Currently eight Indian banks are present in Singapore. While Bank of Baroda, Bank of India, Indian Bank, Indian Overseas Bank, UCO Bank, and Axis Bank have one branch each, there are two branches of ICICI Bank and five SBI branches in Singapore. Let’s find out the profile and services offered by Indian banks in Singapore.
Number of Branches of Indian Banks in Singapore
|Indian Banks in Singapore||No. of Branches|
|State Bank of India||5|
|Bank of Baroda||1|
|Bank of India||1|
|CIndian Overseas Bank||1|
State Bank of India Singapore
State Bank of India is the largest public sector bank in India and started operations in Singapore in 1977 with an offshore banking license. In 2008, SBI Singapore achieved Full Bank status with QFB privileges. The bank operates through a network of 5 retail branches, 19 SBI ATMs and over 200 ATMs via the shared island wide ATM5 network. SBI offers a suite of retail banking and corporate banking products to local and NRIs in Singapore.
ICICI Bank Singapore
The Singapore branch is the first overseas branch of ICICI Bank. The bank received a license from the Monetary Authority of Singapore (MAS) for offering banking services in Singapore with effect from August 1, 2003. ICICI bank was granted a Full Bank license with Qualified Full Banking (QFB) privileges and ACU capabilities by MAS in April 2010. ICICI Bank Singapore offers various services in the following business segments:
- NRIs (Non-Resident Indians)
- MNCs and Indian Corporates
- Institutional Investors
- Trade Flows
Axis Bank Singapore
Axis Bank opened its branch in Singapore in April 2006. The bank offers a host of services for customers worldwide, such as NRI accounts, deposits, loans, insurance, investments, and other banking services.
Bank of Baroda Singapore
Inaugurated on 19 September 2006, Bank of Baroda Singapore is a wholesale bank. The bank has received a license from the Monetary Authority of Singapore to carry out banking operations in Singapore. Some of the services offered by the bank include trade finance, syndicated/ bilateral loans, foreign currency deposits etc.
Bank of India Singapore
Bank of India started operations in Singapore from 4th June 1951. The bank holds both domestic & ACU licenses, and is fully computerized and SWIFT connected. The bank has over six decades of expertise in trade finance, loans, trade finance, remittances, and a host of other banking services.
UCO Bank Singapore
UCO Bank has had an international presence for over 67 years and commenced operations in Singapore from 21 April 1951. UCO Bank Singapore is a Full-licensed Bank with a Domestic Banking Unit (DBU) and Asian Currency Unit granted by the Monetary Authority of Singapore.
The bank offers a wide range of international banking products, services and financial solutions to all cross-section of the business community, individual customers and constituents.
Indian Overseas Bank Singapore
Indian Overseas Bank is the first Indian bank to start operations in Singapore. In February 1941, the bank commenced its operations. The Singapore branch of Indian Overseas Bank is fully automated with SWIFT facility. The bank specializes in retail banking services, remittance services, trade finance services and credit services.
Indian Bank Singapore
Indian Bank commenced operations in Singapore on 23rd July 1941. The bank has SWIFT connectivity with over 400 banks worldwide and provides a wide range of banking services, in trade financing, retail banking, Indian Rupee remittances, and loan syndication.
NRIs living in Singapore can avail a variety of online financial services available in India, including NRO, NRE account opening, investment in India, tax filing, and a lot more. You can download SBNRI App to apply for an NRI account with nominal documentation in just 10 minutes.
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