ICICI Bank Singapore Branch
ICICI Bank Singapore branch is the first overseas branch of ICICI Bank Limited. The bank received a license from the Monetary Authority of Singapore (MAS) for branch banking in Singapore from 1 August 2003 .
An Indian citizen who attains NRI (Non-Resident Indian) status can’t operate a regular resident account as per the RBI guidelines. NRIs and PIOs (Persons of Indian Origin) need to open an NRI bank account for their several banking and investment needs. A non-resident bank account allows you to deposit and manage your income in foreign denominations, such as USD, Euro, AUD, JPY, etc. Here are all aspects of NRI bank accounts.
A Non-Resident Indian account is a bank account opened by a Non-Resident Indian or Person of Indian Origin (PIO) or Overseas Citizen of India (OCI), with a bank or financial institution authorized by the RBI (Reserve Bank of India). NRIs can open NRI bank accounts to deposit their foreign earnings or income originated in India. NRI accounts are also needed to conduct transactions like remittance to residents, NRI investment in India, payment of financial obligations, etc.
There are three types of NRI accounts available for non-resident customers – NRE bank account, NRO bank account and FCNR FD. It is important to understand the fundamental distinctions among these accounts.
Here are the types of NRI bank accounts available in India for NRI, PIOs and OCIs. You can open NRI bank accounts based on your transactional requirements.
An Non-resident can open a Non-Residential External or NRE account to deposit and maintain his/her foreign earnings in India. The is a rupee-denominated account and can be opened in the form of savings or current bank accounts. Interest earned from these accounts is not taxable in India.
An NRO or Non-Resident Ordinary account is primarily opened for depositing income earned in India, such as rental income, dividends, pension, etc. You can convert a resident account into an NRO account once your resident status changes to NRI.
For instance, Mr. Joginder, an NRI staying in London (UK), has an apartment in Delhi which he has rented out to Mr. Rahul. To receive rental income periodically from Rahul, Joginder has to open an NRO account.
For depositing Indian earnings, there is no step of currency conversion involved. Although foreign earnings can also be deposited in this account.
FCNR or Foreign Currency Non-Resident (FCNR) accounts can be opened in the form of term deposits in any one of the foreign currencies prescribed by RBI. Different currencies in which FCNR deposits can be made by NRIs or PIOs include US Dollars (USD), Euro (EUR), Great Britain Pound Sterling (GBP), Japanese Yen (JPY), Canadian Dollar (CAD), Australian Dollar (AUD), Singapore Dollar (SGD), etc.
This means earnings of NRIs or PIOs in any of these currencies shall not be subject to conversion for deposits made in an FCNR (B) account. However, if you earn in any other currency, the deposit made shall be converted in any of the RBI prescribed currencies.
You can open NRI accounts with most of the top public and private sector banks in India. For example, you can apply for SBI NRI savings account, ICICI Bank NRI account opening, HDFC Bank NRI accounts, and also with many other banks.
Here are the key differences among the three types of NRI accounts:
Particulars | NRE Account | NRO Account | FCNR (B) Account |
---|---|---|---|
Currency denomination | INR (Indian Rupee) | INR (Indian Rupee) | USD, GBP, EUR, JPY, CAD, AUD, SGD, CHE, HKD |
Purpose of account | Opened by an NRI to deposit his/ her earnings originated abroad in INR | Opened by an NRI to deposit his/ her Indian income in INR | An FCNR account can be opened by NRI to deposit his/ her earnings originated abroad in any of the RBI prescribed currencies |
Types of accounts | Savings, current, or fixed deposit account | Savings, current, or fixed deposit account | Only fixed deposit accounts can be opened with a minimum maturity period of 1 year |
Taxability | The entire amount principal + interest earned is exempted from tax | Interest earned is taxable | Interest earned from FCNR deposits is tax-free |
Joint account facility | NRE account can only be opened with another NRI/ PIO/ OCI | NRO account can be opened with another NRI or a resident Indian | FCNR account can only be opened with another NRI/ PIO/ OCI |
Repatriation | Both principal and interest are fully repatriable | The interest earned can be fully repatriable after payment of applicable taxes. The principal amount can be repatriated up to $1 million in a financial year from your NRO account | The entire balance is fully repatriable |
Effect of exchange rate | Impacted by movement in prevailing exchange rates | Not affected by prevailing exchange rates | Impacted by prevailing exchange rates |
While the eligibility criteria for an NRI bank account in India may vary from bank to bank, here are common requirements you need to fulfil to open NRI accounts:
Although documentation varies based on the bank’s policy, here is the checklist of common documents required for opening NRI accounts:
Following are the key benefits of opening an NRI bank account in India:
One of the primary benefits of an NRI bank account is that it allows NRIs to remit their income abroad to their dependents in India. Indians earning abroad in a foreign currency can transfer funds in their NRI accounts in India, which is denominated in India Rupees (INR).
NRIs who get income from Indian resources such as rental income, dividends, pension, etc. need to open an NRO account to receive their Indian income. For example, if you have leased a flat to someone in India, your tenant can deposit monthly rent in your NRO account.
It is essential for NRIs and OCIs to open an NRI bank account in India to trade in the stock market in India and contribute to different investment schemes. Such investments are facilitated through the Portfolio Investment Scheme (PIS) or NRI Portfolio Investment.
Interest earned from NRE and FCNR (B) accounts is not taxable in India under the Income Tax Act 1961.
When putting their foreign earnings in an FCNR deposit, NRIs don’t need to convert the foreign currency into INR. As a result, NRIs can avoid exchange rate fluctuations and resultant reduction in the deposit value.
You can open an NRI account online as well as by visiting a branch of the bank in India. Here are the three ways to open an NRI bank account.
You can go to the official of a bank and follow steps as prescribed.
NRIs and PIOs can apply for an NRI account opening online in the simplest and shortest way, using the SBNRI app. Here are simple steps to apply for NRI accounts with minimal documentation and in a few steps via the SBNRI App:
Here are some of the leading banks for NRI accounts in India. You can find the detailed information about best NRE accounts in this blog.
SBI NRI account
HDFC NRI account
ICICI NRI account
Axis Bank NRI account
Kotak Mahindra Bank NRI accounts
Due to lots of information and documentation required to apply for NRI accounts, account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for an NRI account with nominal documentation in just 10 minutes.
You can also click on the button below to apply for an NRI account. Visit our blog and YouTube Channel for more details.
Below are some common questions NRIs look the answer for:
ICICI Bank Singapore branch is the first overseas branch of ICICI Bank Limited. The bank received a license from the Monetary Authority of Singapore (MAS) for branch banking in Singapore from 1 August 2003 .
ICICI Bank offers ‘Paperless Account Opening services’ exclusively for NRIs/ PIOs in the US. US-based NRIs and PIOs can open an ICICI Bank NRI account online in three easy steps in a single web session. Let’s understand how to open a paperless ICICI NRI account from the USA.
Axis Bank is the third largest private sector bank in India. The bank offers a wide spectrum of retail banking, corporate banking, and international banking services. Non-Resident Indians who move to foreign countries can open an NRI account with Axis Bank to save their money or for the convenience of international funds transactions. NRIs and PIOs aged above 18 years can apply for an Axis Bank NRI account to manage their income received in foreign and India.
NRIs usually need to transfer funds between different types of accounts - overseas to NRI accounts or vice versa - or even within NRI accounts - NRE, NRO and FCNR accounts. While transferring money between these accounts, they are required to follow RBI guidelines based on the account type. In this blog, we will guide you how to transfer money to NRE accounts from different types of accounts.
Non-Resident Indians can open an NRE savings account with IndusInd Bank to move their foreign earned funds to India. IndusInd Bank NRE savings account comes with a host of exciting features, including low average monthly balance, attractive interest rates, joint account facility, etc.
To cater to the financial needs of Non-Resident Indians, Catholic Syrian Bank offers a wide range of banking services to NRIs including NRI accounts, FDs, and home loans. This blog post aims to explore the features and benefits of opening an NRI bank account with CSB Bank and also the process of CSB bank NRI account opening online.
Yes Bank NRE savings account is a rupee-denominated savings bank account loaded with security features. Indians living abroad can deposit their earnings in foreign currency in this account, which at the time of deposit gets converted to INR as per the prevailing exchange rate. NRIs can save money in this account in the form of fixed deposits, savings or recurring deposits. Interest earned in this account is not taxable in India.
Sailors constantly move from one place to another and hence find it difficult to carry out essential financial transactions. Due to geographical barriers, it is hard for a seafarer to withdraw money, pay bills, invest money, etc. In this case, a seafarer account is ideal for sailors who spend many months at sea moving from port to port. We have picked up 10 best bank accounts for seafarers or merchant navy professionals to manage their finances with ease and convenience.
NRIs can open a Kotak Mahindra Bank NRE savings account to keep their hard earned money from abroad in India. Kotak NRE savings account comes with a wide range of benefits like low average monthly balance requirements, net banking and phone banking facilities, global debit cards, etc.
State Bank of India issues SBI NRI family cards to a family member or beneficiary or dependent or any acquaintance of an NRI in India. SBI NRI family card holders can use this card to easily receive the remittances. This card can also be used for cash withdrawals at ATMs, for online payment, and making payments at point of sale in malls, etc.