Step-by-step guide to opening NRO and NRE Accounts in Singapore
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Non Resident External (NRE) Account Overview:
To park your overseas earnings remitted to India and converted to Indian Rupees Account can be opened either individually or jointly with other NRIs / PIOs / OCIs Account types permissible: o Savings Bank o Current Account o Term Deposit o Special Term Deposit o Recurring Deposit Funds deposited in the account will be in the form of fresh remittances from overseas or transfer from other NRE / NRO / FCNR (B) accounts Account can be opened with close resident relatives on "former or survivor" basis Account can be withdrawn for making local payments in Rupees Interest earned on NRE accounts is exempt from Indian Income tax Rupee loan available against NRE Deposits
In Singapore, there are two options for opening a NRE Account.
1) Indian Banks like State Bank of India (SBI), Bank of India, ICICI Bank, Axis Bank, Kotak Mahindra or 2) Foreign Banks with Indian operation like DBS and Standard Chartered Bank.
The most convenient options for opening a NRE account are provided by SBI and Bank of India as their branches in Singapore provide facilitation services for NRIs. To take advantage of this convenience, you will need to visit a SBI or Bank of India branch, fill and submit application form along with two passport size photographs and attested copies of KYC documents (attestation can be done at bank).
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Main SBI branches in Singapore a) CECIL STREET BRANCH
135 Cecil Street #01-00 Singapore 069536
Tel: (65) 6506 4215 Email:[email protected] b) LITTLE INDIA BRANCH
Block 677 Rangoon Road, (Opposite Farrer Park,MRT Exit A) #01-02 Singapore 210677
Tel: (65) 6506 4211 Email: [email protected]
For more SBI branch locations, please visit website.
Bank of India branch in Singapore
158 Cecil Street, #01, #02 & #09 Singapore 069545
Tel: (65) 62220011
Email: boi.singapore(a)bankofindia.co.in
Other banks like HDFC, ICICI, Axis Bank or foreign banks like DBS do not have facilitation centres in Singapore, but they do provide online account opening facility. All you need to do is fill the online application form, upload scanned copies of KYC documents, print the filled application and mail signed application form with photograph attached together with attested hard copies of the KYC documents you have uploaded. Attestation can be done by the Indian High Commission or a Notary Public.
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Documents Required for Opening an Account a) Identity Proof: Photocopy of the relevant pages of passport containing passport details and personal details of all applicants b) NRI Status: Photocopy of visa or work permit eg. Employment Pass, Dependent Pass or Permanent Resident Identity Card c) Singapore Address Proof: Photocopy of your utility bill (SP Services), driving license or telephone bill (Singtel or Starhub) d) Permanent Account Number (PAN): Copy of PAN card/Form 60 (in absence of PAN) e) Proof of Permanent Address (Overseas or Indian): Photocopy of relevant pages of your passport, driving license, Indian voter's card, Aadhar card, NREGA job card f) Initial Deposit: An Initial Payment Cheque/Draft from your own account equivalent to amount required to maintain the Average Monthly Balance in account. (In case of Draft, DD slip is mandatory). g) Additional proof for applicants who are not visiting a branch for opening the account (Non-face-to-face):
a) Cheque drawn on Singapore bank account
b) Cancelled/Paid cheque of the overseas bank account
c) Proof of Income/Pay Slip/Tax return h) Additional requirements:
a) 2 Passport size photographs of all applicants
b) Certified English translation of document/s in foreign language
Some banks may require additional documents. Please check with individual banks for the complete list of documents required.
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3 Simple Steps to Open a SBI or Bank of India Non Resident Account in Singapore
1) Download application form from SBI or Bank of India website. Fill in and sign
2) Attach required documents (attested)
3) Submit to your nearest branch
3 Simple Steps to Open a HDFC Bank, Axis Bank or Kotak Mahindra Bank Non Resident Account in Singapore
1) Complete online application form on HDFC Bank or Kotak Mahindra Bank website
2) Upload scanned copies of required documents and print filled in form
3) Send the printed and signed form with attested copies of approved documents along with a cheque for Rs.10,000 (initial account opening amount)
If you would like to open an account with ICICI Bank, you will have to request for a call back online. Similarly with foreign banks operating in India. Non Resident External (NRO) Account Overview:
To park money earned in India in Rupees
Account can be opened either individually or jointly with other NRIs/PIOs/OCIs Account types permissible: o Savings Bank o Current Account o Term Deposit o Special Term Deposit o Recurring Deposit Account can be opened with resident Indians on "former or survivor" basis Account can be withdrawn for making local payments in Rupees Interest income is subject to deduction of tax at source @ 30.90%. In case, depositor is resident of any of those countries with whom India has a DTAA, the tax will be deducted as per DTAA (Double Taxation Avoidance Agreement) agreed between India and the respective country Rupee loan available against NRO Deposits
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Again, like the NRE Account, the most convenient options for opening an NRO Account are provided by SBI and Bank of India as they do so at their branches in Singapore.
Documents Required for Opening an Account
Documents required for opening an NRO Account are the same as NRE Account.
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