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Interest Rates and Other Terms & Conditions
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Interest Rates for Amount below 100000 (in GBP, USD and Euro) with effect from 1 September 2010 (% Per Annum)
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| Gross | AER | Gross | AER | Gross | AER | ||
| One Month to < 3 Months | 1.00% | 1.00% | 0.75% | 0.75% | 1.00% | 1.00% | |
| 3 Months & above up to < 6 Months | 1.50% | 1.50% | 1.25% | 1.25% | 1.50% | 1.50% | |
| 6 Months & above up to < 1 Year | 2.00% | 2.01% | 1.75% | 1.75% | 2.00% | 2.01% | |
| 1 Year & above up to < 2 Years | 3.10% | 3.10% | 2.25% | 2.25% | 2.75% | 2.75% | |
| 2 Year & above up to < 3 Years | 3.75% | 3.69% | 2.75% | 2.72% | 3.00% | 2.96% | |
| 3 Year & above up to < 4 Years | 4.25% | 4.09% | 3.00% | 2.92% | 3.25% | 3.15% | |
| 4 Year & above up to < 5 Years | 4.25% | 4.00% | 3.00% | 2.92% | 3.25% | 3.10% | |
| 5 Year | 4.50% | 4.15% | 3.50% | 3.28% | 3.50% | 3.28% | |
| Additional Gross Interest For 6 months and above only (Except GBP Deposits of One year to Less Than Two Years) | |||||||
| For amount from 100,000 to less than 1,000,000 | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% | |
| For amount 1,000,000 and above | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | 0.25% | |
| Additional Gross Interest For GBP deposits of One year to Less Than Two Years | |||||||
| For amount from 100,000 to less than 1,000,000 | 0.05% | 0.05% | |||||
| For amount 1,000,000 and above | 0.15% | 0.15% | |||||
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Availability of Interest Rates: Above Interest Rates on our Fixed Rate Deposit A/Cs are available only till the end of current calendar month. Amount received subsequently will be accepted only at the next month's prevailing rates displayed on this site. Please allow at least two days for cheque clearing.
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Requirement of an Operative Account: Fixed Deposit Account can be opened through an existing or new Operative Account, which will either be a Current Account or a Savings Account. Opening of Operative Account is a One Time activity for a customer and it does not guarantee above interest rates, unless the amount intended to be deposited is recieved by the Bank. Customers are advised to suitably indicate the type of Operative account in the Account Opening Form as per their requirement. Click for Account Opening Form
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Opening a Fixed Deposit Account: This can be done by filing FD Open Request, along with the Accout Opening Form or subsequently, i.e. everytime when customer wants to open a new Fixed Deposit.
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How to remit Money: Customers are required to remit money into their Operative Account eiher through Inter-Bank transfers or cheques drawn in their own names. Cheque of the amount to be deposited can be sent along with the Account Opening Form and FD Open Form to save time. The details of the Operative Account will be sent to customer by way of a letter after its opening and the customers may use this information for transferring funds from other Banks. Customers may also call us to find the details of their Operative Account (Account Number and Sort Code) by calling at phone line 0207 7969600 after allowing two days' time of our receiving the Form.
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Gross Interest will mean total interst payable in Account without any compounding effect before applying Basic Rate Tax
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AER means Annual Equivalent Rate
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Withdrawal Before Maturity: Deposit
can be permitted to be withdrawn at discretion of the Bank. There is no penalty for such withdrawal, but interest allowed would be at rate specified for the actual run period, applicable at the time of opening of Deposit.
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Interest Calculation will be on annual basis and would be payable at the end of the term along with the principal amount of deposit, after deduction of application of Basic Rate Tax.
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Basic Rate Tax (BRT): We are obliged to deduct a Basic Rate Tax at the prevailing rate, presently 20%, on the interest paid by us in accounts maintained by the individual customers. Individual accountholder(s) not liable to pay tax depending upon their income level may provide us specified HMRC Form (R85 for residents and ordinarily resident persons and R105 for Not Ordinarily resident persons) so that the Gross Interest may be paid without deducting the Basic Rate tax.
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Applicable Interest Rate: Interest Rate on fixed deposit would be one applicable and displayed on this website on the date of receipt of funds by Bank. In case of deposit by cheque, the fixed deposits would be made effective from third date of cheque being deposited before 3.00pm at the rate applicable on effective date.
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Steps for Opening an Account with us.
In case you come to the branch to open your account
Please bring with you the following documents
- Original current signed passport or photo-card full UK driving licence to provide proof of ID
- Recent (not older than 3 months) original Bank statement or utility invoice (telephone, gas, electricity, water, council rates) with full name and address to provide proof of address
- Separate documents as noted above required for each applicant
- Account Opening Form
- FD Opening Request
In case you send the documents by post to open your account
Please send the following documents
- Copy of the current signed passport or photo-card full UK driving licence to provide proof of ID
- Copy of recent (not older than 3 months) Bank statement or utility invoice (telephone, gas, electricity, water, council rates) with full name and address to provide proof of address
- A cheque of minimum amount of £1 signed by you (both/all in case of joint account) from your existing UK bank account. However, to facilitate early creation of deposit and start earning interest, cheque for full intended amount of deposit may be sent. Multiple cheques are accepted.
- Separate documents as noted above required for each applicant
- Account Opening Form
- FD Opening Request
- Please do not send the original documents
except the Account Opening Form
Basic Rate Tax We are obliged to deduct a Basic Rate Tax at the prevailing rate, presently 20%, on the interest paid by us in accounts maintained by the individual customers. Customer(s) not liable to pay tax depending upon their income level may provide us specified HMRC Form (R85 for residents and ordinarily resident customers and R105 for Not Ordinarily resident customers) so that gross interest may be paid without deducting the Basic rate tax.
• The account will be opened as soon as all the formalities are completed and a welcome letter will be mailed to your mailing address providing all the necessary information to operate the account along with our schedule of terms and conditions.
Submit by post or in person the required items to any of our offices at
| Branches | : | London :GuildHall House, 87 Gresham Street,London EC2V 7NQ. | : | Southall :90 South Road, Southall,Middlesex UB1 1RD, UK. | : | Leicester :160 Belgrave Road, Leicester, LE4 5AU, UK. | : | Birmingham : 290 Soho Road, Birmingham B21 9LZ, UK. | : | Ilford : 47 Cranbrook Road, Ilford IG1 4PG, UK. |