Service Information
Below are the features of our Current Account and Term Deposit products:
Term Deposits:
- Choose different investment terms to suit your needs;
- Competitive, fixed interest rates;
- No set up fees or ongoing monthly fees;
- Option to create term deposit in 2 major currencies, viz. of, AUD, USD.
- Option to reinvest, top up or withdraw all or some of your funds upon maturity.
- Comfort of investing in an Australian bank, majority owned by the Government of India
Premature withdrawal of the Term Deposit:
- At least 31 days’ prior notice is required (except in upon an application of financial hardship to be determined by us ).
- Penalty rates will likely be applicable on the interest;
- Where an early redemption an interest adjustment will be applied.
- The full list of other fees and charges may be payable – see Rates & Fees.
Minimum Deposit Amount:
If you are an incorporated Australia entity or a foreign (outside Australia) entity there is no minimum deposit required. However, if you are an Australian resident unincorporated account holder a minimum deposit of AUD $250,000 is required.
Deposits including Current Accounts and Fixed Term Deposits with SBI Australia (SBIA)
generally do not get the protections under the provisions of the Banking Act 1959 (Cth). This means depositors with us do not receive the benefit of the following protections:
- Deposits with SBIA are not covered by the financial claims scheme and are not guaranteed by the Australian Government.
- Deposits with SBIA do not receive priority ahead of amounts owed to other creditors.
This means that if SBIA were unable to meet its obligations or otherwise is in financial difficulties and ceases to make payments, its depositors in Australia would not receive priority for repayment of their deposits from SBIA’s assets in Australia. - SBIA is not required to hold assets in Australia to cover its deposit liabilities in Australia.
This means that if SBIA were unable to meet its obligations or otherwise is in financial difficulty and ceases to make payments, it is uncertain whether its depositors would be able to access the full amount of their deposit.
Minimum account opening amounts :
Our banking licence restricts how we can open accounts for Australian resident unincorporated account holders such as individuals and sole traders.
We must have a minimum deposit at account opening of AUD $250,000.
For other account holders we also have a preferred minimum amount for our other account holders of at least A$20,000.
Australian unincorporated resident account holders i.e. individuals, sole traders and partnerships. A minimum of A $250,000 Australian incorporated account holders No minimum Foreign incorporated or unincorporated account holders No minimum
Product Issuer is State Bank of India Australia ABN 95 082 610 008 AFSL 238340
