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DBS India Remit
At a Glance
Thousands of Non-Resident Indians call Singapore their home as the country offers an abundance of employment and good lifestyle prospects. To cater to the need of such NRIs to remit money to India, there exists the DBS India Remit facility.
This facility is available to all NRIs holding an account with DBS Bank Singapore. If you have a DBS account in Singapore and have registered for iBanking, you can send money to a DBS Treasures account in India using the DBS India Remit option. It is the fastest and the most cost-effective way to remit money to India online.
To manage your foreign earnings in Singapore and income from assets in India, you can open NRE and NRO accounts respectively. DBS India Remit will facilitate convenient and remote transfers between your DBS Singapore and DBS India accounts.
Benefits of sending money to DBS Treasures account in India
Using your DBS Singapore account iBanking facility, you can remit money to India online directly to your NRE account in DBS Treasures. From there you can send money to your family members in India, buy property, make it easy for your parents to manage their monthly bills and much more.
Benefits of DBS India Remit
DBS India Remit is loaded with multiple benefits, here they are:
- Preferential Exchange Rates: Enjoy preferential conversion rates from SGD to INR at the time of credit when you remit money to India. You will know the exact rupee value of your funds to be transferred into your NRE account.
- Faster transfer option: Money transferred into your DBS Treasures NRE account is credited within 24 hours* of receiving instruction (if shared before 11:30AM IST).
- No charges: Apart from the conversion charges, there are no additional service charges to remit money to India to your NRE account by DBS Bank India.
- Stay up to date: If you are remitting into your DBS Bank India NRE account, you will receive a mobile notification from DBS Bank India the moment funds are credited into your NRE account.
- Unlimited transfer: There is no upper limit to remit money to India. You can send large sums in a single transaction.
The transactions via DBS India Remit are backed by DBS Singapore’s award-winning MoneySafe guarantee. You are automatically covered by this guarantee where in case of an unlikely event of an unauthorised transaction from your account, DBS Singapore will repay the money.
This guarantee covers the replacement of your money illegally transferred from your iBanking account. Click here to know more about MoneySafe.
Fees and Charges
Here are the fees and charges for crediting money to your DBS Bank India NRE account:
|International Funds Transfer||Service Charges|
|Credit to DBS Treasures Account for Inward remittance||Free|
|Returned funds for unapplied OTT / ITT (for inward remittance)||All INR 500 + Swift Charges|
Steps to remit money to India
Follow these simple instructions to remit money to India successfully:
- Open an account with DBS Bank Singapore and register for iBanking once your account is operational.
- Log in to your iBanking account and add a beneficiary to whom you wish to make the payment. You will have to input the receiver’s bank account details including their IFSC code.
- In case you wish to send money to yourself, you will need an NRE account with DBS Bank India. Once your NRE account is active, you can find this account in your list of beneficiaries.
- Choose from the list of beneficiaries to remit to India online. Fill in the details and confirm.
How to Apply
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Frequently Asked Questions
I am residing in Singapore, but my family is in India. How do I send money to my family using DBS India Remit?
You can remit money to anyone in India directly using your DBS Singapore account. All you need is their name, their DBS India account number and the currency of remittance, i.e. SGD. If you are transferring funds to family, it is more cost-effective to transfer funds to your DBS India NRE account and then send it forward.
With DBS India Remit, all you have to pay is the exchange rate. There are no additional service charge for transferring funds to India levied by DBS Bank India.