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Savings Accounts

Announcements

Coronavirus (Covid-19) Notice 2 : Please read our Coronavirus (Covid-19) Notice 2 for latest updates

Customer attention please: Change in Branch Timings: In view of the UK Govt. instructions on travel restrictions, timings of Bank of India UK Branches will be changed to 10:00 a.m. to 02:00 p.m. w.e. View More...

Customer Notice - Coronavirus (Covid-19): support for our customers

REVISION IN DEPOSIT INTEREST RATE WEF 22/05/2020 View More...

Customer attention please: No Transaction Payments allowed w.e.f. 01/02/2019. Only viewing facility is available for all the Internet Banking Customers View More...

Bank of India is authorised in UK by Prudential Regulation Authority (PRA) and regulated by PRA & Financial Conduct Authority (FCA). Our financial service registration NO. is 204629 | A member of Fin View More...

No postal applications will be accepted for new Retail Deposits with effect from 02-08-2016, till further notice. View More...

Exchange Rates

Savings Accounts

Eligibility

Savings account/s can be opened by individuals or jointly with other individuals.

Minimum balance

GBP 250.00 or the equivalent in other currencies

The account holder/s is required to maintain the minimum balance above in the account at all times and we will have the right to apply a charge for not maintaining such balances as required.

Cheque book facility

Cheque book may be issued for savings account/s at our discretion.

Interest

Interest is payable on the credit balances in the account at our Savings Deposit Rate. Changes to the Savings Deposit Rate will be posted on our Website from time to time. Interest on the credit balances will be calculated and paid on half yearly basis on daily clear balances. Overdrafts are not permitted in Savings Accounts.

Uncleared cheques

Withdrawals from the account against uncleared cheques will attract interest even though your statement may show that your account has remained in credit. The rate of interest is currently 7% over the Bank of England’s Base Rate/Reference Rate.

Transactions

The General Terms and Conditions set out the permitted transactions on the account.

Cancellation

The provisions in the General Terms and Conditions in relation to cancellation apply to Savings Accounts.

Coronavirus (Covid-19): support for our customers

We are closely monitoring the coronavirus (Covid-19) situation in U.K. and taking sensible precautions to make sure our customers are not inconvenienced while dealing with our Bank of India, U.K. branches.

Read our advice below on the steps you can take to stay aware of any possible impact on your finances.