Bank of India UK ISA

I am customer of Bank of India and resident of UK heard about the ISA Saving account want to know more about this account. Will you please tell me what is Bank of India UK ISA account and also tell me what the benefits of this Bank of India UK ISA account?

[Kiran Chandar]

ISA is an Individual Savings Account. The interest earned on the deposit is tax free. This is up to a limit fixed by HMRC every year.

Benefits of ISA:

Earn Tax – Free Interest on Cash ISA Fixed Deposit;
The Online Cash ISA fixed deposit is available for tenure of 3 years or 5 years.
Minimum amount which can be deposited in Cash ISA fixed deposit is £5,000.
Transfer-In is allowed from any ISA provider and the transfer process will take about 15 business days from the day we have received the Transfer Authority form duly filled and signed.
Withdrawal or transfer of the deposit can be made before the end of the term if 30 days’ notice is provided. There will be a loss of interest if early withdrawals/transfers are made.
Partial withdrawals/ transfers are not allowed.
Maximum subscription: Only £15,240 in the 2015 / 2016 tax year (subject to any stocks and shares ISA subscriptions you have made for the 2015/2016 tax year)* terms conditions apply

Eligibility for availing this facility:

You are over 18 years old
You are a UK resident for tax purposes
You have a permanent UK address
You don’t already have a sole or joint State Bank of India Instant Access Account

Rates:

Period Gross Rate maturity/annual interest AER
Three Years 2.10% 2.10%
Five Years 2.50% 2.50%

Contact:

0800 532 532 (if you are calling from within the UK).
Lines are open Monday to Friday, 9am to 6pm or +44 207 454 4338 (if you are calling from outside the UK).

Contact:

General enquiries – customerservices.sbiuk@statebank.com
Customer services – customerservices.sbiuk@statebank.com
NRI services – nriservices.sbiuk@statebank.com