State Bank of India UK

What State Bank of India UK does

State Bank of India (UK) Limited is a wholly-owned subsidiary of State Bank of India, India's largest public sector bank, operating as a PRA- and FCA-authorized UK bank (Financial Services Register number 757156). It provides personal banking, business banking, and mortgage services to retail customers, SMEs, and Non-Resident Indians (NRIs) through 11 branches across strategically located UK cities including London (City and Golders Green), Birmingham, Coventry, East Ham, Harrow (headquarters), Hounslow, Leicester, Manchester, Southall, and Wolverhampton. The bank serves all four UK jurisdictions (England and Wales, Scotland, Northern Ireland) and is FSCS-protected up to £120,000 per eligible depositor. Its customer strategy deliberately targets the UK Indian diaspora, evidenced by branch placement and NRI-specific product suites.

The bank's core technology stack integrates with SBI Group systems in India, supports SWIFT international payments, MasterCard debit card issuance with 3D Secure authentication, and connects to UK payment schemes (Faster Payments, BACS, CHAPS). Digital channels include the YONO SBI UK mobile app (iOS and Android), an internet banking platform, and PSD2-compliant open banking APIs available through sandbox and production developer portals. Core products span current accounts, notice accounts, instant access and limited access savings, regular savers, Cash ISAs, fixed deposits (including NRI and Jumbo Junior variants), business current and savings accounts, and mortgages (Buy-to-Let Standard and Green Range, Commercial, Residential, Dental Practice Asset Finance). Data center operations are maintained in Milton Keynes.

Revenue is generated primarily through interest income on loans, mortgages, and credit facilities, supplemented by transaction and service fees on debit cards, remittances, international payments (CHAPS £25, international £25/€40/$50), standing orders, duplicate statements, returned cheques, and unauthorised overdrafts (10% above base rate). Free GBP-to-INR remittances are offered to eligible account holders as a customer acquisition lever, with paid tiers (£5 for non-eligible account holders, £20 for non-account holders paying by debit card) monetizing the broader remittance corridor. GTM combines physical branches (bottom-of-funnel), the YONO app and internet banking (mid-funnel self-serve), and the corporate website plus community-based referrals (top-of-funnel) within the Indian diaspora network.

Name

State Bank of India UK

Legal name

State Bank of India (UK) Limited

Website

https://sbiuk.statebank

Company type

Private

Founded year

1921

Operating status

Operating

Headcount range

251–500 employees

Short description

State Bank of India UK is a wholly-owned subsidiary of State Bank of India, operating as a PRA/FCA-authorized UK bank providing personal banking, business banking, mortgages, and NRI-focused remittance services to retail customers, SMEs, and the UK Indian diaspora through 11 branches and digital channels.

Ownership category

akta.pro rank

Product category

Retail and Commercial Banking

NAICS

Depository Credit Intermediation (5221), Commercial Banking (522110)

SIC

State Commercial Banks (6022), National Commercial Banks (6021)

akta.pro primary industry

Public Sector Retail Banks (State-Owned Commercial Banks) (FSABAKAL)

akta.pro secondary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

Keywords

• Retail banking services
• International money remittance
• Buy-to-let mortgages
• NRI banking services
• Commercial lending

Headquarters

HQ city

London

HQ country

United Kingdom

HQ region

Europe

Offices12 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Interest Income: Interest earned on loans, mortgages, and credit facilities extended to customers. Interest paid on deposits.
2. Transaction and Service Fees: Fees for standing orders, duplicate statements, cheque returns, stop payments, bankers cheques, CHAPS payments, international payments, debit card transactions abroad, credit facility arrangement fees, banker references, communications, and audit certificates.
3. Debit Card Transaction Fees: 2.5% foreign currency transaction fee on debit card payments outside UK; £2.00 fee plus 2.5% transaction fee for ATM withdrawals abroad.
4. Remittance Services: Fees for money transfers to India, including £5.00 for non-eligible account holders, £20.00 for non-account holders paying by debit card.
5. Overdraft Interest: 10% interest above base rate for unauthorized overdrafts on accounts without sanctioned limits.

Pricing tiers

Go-to-market motion1 record

Distribution channels5 records

Marketing channels6 records

Core offering

State Bank of India (UK) Limited is a UK-regulated bank that provides retail and business banking products, including savings accounts, current accounts, Cash ISAs, fixed deposits, business banking facilities, residential and buy-to-let mortgages, and cross-border remittance services to India. It also offers NRI-focused banking products and a MasterCard-branded debit card, distributed through 11 UK branches, an Internet Banking platform, and the YONO SBI UK mobile application.

Product overview

State Bank of India UK operates as a traditional banking institution offering a comprehensive suite of financial products and services. The core banking offerings are organized into three main categories: Personal Banking (individual savings, current accounts, fixed deposits, Cash ISAs, and remittance services), Business Banking (business current accounts, business savings, and business fixed deposits), and Mortgage Services (Buy to Let, Commercial, and Residential mortgages). The digital banking infrastructure includes YONO SBI UK mobile app, Internet Banking platform, and PSD2-compliant developer portals for open banking integration. Key products include Notice Accounts and Instant Access Savings Accounts for personal customers, specialized NRI services for non-resident Indians, and Money Transfers to India with competitive exchange rates. The bank also provides MasterCard debit cards with global acceptance and MasterCard Secure Code for secure online transactions. All products are supported by traditional branch banking services across multiple UK locations.

Differentiator

Problem solved

Functional benefit

Products and services

• Personal Banking Banking services for individual customers including savings accounts, current accounts, fixed deposits, Cash ISAs, NRI accounts, and remittance services. Available to UK residents and the Indian diaspora.
• Business Banking Banking solutions for SMEs, partnerships, corporates, charitable organisations and trusts including business current accounts (including a Premium variant), business savings accounts, business fixed deposits, paying-in services, and borrowing facilities.
• Mortgage Services Comprehensive mortgage offerings including Buy to Let Standard Range, Buy to Let Green Range, Commercial mortgages, Residential Real Estate mortgages, and Dental Practice Asset Finance, available through intermediaries and direct channels.
• YONO SBI UK Mobile Banking App Mobile banking application providing 24x7 account management, fixed deposit management, Cash ISA management, remittances to India, viewing SBI India accounts, debit card applications, and contact details updates. Available on iOS and Android.
• Internet Banking Online banking platform enabling customers to view accounts, transfer funds between accounts, make UK and international payments, initiate remittances to India, and request cheque books.
• Remittances / Money Transfers to India Cross-border money transfer service to India. Free via Internet Banking for eligible account holders, with paid options for non-eligible and non-account holders (from £5.00). Available through internet banking, YONO app, and branches.
• SBI UK MasterCard Debit Card MasterCard debit card (standard and un-embossed variants) with global acceptance, free ATM withdrawals at SBI ATMs in India and UK MasterCard ATMs, 2.5% foreign currency transaction fee on international payments, and MasterCard Secure Code (3D Secure) for online purchases.
• Cash ISA (Individual Savings Account) Tax-efficient UK Individual Savings Account products, including the Cash ISA Fixed Deposit Account, designed to provide tax-advantaged returns for UK-resident savers.
• Fixed Deposits Term deposits with guaranteed interest rates for fixed periods, available for personal customers, non-resident customers, and as Jumbo Junior Fixed Deposit Accounts for children. Includes a Fixed Deposit Calculator tool.
• NRI Banking Services Banking services tailored for Non-Resident Indians living in the UK, including NRI accounts meeting specific eligibility criteria, non-resident fixed deposit products, and downloadable NRI forms.
• Open Banking APIs (PSD2 Developer Portal) PSD2-compliant Open Banking APIs available through sandbox and production developer portals, enabling third-party providers to access account information and initiate payments under UK open banking regulations.
• Safe Deposit Locker Secure storage service for valuables and important documents available at bank branches.

Quantifiable outcome

• Free remittance to India via Internet Banking for eligible account holders
• +1 more outcomes

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration11 records

Feature4 records

Partnerships

Six partnerships are on record, tiered core.

• MasterCardcoreTechnology or IntegrationMasterCard is the payment network partner for SBI UK's debit cards. SBI UK issues MasterCard debit cards (both standard and un-embossed) that can be used at ATMs and merchants worldwide displaying the MasterCard logo. The partnership includes MasterCard Secure Code (3D Secure) for enhanced online transaction security.
• Experian (Credit Reference Agency)coreOthersExperian is used for identity verification and credit scoring purposes. SBI UK shares and receives information with Experian for credit and identification checking, validation, anti-money laundering checks, and fraud prevention.
• CIFAS (Fraud Prevention Agency)coreOthersCIFAS is the fraud prevention service used by SBI UK to share and receive information about potential fraud cases. If fraud is detected, customers could be refused certain services, finance, or employment.
• SWIFT (Society for Worldwide Interbank Financial Telecommunication)coreTechnology or IntegrationSWIFT is the international payments network used by SBI UK for processing international transfers and currency transactions. International payments are sent through the SWIFT system with funds transferred to beneficiary banks on the same day.
• State Bank of India (India)coreStrategic or Co-development PartnerSBI UK is a subsidiary of State Bank of India group. Customer data is stored on SBI Group databases in India, and customers can view their SBI India accounts through the YONO UK app. Remittances to SBI branches in India are processed with next-day delivery.
• FSCS (Financial Services Compensation Scheme)coreOthersFSCS is the UK's deposit protection scheme that provides compensation to depositors if SBI UK is unable to meet its financial obligations. Coverage is up to £120,000 per eligible depositor.

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Market position

Strengths4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/sbi_uk

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about State Bank of India UK