Singapore is one of the most sought-after destinations of Indians for jobs and higher education due to its strategic location, stable economy, and favorable business environment. As per the RBI guidelines, it is essential for a NRI (Non-Resident Indian) 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.
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.
Top Banks for NRI Account Opening in Singapore
| Name of the Bank | Interest Rates | Minimum Balance Required |
|---|---|---|
| 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) |
| 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 |
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.
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
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.
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’.
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.
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 in the simplest and shortest way. 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.
