We are often asked for more information on various savings providers that are less well-known or new to the savings market. In this regular series of articles, we aim to turn the spotlight on these providers to give you more information about their background and history and why they are of particular interest in today’s savings market.
We hope that you find this information useful and as always, if you have any feedback or suggestions as to who should appear in a future article, please let us know.
The provider chosen this time is a bank that has featured in our best buy tables in previous years – State Bank of India
Background Information
State Bank of India UK is the UK arm of State Bank of India, which is the largest commercial bank in India, with a 200 year history. The bank originated in 1806 and was originally founded as the Bank of Calcutta before merging with the banks of Madras and Bombay to form the Imperial Bank of India in 1921. In 1955, the Imperial Bank of India became the State Bank of India. The Government of India itself is the largest shareholder of the bank, with 58.60% ownership.
State Bank of India UK was incorporated in 1993 and its headquarters are in London, with branches in London, Birmingham, Coventry, Leicester, Manchester and Wolverhampton.
State Bank of India is authorised and regulated by Reserve Bank of India and The Prudential Regulation Authority. The provider is subject to regulation by the Financial Conduct Authority (FCA) and limited regulation by Prudential Regulation Authority. In addition, State Bank of India UK is a member of the Financial Services Compensation Scheme (FSCS), so funds of up to £85,000 per person per provider are protected.
For more information on the FSCS, please take a look at our handy guide or call us on 0800 011 9705 to speak to one of our expert savings advisers.
Application Process and Customer Service
Fixed rate cash ISAs can be opened in branch, although the online versions may be more convenient to the majority of savers. Accounts can be opened with a minimum of £5,000, which is fairly high compared to many cash ISAs on the market and so would only suit those with larger amounts to deposit or wishing to transfer previous ISAs.
In terms of customer service, our Cash Advice Service department has experienced some issues in the past, though they have noticed some improvements since. Of course, as mentioned earlier, your thoughts and experiences about providers’ customer service are invaluable for us, so please get in touch to share any feedback you have.
A final word...
It is tempting to stick to the well-known brands when it comes to savings accounts, but in doing so, you may be missing out on some of the best rates on the market. Whilst there are some exceptions, for example High Interest Current Accounts, you can no longer rely on the larger brands and high street names to offer the best interest rates. The best strategy is to look at all options and take each provider on its own merits, considering alternative providers to get the best returns for your money. As long as you do your research (or ask us for more information!) and are comfortable with the provider, there is no reason not to consider them in the future.
As mentioned earlier, if there is a provider that you would like to see featured in a future article, please let us know. We are also keen to hear from you if you have any feedback about any provider’s customer service, good or bad! Please contact us at info@savingschampion.co.uk to share your experiences.
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