Contents
What is NRE, NRO, FCNR account, and how to open NRE/NRO/FCNR Account with SBI in Singapore?
To open NRE/NRO/FCNR Account and each bank’s account opening process is unique.
NRO Account opening in Singapore
Features
- Multi-City Cheque book (MCC)
- Domestic Debit Card
- Internet banking
- NRI Family Card
- SMS Alerts
- To keep current income in Indian rupees in India.
- A joint account can be opened for NRIs, PIOs, and OCIs who wish to open an account together.
- Transfers from NRE / NRO / FCNR (B) accounts or new remittances from abroad will be accepted for deposit in the account.
- NRO Deposits can be used to secure a rupee loan.
Eligibility
You can check the criteria here.
Procedure To Open SBI NRO Account in Singapore
- Click the online form and fill it
- Download the form and fill it out by hand and mail it to your preferred Indian branch with the attested copies of the proofs and documents you selected for KYC in the application.
- SBI branches worldwide are available for you to submit your application, as well as the proofs and documents required for KYC.
NRE Account opening in Singapore
Features
- Multi-City Cheque book (MCC)
- Domestic Debit Card
- Internet banking
- NRI Family Card
- SMS Alerts
- To keep current income in Indian rupees in India.
- A joint account can be opened for NRIs, PIOs, and OCIs who wish to open an account together.
- Transfers from NRE / NRO / FCNR (B) accounts or new remittances from abroad will be accepted for deposit in the account.
- NRO Deposits can be used to secure a rupee loan.
Eligibility
You can check the criteria here.
Procedure to Open SBI NRO Account in Singapore
- Click the online form and fill it
- Download the form and fill it out by hand and mail it to your preferred Indian branch with the attested copies of the proofs and documents you selected for KYC in the application.
- SBI branches worldwide are available for you to submit your application, as well as the proofs and documents required for KYC.
FCNR Account opening in Singapore
Features:
- The tenor of Deposits (TDR / STDR)
- A minimum period of 1 year
- The maximum period of 5 years
- In India, interest income is not subject to income tax. However, if you return to India, you’ll have to pay tax based on your current tax status.
- The deposit can be opened in any of the following currencies: USD, GBP, EUR, CAD, JPY, or AUD.
- Deposits can be opened individually or jointly with other NRIs, PIOs, and OCIs.
- Foreign currency is required for the payment of both the principal and interest. Because of this, principal and interest are not subject to a currency exchange loss.
Eligibility to open NRE/NRO/FCNR Account
You can check the criteria here.
Procedure to open SBI FCNR account in Singapore
You can create an FCNR (B) deposit by remitting funds from your overseas account and including the following message in the remittance message section, along with the necessary details for deposit creation:
- Please provide the deposit amount required.
- Please specify the deposit’s tenor.
- Please specify the currency (USD, GBP, EUR, CAD, AUD, JPY) in which the deposit will be made.
By internet banking
- First login to your INB account.
- Then click on the ‘e-Services’ tab
- After that Click on ‘NRI Services’ on the left-hand side column
- Next Click on ‘Inward Remittance Disposal Request’
- Lastly, select/enter request details and click on Submit
Directly from a branch
- A request letter for the creation of a deposit can be sent via postal service, courier, or handed in in person. You can download the form.
Documents required to open NRE/NRO/FCNR Account
- Passport
- Non-Resident Status Proof (Visa/Work Permit, etc.)
- Overseas Address Proof
- Photograph
- Pan Card
A self-attestation is required for each of the preceding papers. Understand the bank’s KYC process once you have the standard set of documents ready. Attestation from one of these listed sources (instead of self-attestation) is usually required:
- Notary
- Embassy/High Commission
- Overseas Branch of Indian Bank
- Foreign Bank with Indian Presence
Minimum balance to maintain on SBI account in Singapore
- As a result, the individual will be required to maintain an average balance of at least $3,000 in metros; $2,000 for semi-urban areas, and $1,000 for rural areas.
