Singapore is a land of outstanding opportunities and home to thousands of Non-Resident Indians. As an NRI living in Singapore, one of the most efficient ways of managing your expenses and investments in India is with an NRE account. An NRE account enables you to send as much money as you like from Singapore to India quickly and conveniently.
You can use the money in an NRE account for a wide range of purposes – be it for paying school fees, investing in Indian securities, buying property, supporting family expense, shopping or settling monthly bills.
An NRE account comes with various inward remittance benefits including:
To use this facility, open a DBS Singapore account, register for iBanking and provide details of your Singapore account for remittance. Then provide details of the recipient account in India.
DBS Bank does not levy any additional service charges on credits to an NRE account.
|International Funds Transfer||Service Charge|
|Credit to DBS Treasures Account for Inward remittance||Free|
|Returned funds for unapplied OTT / ITT (for inward remittance)||All INR 500 + Swift Charges|
Online remittances to an NRE account is one of the easiest ways to send money from Singapore to India. If you already have a DBS Treasures NRE account, you may remit through any convenient channel and we will intimate you when money is received in your account. You may also choose to send money through the DBS India Remit service available with DBS Singapore.
If you do not already have an NRE account, open one today to better manage your financial commitments in India.
You must provide the beneficiary’s name, their account number, the currency of remittance, i.e. SGD and the total amount you wish to transfer. Also, mention the transaction date and reference number details. You will have to check with your local bank about what documents you will need to show as identity or address proofs.
There is no upper limit on money transfer from Singapore to India. You can remit large sums of money in a single transaction.
Yes, as an NRI, you can remit money to your NRE account and invest those sums in India. For NRIs, income deductions are permitted under Sections 80C, 80D, 80E, 80G, 80TTE as well as Sections 54, 54 EC and 54F among others.