Singapore is one of the most sought-after destinations for of Indian diaspora for jobs and higher education due to its strategic location, stable economy, and favorable business environment. As per the RBI guidelines, Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs) need to open an NRI bank account to do any banking transactions in India. NRIs living in Singapore can open an NRI account online or visit the bank. Here we will discuss the top NRI accounts and the steps involved in NRI account opening in Singapore.
SBNRI is a business partner of leading Indian banks like HSBC Bank, Axis Bank, Yes Bank, DBS Bank etc. NRIs can apply for an NRE/ NRO account with top banks by clicking the below button.
NRI Account Opening in Singapore
NRIs must open a Non-Resident External (NRE) or Non-Resident Ordinary (NRO) account to conduct banking transactions in India. Therefore, many Indian banks operate in Singapore to provide banking and financial services to Indians living there. Depending on their transactional needs, NRIs/PIOs can choose to open an NRE account, an NRO account, or both. These banks help Indians in Singapore to open NRI accounts through both online and offline channels. We have curated a list of the top banks that offer NRI account opening services to Indians in Singapore.
Also read: List of Indian Banks in Singapore: Address, Contact Details
Top Banks for NRI Account Opening in Singapore
| Name of the Bank | Interest Rates | Minimum Balance Required |
|---|---|---|
| DBS Bank | 3.25% p.a. (Balances less than Rs. 1 lakh) 3.50% p.a. (Balances Rs. 1 lakh up to Rs 5 lakh) | 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. |
| State Bank of India | 2.70% p.a. (Balances less than Rs. 10 Crore) 3.00% p.a. (Balances Rs. 10 Crore & above) | AMB- Rs.3,000 (metro/urban branches) AMB- Rs. 2,000 (semi urban areas) AMB- Rs.1,000 (rural branches) |
| HSBC Bank | 2.00% p.a. (Balances up to Rs. 10 Crore) 2.50% p.a. (Balances above Rs. 10 Crore) | (AMB) of Rs. 150,000 should be maintained in a combination of HSBC NRI savings account and fixed deposits. |
| HDFC Bank | 3.50% p.a. (Rs. 50 Lakhs and above) 3% p.a. (below 50 Lakhs) | AMB- Rs. 10,000 (Metro/ Urban branches) AMB- Rs. 5,000 (Semi-urban) AMB- Rs.2,500 (Rural Branches) |
| Bank of Baroda | 2.75% p.a. | AMB- Rs.1,000 |
| Axis Bank | 3% p.a. (Balance below 50 Lakhs) 3.50% p.a. (Balance above 50 Lakhs to Rs. 800 cr.) | AMB- Easy Savings Account- Rs. 12,000 (metro/urban areas)Rs. 10,000 (other areas) AMB- Prime Savings Account- Rs. 25,000 AMB- Mariner Account- Rs. 10,000 AQB- Priority Account- Rs.2,00,000 AQB- Burgundy Account-Rs.10,00,000 |
DBS NRI Account Opening in Singapore
NRIs/OCIs living in Singapore can either visit any of the DBS branches in Singapore or fill out the account opening application online to get their NRI Bank account opened. Additionally, you can also click on the button below to open a DBS NRI account easily as DBS is a partner bank of SBNRI for NRI account opening in Singapore.
Given below are the steps to open a DBS NRO or 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.
Documents required to apply for DBS Bank NRI Bank Account
You will need to submit the following documents to apply for a DBS Bank NRI Bank 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.
SBI NRI Account Opening in Singapore
NRIs living in Singapore can either visit the SBI branch in Singapore or fill an account opening application online and send it to the Global NRI Centre in India.
Also read: SBI Singapore Branches List: Address, Contact Details
Given below are the steps to open a SBI NRO or NRE account online:
- Fill in the NRI account opening application form available on the official website of SBI.
- After submitting your application online, download it and attach passport size photographs.
- Make sure to provide the date and place and sign where necessary.
- Additionally, self-attest the form and have it attested by either the SBI Foreign Office, Notary Public or Indian Embassy.
- If you are making an initial remittance by cheque or DD, ensure it is made payable to “State Bank of India A/c [Applicant’s Name]”.
- After completing the documentation, post all the forms to the address listed on the form.
- Your NRI account will be opened once the bank receives the original set of forms and documents.
Given below are the steps to open a SBI NRO or NRE account offline:
- If you are in India, you can visit the nearest SBI branch.
- On the other hand, if you are in Singapore, you can visit SBI Foreign Office or SBI’s associated Exchange House for immediate NRI account opening.
Documents Required for SBI Account Opening
Here are the documents required for SBI NRI Account Opening:
- Identity Proof
- Non-Resident Status Proof
- Overseas Address Proof (Passport, Utility Bills, Rent Receipt, etc.)
- Permanent address (Overseas/ Indian)
- Passport size photos
- PAN (copy) or Form 60 in absence of PAN
NRIs will need to self-attest the documents and then visit any of the following entities for further attestation:
- Notary
- Embassy/High Commission
- Overseas Branch of Indian Bank
- Foreign Bank with Indian Presence
Also read: SBI NRI Account Opening in Dubai: Easy and Simple Way
HSBC NRI Account Opening in Singapore
NRIs/OCIs living in Singapore can either visit any of the HSBC branches in Singapore or fill out the account opening application online to get their NRI Bank account opened. Additionally, you can also click on the button below to open an HSBC NRI account easily as HSBC is a partner bank of SBNRI for NRI account opening.
Also read: HSBC Bank International Branches List: Address, Contact Details
Given below are the steps to open an HSBC NRO or NRE account online:
- Visit the official website of HSBC Bank India
- Open the HSBC India NRI page and select the bank account type
- Click on the ‘Apply now’ link and fill up your information in the inquiry form
- Confirm and submit your information
- The bank representative will get in touch with you in 3-7 working days
Note: If you’re not an existing customer/ employee of HSBC overseas, you need to be physically present at the local India branch to open an account.
Documents required to apply for HSBC Bank NRI Bank Account
You will need to submit the following documents to apply for a HSBC Bank NRI Bank Account opening:
| Basic documents | Attestation |
|---|---|
| – Identity proof (passport) – Non-Resident status proof (valid visa/ work permit, etc.) – For PIOs: Foreign passport and PIO card – Overseas address proof (Gas bill/ electricity bill/ telephone bill/ bank statement) not over 3 months old – PAN card – Photographs | You will need to self attest these documents and get them attested by any of the following entities: – Indian Embassy/ High Commission in your country of residence – Notary Public – Court Magistrate/ Judge – Bank official of overseas branch of HSBC India Bank |
HDFC NRI Account Opening in Singapore
NRIs living in Singapore can apply for HDFC Bank NRI account opening to meet their several financial needs in India.
Also read: HDFC Bank International Branches List: Address, Contact Details
Given below are the steps to open a HDFC NRO or NRE account online:
- To open an NRI account with HDFC Bank, first, visit their NRI Banking page and select the NRI account option.
- Then, fill out and submit the NR account application form online.
- A bank representative will then contact you to provide further assistance with the account opening process.
- You need to self-attest your KYC documents and have them attested by one of the designated authorities.
- Once you have completed the NRI application form and collected the necessary documents, you can forward them to HDFC Bank in India.
- If available, the bank can also arrange for a courier pick-up from you in Singapore.
- Assuming all the information provided in your NRI application form is correct, your NRI account will be opened within 5 to 7 working days of receiving the form.
- HDFC Bank will notify you of the account opening status via your registered email ID.
Given below are the steps to open a HDFC NRO or NRE account offline:
- If you are in India, you can visit the nearest HDFC branch for NRI account opening.
- On the other hand, if you are in Singapore, you can visit the HDFC representative office for immediate NRI account opening.
Documents Required to Open a HDFC NRI Account:
Here is the list of documents:
- ID Proof (Photocopy of Valid Passport)
- Copy of PAN (Permanent Account Number)/ Form 60 (in absence of PAN)
- Copy of valid visa/ work permit / Overseas Resident Card
- The address on the document must be the same as the address mentioned in the application form
- A passport size photograph and an initial payment cheque/ draft from your own account
All photocopies of the above mentioned proofs must be attested by any of the following:
- Authorized officials of overseas branches of Scheduled Commercial Banks registered in India,
- Branches of overseas banks,
- Notary Public abroad,
- Court Magistrate,
- Judge,
- Indian Embassy/Consulate General in the country where the non-resident customer resides
Bank of Baroda NRI Account Opening in Singapore
To open Bank of Baroda NRI account, NRIs/ PIOs in Singapore, you need to take the following steps:
- Fill the Bank of Baroda NRI account opening form available on the bank’s website.
- Fill in the required information.
- Submit the duly completed Bank of Baroda NRI account opening form along with supporting documents to Bank of Baroda Singapore branches.
- Signature of the applicant/s on the application and all the documents enclosed with the application to be verified by a bank official or Indian High Commission/ Consulate/ Embassy or Notary Public.
- Account can be opened in the name of an NRI/ PIO singly or jointly with another NRI/ PIO. Or jointly with Resident Indian with operational instructions ‘Former or Survivor’.
Also read: Bank of Baroda Singapore Branches List: Address, Contact Details
Documents Required for BOB NRI Account Opening
Here are the documents required to apply for a Bank of Baroda NRI account opening in Singapore. All documents should be self-attested:
- Passport size photographs (2) signed by the applicants
- Photocopy of passport including visa page and relevant address pages
- DEWA Bill/ Telephone Bill/ Evision bill/ Tenancy Contract as address proof.
- Letter from the employer on the company’s letterhead
- Copy of labor card
- Copy of PAN card (for NRO Account)
Axis NRI Account Opening in Singapore
Given below are the steps for Axis Bank NRI account opening online:
- To open an NRI account with Axis Bank, first, visit their official website and navigate to the NRI account page.
- Then, click on the “Open NRI Account” link to access the new user registration form.
- Fill out the Axis Bank NRI account opening form, and once complete, print it out and sign in the relevant spaces.
- Next, upload the completed application form and any necessary attested KYC documents.
- After verifying your documents, the bank will arrange for a document pick-up.
Also read: Axis Bank Singapore Branches List: Address, Contact Details
Given below are the steps to open an Axis Bank NRI account offline:
- If you are in India, you can visit the nearest Axis Bank branch and speak to the Axis Bank NRI customer care representative. Fill the Axis Bank NRI account opening form and submit the documents to the bank.
- If you are not in India, you can contact the Axis Bank representative office in Singapore for the NRI account opening form.
Documents Required for Axis Bank NRI Account Opening
- Proof of NRI/PIO status
- Copy of PAN Card or Form 60 in case of NRO account
- Indian Address proof documents
- Overseas Address proof documents
- 2 passport size photographs
NRI Account Opening through SBNRI App
SBNRI App allows NRIs to apply for an NRI account online most simply and shortly. Here are simple steps to apply for an NRI account with minimal documentation and in a few steps via the SBNRI App:
- Download the SBNRI App from the playstore/ appstore.
- Sign in using your credentials.
- Click on the ‘Open NRI Account’ button and select the bank where you want to open an NRI account.
- Using the scanning feature available in the app, scan and upload KYC documents.
- Click on ‘Apply’ and that’s it.
- Once your application form and documents are verified, your NRI account will be opened within 7 days.
Contact SBNRI
Due to lots of information and documentation required to apply for NRI accounts, NRI account opening process is lengthy and cumbersome elsewhere. You can download SBNRI App to apply for an NRI account with minimal documentation in just 10 minutes.
SBNRI is a one-stop destination for NRI Bank Account Opening. You can also click on the button below to apply for NRI account opening and more information.
FAQs
Which Indian banks have branches in Singapore?
- 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.
Which bank is best in Singapore for Indian?
- Many Indian banks are operating in Singapore offering options like NRI Bank account opening, NRE/NRO Account, Fixed deposits, and more. You can find more about the best banks and accounts for Indians in Singapore in the above blog.
Can I open an NRI account online in India?
- Yes, you can open NRI account online in India. Now you can open an NRI account online with partner banks of SBNRI from abroad using the SBNRI App and you don’t need to visit the Indian Embassy to attest documents.
Can I use Indian bank account in Singapore?
- Yes, you can use Indian Bank services in Singapore and internationally via net banking and mobile banking. For international usage of Debit card, you need to activate international usage by logging into their net banking website or by calling customer care.
Can I use my Indian debit card in Singapore?
- For international usage of Debit card, you need to activate international usage by logging into their net banking website or by calling customer care.
Is SBI available in Singapore?
- Yes, SBI services are available in Singapore via their branch offices. They have 5 branch offices in Singapore. Please refer to the SBI Singapore Branch Details in this blog.
Is Bank of Baroda available in Singapore?
- Yes, Bank of Baroda services are available in Singapore via their branch office. Please refer to the Bank of Baroda Singapore Details in this blog
Which is the first Indian Bank in Singapore?
- Indian Overseas Bank is the first Indian bank to start operations in Singapore. In February 1941, the bank commenced its operations.
