NRIs who need to open an NRI bank account can do so with DBS Bank India Limited, a subsidiary of DBS. It offers a variety of NRI services from banking to investment to loan. A DBS NRI account will help NRIs to manage their finances and investments in India. These accounts come with a range of features and benefits, such as high-interest rates, free remittance services, and a dedicated relationship manager to help manage the account.
DBS Bank NRI Account: Key Highlights
Given below are some of the benefits that you can get with DBS NRI account:
- Earn up to 3.5% interest p.a. on your savings.
- Get preferential exchange rates to remit money to and from India.
- Choose from a range of NRI account types and deposits.
- Maintain funds in savings accounts conveniently.
- Open your NRI account from the comfort of your home with minimal documentation and a swift e-KYC process.
- Access your NRI account in India on the go via internet and mobile banking platforms.
- Get 40+ privileges with a DBS savings account.
How Can NRIs Open a DBS Bank NRI Account?
Given below are two ways by which NRIs can open an NRI account:
- You can visit the nearest branch of the bank in India or the bank’s website
- Open NRI account online through SBNRI
DBS NRI Account Opening
You can open your NRI account online from your country of residence or offline when you visit India.
Offline-
1. Visit the nearest DBS bank and ask for an NRI account opening form at the help desk.
2. The bank staff will help you fill the account opening form with all the required information on NRI accounts.
3. Submit a duly filled account opening form along with all the necessary documents.
Online-
1. You can also visit the DBS bank’s website and fill a basic form.
2. Click on the ‘Apply Online’ button and fill the NRI account application form.
3. You need to fill in your personal details and choose the account type (NRE/NRO).
4. Upload the required documents.
5. Submit the form.
NRI Account Opening through SBNRI
Here are simple steps to apply for an NRI account online via the SBNRI App:
- Download the SBNRI App on your mobile phone.
- Sign in using your credentials.
- Click on the ‘Open NRI Account’ section and select the bank of your choice.
- Scan and upload KYC documents using the in-app scanning feature.
- Click on ‘Apply’.
- Once your application form and documents are verified, your NRI account will be opened within 7 days.
Eligibility to Open a NRI Bank Account
If you meet the eligibility criteria given below, you can open an NRI account at DBS:
- An NRI/OCI/PIO.
- Any person who is employed, owns a business, or is engaged in some trade-in foreign countries.
- A person employed by the Indian Navy, a foreign-registered airline, an oil rig, or an overseas shipping company that requires an employee to spend at least 182 days outside of India’s home territory.
- A person who has held an Indian passport at any point of time. Or
- A parent or their grandparent was a citizen of India under the Constitution of India or Indian Citizen Act 1955.
- Spouse of an Indian citizen or spouse of a PIO (Person of Indian Origin).
Documents Required to Open a NRI Bank Account
Given below is a list of the documents required to apply for an NRI account at DBS:
- Form 60 (copy) or PAN card.
- Photocopies of passport pages comprising information such as name, address, birth date, passport issue, and expiration dates.
- Employment Proof.
- A valid PIO/OCI card (copy) or any other proof of PIO status.
- Proof of overseas and Indian address.
DBS Account for NRIs: Types
NRI accounts allow NRIs to deposit income earned abroad as well as in India while they work overseas. With DBS you can open one or both types of NRI savings account:
1. NRE Savings Account
2. NRO Savings Account
DBS NRE Savings Account
The DBS Non-Resident External (NRE) savings account enables you to transfer your income earned abroad and withdraw it in Indian Rupees. The funds held in this account can be freely and fully transferred to an overseas bank account.
Features & Benefits
Given below are the benefits of the DBS NRE savings account:
- Interest earned in an NRE account is exempt from Indian income tax.
- DBS offers high interest rates of up to 3.5% p.a. on NRE Savings Account.
- Funds maintained in NRE savings accounts and deposits are wholly repatriable.
DBS NRO Savings Account
The DBS Non-Resident Ordinary (NRO) savings account is tailored to assist you in handling your Indian rupee earnings while residing overseas. This account is particularly suitable for individuals who receive income from various sources in India, such as rental property, mutual fund dividends, pension, fixed deposits, etc.
Features & Benefits
Given below are the features of the DBS NRO savings account:
- Foreign currency deposited in the NRO account is converted to INR as per prevailing forex rates. You can withdraw only in INR.
- DBS offers high interest rates of up to 3.5% p.a. on NRO savings accounts.
- Interest income is subject to deduction of tax at source.
Contact SBNRI
Due to lots of information and documentation required to apply for NRI accounts, the account opening process is lengthy and cumbersome. You can download SBNRI App for a simple, fast and hassle-free NRI account opening process.
You can also click on the button below to start the DBS Bank Account opening process online. Also visit out blog and YouTube Channel for more details.
FAQs
1. Eligibility: NRIs, PIOs (Person of Indian Origin), and OCIs (Overseas Citizens of India) are eligible to open NRI accounts.
2. Types of accounts: NRIs can open savings, current, fixed deposit, and demat accounts. However, some banks may offer different types of accounts, and the rules for each account may vary.
3. Minimum balance: Most NRI accounts have a minimum balance requirement. The minimum balance can vary depending on the type of account and the bank.
4. Taxation: NRIs are subject to taxation in India for the income they generate in India. However, some countries may also tax the income earned by NRIs. Therefore, NRIs must comply with tax regulations of both countries.
5. Repatriation of funds: NRIs can repatriate their funds back to their country of residence subject to certain limits and conditions.
The DBS NRE savings account is maintained in Indian rupees (INR).
Yes, one can repatriate both the principal amounts parked and the interest earned in his/her NRE savings accounts.
