Savings Bank Account

Saving Bank Account is an ideal account to meet your every day banking needs. It is suitable for Residents and Non Residents, Charities, Clubs, Association and Trusts. This account is an option to cultivate the habit of banking and saving.

Key Features
Documents Required

Simplest deposit option for hassle free operation
Easy to understand Terms and Conditions. No hidden costs or fine prints
Account can be opened with a minimum balance of GBP 500
No minimum amount is required to be deposited on regular basis
Account can be opened in GBP, USD and Euro currencies
Interest is paid every six months - 1st June and 1st December
Your deposits are guaranteed under FSCS
Cheque and Cash deposit facility at all Natwest branches in UK
Remittance facility in Indian Rupees to Bank of Baroda branches at no extra cost
Cheque book facility with no extra cost
Contactless Debit Card and add-on cards with no extra cost
Facility to view account balance & transactions over Internet
Facility to set-up Standing Instructions for remittance and transfer of funds
Facility available to open joint accounts
Facility available to mark mandate
Default SMS Alert Facility is available for all credit and debit transaction of amount £10 or more, these SMS alerts helps you to track credits to your account and outgoing payments and may helps you no to go on unarrnged overdraft (We do not offer any other customised SMS Alert facility than what we have stated here).
We do not offer arranged Overdraft facility on our Savings Bank Accounts
We charge Interest Rate at the rate of 5.00% over Base Rate per annum plus monthly fee of £12.00 per month on unarranged overdraft as on 30th September 2022
Representative Eample - An Unarranged Overdraft of £10,000.00 at a representative interest rate of 5% over base rate i.e 8.00% p.a. (Base Rate being at 3% as on 15th November 2022) will cost you £800.00 per annum
Unarranged overdraft: If you don't have enough money in your account to make a payment, we may either let you barrow through an unarranged overdraft or refuse to make the payment. Missing payments and using an unarranged overdraft can be expensive and also can damage your credit score, please get in touch with us we may be able to help you
We do not have any facility for opting out of an unarranged overdraft facility at present
Charges for refusal of payment - Cheque / Direct Debit Return: £15/- per cheque or Direct Debit return
Charges for non maintenance of minimum average balance: £12.00 per quarter
You may access the detailed Schedule of Service Charges by clicking here
Summary Box of Savings Account
Service Quality Metrics
Service Availability and Cut-Off Timings

Opening a Savings Bank or Current Account with us:

How you can open an account with us?

You must visit any one of our Branch with a prior appointment to request for an account opening and it is not possible for us to open your account based on the information submitted electronically or by post.
A new customer will need to provide us with the following Minimum Documents (Any one document from both List 1 and List 2) for Opening a Savings Bank or Current Account, we may request for additional documents in individual cases:

Resident Account

Identity Proof (Any of the following)

Valid Passport
Valid UK driving license with photograph or Fire Arm License or Shot gun Licence
Govt. issued document (with photograph) incorporating customers full name

Address Proof (Any one of the following, not more than 3 months old)

Utility bill or Council Tax Bill (but not printed from the internet)
TV License
Current Bank Account or Credit Card Statement bearing full name and address of the customer (but not printed from Internet)

Additional Document (Additional Documents required depending on circumstances, if requested)

Proof of income.
Telecommunication Mandate, if the instructions are to be accepted on the email / fax message
Any other document as deemed necessary by the bank official such as Vis or Residence Permit in case the applicant is a Non UK National