Welcome to Union Bank of India (UK) Ltd
**Please Note – Current Interest rates on all our Deposit products are applicable until 18-10-2020. New rates will be applicable w.e.f 19-10-2020. Kindly check for the latest interest rates before submitting any application'’ For any further information please contact us at +44 20 7332 4250

INTEREST ON YOUR ACCOUNTS

Union Bank of India (UK) Ltd. are committed to keep you informed about changes to your account.

At the moment for all taxpayers (except those persons who have supplied R85 or R105 appropriate forms) we deduct tax, on the interest you earn before we pay into your account.

From 6 April 2016, all Banks, Building Societies and other Institutions that deduct tax on the interest they pay, under the Tax Deduction Scheme for Interest (TDSI) including Union Bank of India (UK) Ltd will no longer be required to do this.

On 6 April 2016 a tax-free Personal Savings Allowance (PSA) will be introduced for savings income (such as interest) paid to individuals. Broadly, this means that basic rate taxpayers will be able to receive £1,000 of savings income, and higher rate taxpayers can receive up to £500 of savings income, without any tax being due. The PSA will not be available to any saver with additional rate income.

Any interest you earn above PSA will be subject to tax and it will be your responsibility to declare this to HM Revenue and Customs (HMRC). Further information can be found on the HMRC website by following the link below.

https://www.gov.uk/government/publications/personal-savings-allowance-factsheet/personal-savings-allowance

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Union Bank of India (UK) Ltd is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority
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