INDIAN BANKS IN THE UK: ONE-YEAR FIXED DEPOSIT RATE COMPARISON
Published 5 November 2026. The figures below were taken from banks' published UK rate pages and are indicative only. Rates and availability may change without notice. This is not a ranking or recommendation.
Products have different withdrawal rules, eligibility requirements and interest-payment options.
BANK | ONE-YEAR GBP FIXED DEPOSIT | BASIS | OFFICIAL SOURCE
Union Bank of India (UK) | 5.12% | Gross per annum; bank says fixed-deposit interest uses simple interest; effective 29 September 2026 | https://www.unionbankofindiauk.co.uk/personal-banking/interest-rates
ICICI Bank UK | 4.70% | AER; non-withdrawable, annual interest payout; effective 31 July 2026 | https://www.icicibank.co.uk/personal-banking/deposits/fixed-deposit/fixed-deposit-non-withdrawable/interest-rates
State Bank of India UK | 4.65% | AER; effective 1 September 2026 | https://sbiuk.statebank/fixed-deposits
Bank of India UK | 4.50% | AER; effective 8 June 2026, published for retail deposits up to £100,000 | https://bankofindia.uk.com/interest-rate
These are advertised rates from each institution's official pages, not guaranteed quotes available to every reader.
Union Bank's gross simple-interest figure must not be interpreted as automatically equivalent to an AER figure.
Check whether a deposit can be withdrawn early, minimum and maximum deposits, how interest is paid and the account's terms.
OTHER BANKS AND PRODUCTS
Punjab National Bank International, Canara Bank and Bank of Baroda also have UK operations, but no comparable one-year retail GBP rate has been independently verified for this table.
Omission of a rate does not imply that a bank has no deposit products. Readers should contact each bank directly for current offerings.
FINANCIAL SERVICES COMPENSATION SCHEME (FSCS)
From 1 December 2025, the standard UK deposit protection limit is £120,000 per eligible person per PRA-authorised firm. This is not a separate £120,000 limit for each account or brand if accounts share one banking licence.
For an eligible joint account held by two people, protection can total £240,000 at the same authorised firm, subject to eligibility.
Qualifying temporary high balances arising from specified life events can receive up to £1.4 million protection for up to six months.
Protection applies to eligible deposits at authorised institutions; it does not guarantee an interest rate, protect against inflation or cover every investment product.
Check the exact legal entity and banking licence, particularly when dealing with a UK branch of an overseas bank. Use the official FSCS bank and savings checker rather than assuming coverage based on the bank's name.
Official FSCS explanation: https://protected.fscs.org.uk/what-we-cover/banks-building-societies-credit-unions/deposit-limit/
Bank of England guidance: https://www.bankofengland.co.uk/prudential-regulation/authorisations/financial-services-compensation-scheme
FCA Financial Services Register: https://register.fca.org.uk/
IMPORTANT FINANCIAL DISCLAIMER — INFORMATION ONLY, NOT ADVICE
India Times UK publishes this comparison for general news and informational purposes only. It is not personal financial, investment, savings, tax or legal advice, a recommendation, endorsement, offer or invitation to open an account or place funds with any bank.
Advertised rates, eligibility, charges, withdrawal restrictions, taxation, FSCS protection and terms can change. Rates are not necessarily directly comparable.
Readers must independently verify all information with the bank and official regulators and obtain advice from an appropriately qualified independent professional where necessary.
India Times UK does not guarantee the accuracy or continued availability of any quoted rate.