DBS Bank NRE (Non-Resident External) savings account is a fully repatriable account for Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) to park their overseas income. NRI/OCI customers can transfer funds to their NRE accounts freely at any time, and earn attractive interest rates. DBS Bank NRE Savings account also offers the benefit of banking anywhere around the globe.
Also Read: DBS NRI Account Opening: Types & Application Process
Features & benefits of DBS Bank NRE savings account
- DBS Bank NRE Savings account holders can earn interest up to 3.55 per annum on the funds parked in the account.
- Both the principal and interest are tax-free and fully repatriable.
- DBS NRE Savings account holders can use internet banking and mobile banking to transfer money anywhere in the world.
- NRIs can open a joint DBS NRE Savings account with another Non-resident Indians or Person of Indian Origin (PIO) on either or survivor basis.
- NRIs can use the DBS NRE Savings account to make investments in NRI mutual funds in India.
Eligibility for DBS Bank NRE savings account
Here is the eligibility criteria for DBS NRE Savings Account:
- Non-Resident Indians (NRIs)
- Indian citizens residing outside India for reasons such as employment, studies, or business.
- Individuals deployed in UN Organizations or officially deputed abroad by the Government of India or public sector undertakings.
- Indian nationals engaged as mariners or seafarers on oil rigs or registered foreign airlines.
- Persons of Indian origin (PIO) / Overseas Citizens of India (OCI) who have held an Indian passport at any point.
- Individuals whose parent or grandparent was a citizen of India under the Constitution of India or the Indian Citizen Act of 1955.
- Spouses of Indian Citizens or spouses of PIOs.
Documents required to apply for DBS Bank NRE Savings account
You will need to submit the following documents to apply for a DBS Bank NRE Savings account opening:
For NRI (Non-Resident Indian)
- A photocopy of the valid passport, including pages featuring personal details such as name, address, date of birth, date and place of issue, expiry date, photograph, address, signature, immigration stamp, and any visa pages.
- Verification of NRI status, demonstrated through a valid copy of an employment or residence visa, or a work/residence permit.
- Documentation confirming both overseas and Indian addresses in accordance with the Customer Identification Policy.
- A copy of the Indian PAN card or Form 60.
- Recent passport-sized color photograph.
- For individuals in seafaring professions, additional documentation is required, including the current work contract, a copy of the Continuous Discharge Certificate (CDC), and the last page featuring the disembarkation stamp. A FEMA declaration is also necessary to validate NRI status.
For PIO (Person of Indian Origin)
- A duplicate of the current passport, encompassing pages containing personal details such as name, address, date of birth, date and place of issue, expiry date, photograph, signature, and any observation page.
- Submission of a valid PIO/OCI card or any alternative evidence validating PIO status, following the Customer Identification Policy.
- Verification of both overseas and Indian addresses in accordance with the Customer Identification Policy.
- Completion of the PIO declaration, duly signed and filled.
- A copy of the Indian PAN Card or Form 60.
- Submission of a recent color passport-sized photograph.
Also Read: NRI Account Minimum Balance: Updated for 2023
DBS Bank NRE Savings Account fees and charges
Here are the fees and other charges an applicant will have to pay for the DBS NRE Savings account opening.
| Fee type | Details |
| Quarterly charge for the non-maintenance of Total Relationship Value (TRV) | Rs 1500 |
| Debit Card Annual Fees | Free for Primary HolderRs 100 for Joint Holder |
| Debit Card Replacement Fee | Rs 250 |
| FX Markup on Debit Fee | 3.50% |
| Collection Services | Rs 25 up to 5000Rs 50 from 5001 to 10000Rs 75 from 10001 to 15000Rs 100 for 100,001 and above |
| Local Currency Cheque Return | Rs 350 |
| Foreign currency cheques drawn on foreign banks sent for collection overseas | Rs 10 for USDRs 10 + Corresponding Bank charges for other currencies |
| Monthly Account Statement | Free |
| Cheque Book | Free |
| Account Closure | Free |
| Re-generation of Debit Card Pin | Free |
| Transactions at DBS/Non-DBS ATMs worldwide | Free |
| NEFT & RTGS Inward/Outward | Free |
| Inward & Outward Remittances | Corresponding bank and third-party charges |
| ECS/NACH return charges | Free |
| Cashier Order/Payable at per Demand Draft | Free |
| Stop payment of cheque | Free |
| Issuance of Foreign Inward Remittance Certificate | Free |
| TDS Certificate | Free |
| Interest Certificate | Free |
| Telex/Swift Inquiry | Free |
How to open DBS Bank NRE Savings account
There are two methods to open a DBS Bank NRE Savings account:
- Through DBS Bank
- Open NRE account online using SBNRI app
DBS NRE Savings account opening on the DBS Bank’s website
Here are the steps to open NRE account online:
- Select NRE account on NRI Banking page of DBS Bank.
- Click on ‘Apply Online’ button and fill the NRE account application form.
- Within 2 to 3 working days, you will receive a phone call from an DBS executive, who will help with your application for an NRI account opening.
- You can send a filled NRI account form and other documents to one of the DBS branches in India.
- DBS Bank offers courier pick-up in some countries. You can confirm the same with the bank through DBS NRI customer care service.
- Your NRE account will be opened within 5 to 7 working days of receiving the form.
- Once your account is opened, the bank will intimate you via the registered email ID.
Note: Get your documents and photocopies attested by the Indian Embassy or Notary or an overseas bank in your country of residence before sending them to a bank branch in India.
Open NRE account online using SBNRI app
SBNRI app is one of a kind that caters to the banking needs of Non-Resident Indians (NRIs). You can use SBNRI app for NRI account opening online by taking the following steps:
- Download the SBNRI App and sign in using your credentials.
- Click on ‘Open NRI Account’ button and select the bank where you want to open an NRI account.
- Use the in-app scanning feature to scan and upload KYC documents.
- Click on ‘Apply’ and that’s it.
DBS NRE Savings Account Interest Rate
DBS NRE savings account interest rate ranges up to 3.5% per annum.
Also read: DBS Bank NRE FD Rates: Tax-free NRI Investment
DBS Bank NRE Savings Account Minimum Balance
To initiate a DBS Treasures account, an initial deposit of INR 5 lakhs is required. Subsequently, the Total Relationship Value (TRV) needs to reach a minimum of INR 30 lakhs within a span of 6 months. TRV encompasses all accounts within a family, with calculations based on aggregating average quarterly savings account balances, end-of-period term deposits, insurance, investments, and outstanding mortgage loan amounts. Notably, 40% of the net balance of Home Loan or Loan Against Property (LAP) will contribute towards the TRV computation.
DBS NRE Debit Card
Customers can avail DBS NRE debit card, an international debit card, for cash withdrawal and shopping anywhere in the world. NRI customers get this when opening the DBS Bank Non-Resident External (NRE) Savings Account.
DBS NRI Customer Care
For any queries related to NRE savings account, you can contact team through this access:
- Contact No: 1860 267 1234 / 1800 209 4555
- For International Customer: +91 44 6685 4555
- Email: [email protected]
Also read: DBS Bank International Branches List: Address, Contact Details
Get Expert Assistance for Best NRE Accounts in India
Due to lots of information and documentation required to apply for NRE accounts, NRE account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for an NRE account with nominal documentation in just 10 minutes.
You can also click on the button below to apply for an NRI account. Also, visit our blog and YouTube channel for more details.
SBNRI is a business partner of leading Indian banks. An NRI can apply for an NRE/ NRO account with one of these Banks by clicking the button below.
FAQs
Can I open NRI account online?
- You can apply for an NRI account opening online through a bank’s website. Fill the account opening form online and upload the scanned documents. The NRI account opening process varies from bank to bank. Alternatively, you can download SBNRI app to apply for NRI account opening online.
What is the minimum initial deposit amount required to open a DBS NRE savings account?
- To initiate a DBS Treasures account, an initial deposit of INR 5 lakhs is required. Subsequently, the Total Relationship Value (TRV) needs to reach a minimum of INR 30 lakhs within a span of 6 months.
In what currency can I conduct transactions using the DBS NRE savings account?
- You can carry out all transactions in Indian rupees only. However, you can deposit funds in different foreign currencies which will be converted on your request to conduct transactions in Indian rupees.
Can I repatriate funds from my DBS NRE savings account?
- Yes, you can repatriate funds freely between India and your country of residence.
What is DBS NRE account interest rate?
- DBS NRE savings account interest rate ranges up to 3.5% per annum.
