or insurance payment) may be protected to a higher limit for six months after the amount has been credited to your account or from the moment when such eligible deposits become legally transferable. This applies from 3 July 2015. See the FSCS website for full details.

Exclusions from protection

A deposit is excluded from protection if:

Deposits by personal pension schemes, stakeholder pension schemes and occupational pension schemes of micro, small and medium sized enterprises are not excluded

The following deposits, categories of deposits or other instruments are no longer protected from 3 July 2015:

Reimbursement
The FSCS aims to repay your eligible deposits (up to the compensation limit) within 7 days, and is required to do so within 20 working days (with some exceptions).

Contact
If you have any questions regarding the change in the compensation limit, please contact the Financial Services Compensation Scheme (FSCS) at:
Address: FSCS,
10th Floor Beaufort House,
15 St Botolph Street,
London,
EC3A 7QU
Tel: 0800 678 1100
Email: ICT@fscs.org.uk
Web: http://www.fscs.org.uk.