Saturday, July 23, 2016

How to open NRE or NRO account in Singapore - SBI, Kotak, HDFC

If you are an Indian staying in Singapore and want to open NRE or NRO account with Indian banks like SBI, Kotak, HDFC, ICICI, Yes Bank, Axis Bank, or foreign bank with Indian operations like DBS bank, then you have a couple of options with you. The first and most convenient option is provided by the biggest bank of India, the SBI (State Bank of India). SBI Singapore provides the facilitation services for Non-resident Indians (NRIs) to open NRE, NRO, and FCNR B account right from Singapore.


SBI has a couple of branches in Singapore, two of most notable are in Little India, just next to Farrer Park MRT, CitySquare Mall, towards Mustafa travel center and other on Cecil Street on Central business district (CBD), which provides this facilitation facility to open NRI account from Singapore itself. All you need to do is complete the NRI online account opening application, take the printout of completed application and visit the branch along with required documents for attestation.

Other banks like HDFC, ICICI, Kotak, YESBANK and Axis bank they don't have any facilitation center in Singapore, but they do provide online account opening facility. All you need to do is fill the online NRI account opening form, upload the scanned copies of required documents for verification and send the printed and signed PDF with self-attested copies of approved documents. You can also convert your local saving account to NRO account online.



Required document for opening NRE account

In order to open any NRI account e.g. NRE (Non-Resident Externals), NRO (Non-Resient Ordinary) and FCNR (Foreign currency non resident), you need following documents:
  1. Identity proof, you can submit photocopy of the pages of the passport containing passport details & personal details of all applicants.
  2. NRI status proof, Copy of valid visa or work permit e.g. Employment pass, dependent pass etc
  3. Passport photo of each applicant
  4. Mailing address proof e.g. telephone or internet bill e.g. from Singtel or Starhub, utility bills e.g. from SP Services
  5. Additional documents asked by banks
  6. A cheque drawn on a bank account abroad including IP Cheque (having address)
This is more or less general list of documents. There could be some difference, depending upon which bank you are opening account. Some e.g. HDFC bank and Kotak Bank accept self attested documents but some banks e.g. YESBANK ask you to attest your documents form Indian embassy, banker, or notary, So always check the respective bank site for complete detail.



Opening SBI NRE account in Singapore

Here are the steps to open NRE, NRO, or FCNR B account with SBI from Singapore:
  1. Complete the NRI online account opening form
  2. Print out the completed form
  3. Visit the Little India or Cecil Street branch with required documents.
You can visit the SBI Little India branch without appointment for opening NRI account everyday from 2.00 PM to 6.00 PM. While for NRI facilitation service with other branches e.g. Jurong East, Marine Parade and Verdun Road you need to take prior appointment. For appointment you can contact the relevant branches. See here for more details https://www.sbising.com/nri-services.asp

How to open NRE or NRO account in Singapore - SBI, Kotak, HDFC


Opening HDFC or Kotak NRE account in Singapore

Both HFDF Bank and Kotak Mahindra bank provides online account application facility for NRIs to open NRE or NRO saving account and fixed deposits. One you open a NRE saving account, you can easily open NRE fixed deposit by using their net-banking facility.

Here are the steps to open NRE account with HDFC bank India from Singapore:


1) Complete the online application form. A PDF version of the complete application will be generated on submission, take print out of that
2) Upload the scanned copies of required documents for verification and KYC.
3) Send the printed and signed PDF with self-attested copies of approved documents along with a cheque of value 10K for initial account opening amount.

See here for more details http://www.hdfcbank.com/nri_banking/accounts/savings_accounts/nre_savings_account/nre_savings_account.htm


That's all about how to open NRE account from Singapore. Other Indian banks from both public and private sector e.g. ICICI bank, Axis Bank, Indian Overseas Bank, Yes Bank provide online account facility. All you need to do is fill the online account opening form and send the required documents (self-attested or attested by notary, embassy, depending upon which bank you are opening the account) along with the cheque of the initial amount. You can directly send the documents to India using Registered mail or normal mail.




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