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Money Transfer from Singapore to India
At a Glance
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:
- Preferential Exchange Rates: Convert your remittance from SGD to INR at the time of credit and enjoy preferential rates.
- No Service Charges: Credits to an NRE account do not attract any additional service charges. Only the Fx conversion fees will be levied.
- Speedy Account Credits: When you transfer money to a DBS Treasures NRE account, we credit the funds within 24 hours* of receiving instructions.
DBS India Remit
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.
- Fastest and most cost-effective way to remit funds between Singapore and India
- Beneficiaries credited within 24 hours of DBS receiving instruction (before 11:30 AM IST)
- Fixed preferential exchange rates at the time of transaction, with customers notified of the exact rupee amount to be credited
- SMS updates on transaction status
- Transactions backed by our award-winning MoneySafe* guarantee
NRE Account Benefits
- Open Your Account Remotely: You can open an NRE account from anywhere across the world
- Have a Dedicated Relationship Manager: Get assisted by an experienced specialist in case you have any queries
- Transfer Funds in Higher Values: If you wish to buy property in India or make large investments, an NRE account is ideal because you can transfer any amount of money from Singapore to India
- Benefit from Competitive Interest Rates: Enjoy higher interest rates on funds held in your NRE account
- Avail Competitive Interest Rates: Get higher interest rates on funds held in your NRE account
- Enjoy Special privileges: You have access to over 40 privileges covering global medical and travel assistance, overseas educational concierge, property management services, etc.
- Reduce Your Tax Liability: Interest income from your NRE account is tax-free in India
- Enjoy Exclusive privileges: Enjoy over 40 privileges global medical and travel assistance, overseas educational concierge, property management services, etc.
- Carry Out Full repatriation: You can repatriate the amount you hold in an NRE account any time back to your country of residence
- Make Online Bill Payments: Make investments and pay your utility bills right from your smartphone using our mobile banking services
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|
Money Transfer Options
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.
How to Apply
Apply Now A Relationship Manager will reach out to you shortly.
Frequently Asked Questions
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.