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If you are planning to migrate to the UK, or have an onsite offer, the State Bank of India has this facility to offer. You can open a personal current account in the UK while sitting in India. This account is for those customers who are going to settle in the UK within a few months. SBI is the first public sector bank to offer this facility. Earlier, ICICI Bank was the only institution to offer this facility since late 2019.
The point to remember is that this is not an NRI or NRE account. This account is for those who lived in the UK and wish to transact in both the UK and India. These accounts (for both ICICI and SBI) are based in the UK, not India. But they can be opened from both countries.
Apart from SBI and ICICI, no other institution offers a personal current account with all these benefits.
SBI offer
“Open #NamasteUK bank account with SBI UK through YONO SBI UK mobile app and avail a host of benefits including preferential rate on money transfer to India,” twitted SBI recently.
You can bank with us, anywhere and anytime!
Open #NamasteUK bank account with SBI UK through YONO SBI UK mobile app and avail a host of benefits including preferential rate on money transfer to India. T&Cs apply#UKVisit #YONOSBIUK #YONOSBI #BankAccount #100YearsofSBIUK pic.twitter.com/L7Py4HFwM9
— State Bank of India (@TheOfficialSBI) August 28, 2021
This account can be open through YONO SBI UK mobile app within a couple of minutes. The person has to submit all relevant documents through online mode and the account will be activated within a couple of hours.
Advantages of SBI account
YONO SBI UK has many services and benefits such as opening a new bank account online, remittances to India at preferential exchange rates, making payments in the UK, updating contact information and other benefits. The app also enables customers to view both SBI UK and SBI India accounts.
Besides, customers can deposit up to €5000 before arriving at the UK and make free money transfers to India with preferential exchange rates.
The account can also be opened by anyone who is going for higher studies in the UK.
SBI also issues a free international debit card with the account. The customer can get unlimited withdrawals and deposits once he/she is in the UK. This service is available only for Indian citizens migrating to the UK from India on long-term visas only. Tourist visa holders cannot get this facility.
ICICI offer
ICICI Bank UK PLC, a subsidiary of ICICI Bank, announced the launch of a digital account opening facility using the bank’s mobile application in November 2019.
It was the first-of-its-kind service by an Indian bank in the UK and ICICI Bank enabled Indians moving there for work to open a personal current account in the UK, which was equivalent to a savings account in India, while they were in India.
One can just download ‘ICICI Bank UK iMobile’ and furnish all KYC details electronically and the account will get activated instantly. Within half an hour the bank allows customers to start transacting just like SBI.
ICICI account features
With this account, customers can get a free contactless debit card either in India or in the UK. It has a transaction limit of Rs 2 lakh per day. The customer can get unlimited withdrawals and deposits once he/she is in the UK.
One has to submit details such as PAN, Aadhaar and some other details along with the first page of the passport and visa details. Personal accident coverage, theft or card loss coverage and lots of other facilities are clubbed with this UK special account.
According to sources, ICICI Bank has almost 25,000 customers in the UK.