State Bank of India

State Bank of India

Phone: 0800 532 532 ( Local),+44 (0)20 7454 4338(Int)
Email: customerservices@sbilondon.com
Name

Jumbo Junior Fixed Deposit Account

Category
Description
Save on behalf of a child with the SBI UK Jumbo Junior Fixed Deposit Account, and they will receive a free Jumbo Junior Coin Bank.†
Interest Rate
1 Year - 2.00%
2 Year - 2.25%
3 Year - 2.50%
5 Year - 2.50%
Minimum Balance
£1,000
Eligibility
The account must be opened by either one or two adults, who must be named on the account as Trustee/s, who are aged over 18, resident in the UK for tax purposes and have a permanent UK address.
Conditions
The Jumbo Junior Fixed Deposit Account is available to a child aged up to and including 15 (for example on 1 January 2014, any child with a date of birth on or before 31 December 1998 will not be eligible to apply) and who is ordinarily resident in the UK for tax purposes and has a permanent UK address.
This account is operated on a bare trust basis, and the money will be held on trust by the adult/s (trustees) for the benefit of the child, during the term of the fixed deposit.
The Jumbo Junior Fixed Deposit Account term cannot extend to mature beyond the child's 16th birthday. This means that on the Child's 14th birthday only the 1 and 2 year Jumbo Junior Fixed Deposit Account terms are available.
If you open a Jumbo Junior Fixed Deposit Account, you must open or already hold a Junior Instant Access account with the same customer details (i.e. both the same Trustee/s and beneficiary).
As Trustee of a trust, whether existing or bare, all Trustees will have obligations to the child and it is the Trustee's responsibility to administer the trust in accordance with those obligations
No withdrawals are permitted during the term of the deposit.
At maturity we will transfer the proceeds into the Junior Instant Access account. The money will be held on trust by the Trustee/s for the benefit of the child until the child reaches 16 (for example, if the child is aged 3 at the time the Trustee/s deposit in a 3 year deposit – the plan will mature when the child is aged 6. The maturity proceeds will then be transferred into the existing Junior Instant Access account automatically, unless there is an instruction to the contrary, where it will be held on trust by the Trustees until the child reaches 16).
You cannot add additional amounts to the Jumbo Junior Fixed Deposit Account. However, more than one Jumbo Junior Fixed Deposit Account can be opened for the same beneficiary provided that the maximum total does not exceed £100,000 across all SBI UK Jumbo Junior Fixed Deposit and Instant Access Savings accounts.
The rate of interest is fixed for the entire period of the deposit.
Interest is calculated annually and will be paid at maturity (for 1 year deposits) or added to the deposit on the anniversary of the deposit (for terms longer than one year).
Interest will be paid after deduction of income tax at rate specified by law, which is currently 20%. However, we will be able to pay gross interest subject to completion of HM Revenue and Customs form R85 available from your local branch or the HM Revenue and Customs website at www.hmrc.gov.uk.
SBI UK does not provide a debit card or online transaction capabilities for this account.
The deposit must be made by way of either a cheque or electronic transfer.
If the child is eligible and under the age of 16 at the beginning of the tax year in which the payment of interest is made, an R85 tax form can be completed on behalf of the child, by either the child's Parent or Guardian. If completed, whilst the Jumbo Junior Fixed Deposit account remains open, SBI UK will continue to apply the R85 instruction until the Child reaches 16, unless SBI UK receives instructions to the contrary. Please refer to HM Revenue and Customs (website address is www.hmrc.gov.uk) for any guidance on R85 forms.
The Jumbo Junior Fixed Deposit Product is available for a limited period and may be withdrawn at any time at the discretion of the bank.
The Bank will not offer any loan against this product.
Please note that our general terms and conditions apply.
Featured
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