- Banking
- Wealth
- Privileges
- NRI Banking
- Treasures Private Client
(Savings Account)
At a Glance
An NRI account is a specialised bank account designed to help Non-Resident Indians (NRIs) manage their earnings from both India and abroad. There are two types of NRI accounts: NRE and NRO, each serving a distinct purpose. NRIs have the option to hold both types of accounts based on their financial needs.
DBS Treasures offers comprehensive NRI account benefits for global Indians working abroad. Their NRE and NRO savings accounts provide a seamless banking experience, featuring competitive interest rates, flexibility for global transactions, and priority services tailored to meet the needs of NRIs.
Features of NRI Account
An NRI account provides a convenient solution for non-resident Indians to manage their earnings from both India and abroad. Whether you're looking for a secure way to park your foreign income or need an account to handle domestic transactions, a DBS Treasures NRI Savings Account offers the flexibility and ease you need. Based on your financial goals, you can choose between an NRE and an NRO account or both, each designed to serve specific purposes.
- Easy Account Opening – Open an NRI account online, without the need to visit a branch, ensuring a smooth and hassle-free experience.
- Multiple Account Options – By understanding the differences between the NRE and NRO accounts offered by DBS Treasures, you can select the one that best fits your financial needs.
- Attractive Interest Rates – Take advantage of attractive interest rates on NRI accounts, helping your savings grow.
- Tax Benefits – Interest earned on an NRE account is tax-free in India, while the interest on an NRO account is subject to applicable taxes.
- FCNR Deposit – At DBS Treasures, you can take advantage of Foreign Currency Non-Resident (FCNR) deposits, allowing you to save money in a foreign currency and earn interest in the currency of your choice.
- Fund Repatriation – An NRE account offers full repatriation of funds, whereas an NRO account has repatriation limits as per the guidelines set by the Reserve Bank of India.
Benefits of NRI Account
Opening an NRI account offers several advantages, making it easier to manage your financial commitments across countries. DBS Treasures provides exclusive NRI account benefits designed for their needs, helping you make an informed decision.
- Enjoy secure and effortless access to your portfolio, fast remittances, and instant transactions.
- Benefit from preferential exchange rates on high-value remittances.
- Expert-driven wealth solutions from DBS Group Research.
- Take advantage of exclusive DBS Infinite Debit Card benefits, offering special privileges and rewards.
Types of NRI Savings Accounts at DBS
DBS Treasures offers two types of NRI Accounts to cater to the diverse financial needs of NRIs. Whether you're looking to open an account online to manage your foreign earnings or handle your income from India, these accounts provide a seamless banking experience.
- Non-Resident External (NRE) Savings Account
- Non-Resident Ordinary (NRO) Savings Account
NRE Savings Account
The NRE Savings Account allows NRIs to deposit their foreign earnings, which are converted into Indian Rupees (INR) upon deposit. It facilitates easy fund transfers to India, with full repatriation of both principal and interest. One of the major advantages of an NRE account is that the interest earned is completely tax-free in India.
Key Features:
- Flexible Account Management – Manage your funds through a savings account or fixed deposits, according to your preference.
- Tax-Free Interest – Enjoy interest that is exempt from Indian income tax.
- Attractive Interest Rates – Maximize your savings with competitive interest rates on your NRI account.
- Full Repatriation – Freely repatriate both principal and interest amounts.
NRO Savings Account
The NRO Savings Account is ideal for NRIs who have income sources within India, such as rental income, dividends, pensions, or fixed deposits. Transactions received in foreign currency can be converted and credited in INR, and withdrawals can only be made in INR. Unlike NRE accounts, the interest earned on an NRO account is subject to Tax Deducted at Source (TDS) as per Indian tax regulations.
Key Features:
- Currency Conversion – Foreign currency deposits can be converted into INR at the current exchange rates.
- Flexible Account Options – Choose to maintain funds in a savings account or fixed deposits.
- Competitive Interest Rates – Benefit from competitive NRI account interest rates of up to 3.5% per annum. Additionally one can invest in fixed deposits (FDs) and enjoy interest rates up to 7.50%
- Tax Implications – Interest earned is subject to TDS as per Indian tax regulations.
By selecting the right NRI account, you can effectively manage your earnings while ensuring compliance with Indian financial regulations.
Eligibility of NRI Account Opening
To open an NRI account, individuals must meet specific eligibility criteria as per Indian banking regulations. Both NRE and NRO Accounts are available for non-resident Indians and persons of Indian origin, allowing them to manage their finances efficiently while residing abroad.
| Account Type | Who Can Open? |
|---|---|
| NRE Savings Account | - Non-Resident Indians (NRIs) - Persons of Indian Origin (PIOs) / Overseas Citizens of India (OCIs) |
| NRO Savings Account | - Non-Resident Indians (NRIs) - Persons of Indian Origin (PIOs) / Overseas Citizens of India (OCIs) |
- Non-Resident Indian (NRI): An Indian citizen residing outside India for employment, education, business, or other valid reasons.
- Person of Indian Origin (PIO): A person who may have held an Indian passport or has Indian ancestry (parents/grandparents) and is of foreign nationality.
- Overseas Citizen of India (OCI): A foreign national of Indian origin granted an OCI card, which provides benefits like lifelong visa-free travel and residency rights in India.
By understanding these eligibility requirements, individuals can choose the right NRI account based on their financial needs. Whether you choose to open an NRI account online or through a branch, selecting the right account ensures seamless fund management while residing overseas.
Documents Required to Open an NRI Account
To open an NRI account, individuals must provide specific documents based on the type of account they wish to open. Documentation requirements vary for NRE and NRO Savings Accounts, as well as for NRIs and PIOs.
Documents Required for NRO & NRE Savings Accounts
For NRIs:
- Valid passport (including name, address, DOB, issue & expiry details, photo, signature, immigration stamp, and visa if applicable).
- Proof of NRI status (valid employment/residence visa or work/residence permit).
- Proof of overseas or Indian address as per the Customer Identification Policy.
- Indian PAN card or Form 60.
- Recent passport-size colour photograph.
- For seafarers: Additional documents such as a work contract, CDC copy, last disembarkation stamp, and FEMA declaration confirming NRI status.
For PIOs:
- Valid passport (including name, address, DOB, issue & expiry details, photo, signature, and observation page if any).
- Valid PIO/OCI card or other proof of PIO status as per the Customer Identification Policy.
- Proof of overseas or Indian address as per the Customer Identification Policy.
- Signed PIO declaration.
- Indian PAN card or Form 60.
- Recent passport-size colour photograph.
Providing the necessary documents allows individuals to open an NRI account either online or at a branch. Choosing between an NRE and an NRO account helps ensure efficient financial management while complying with Indian banking regulations.
How to Open NRI Account Online?
TOpening an NRI account with DBS Treasures is a seamless process. Whether you choose an NRE Savings Account or an NRO Savings Account, follow these simple steps to get started.
Step 1: Visit the DBS Treasures Website
Navigate to the section dedicated to NRE and NRO Savings Accounts to begin your application process.
Step 2: Check Eligibility
Ensure that you qualify for opening an NRI account. Eligible applicants include:
- Non-Resident Indians
- Persons of Indian Origin
- Overseas Citizens of India
Step 3: Gather Required Documents
Before applying, ensure you have the following documents ready for your NRE or NRO savings account.
Step 4: Submit Your Application Online
Complete the online application form on the DBS Treasures website for a hassle-free experience.
Step 5: Get Assistance from a Relationship Manager
Once you submit your application, a dedicated relationship manager will contact you to guide you through the next steps. For any further queries, you can reach out to DBS customer service.
NRI Saving Accounts Interest Rate
DBS Treasures offers competitive interest rates on NRE and NRO Savings Accounts, allowing non-resident Indians to grow their wealth smoothly. Balances up to INR 1 lakh earn an attractive 3.25% per annum, while balances above INR 1 lakh and up to INR 5 crores earn 3.50% per annum, offering higher returns on savings, making it one of the best bank for NRI Account in India. These rates are designed to help NRIs manage their finances efficiently while enjoying the benefits of a premium banking experience. Interest rates are subject to change according to bank policies and regulatory guidelines.
Frequently Asked Questions
An NRI Account is a specialised bank account designed for NRIs to manage their earnings in India and abroad. It offers seamless fund transfers, repatriation benefits, and attractive interest rates.
NRIs, PIOs, and OCIs who need a secure and efficient way to manage both their Indian and foreign income should consider opening an NRE or NRO Savings Account.
No, as per RBI guidelines, NRIs cannot maintain a Resident Savings Account. They must convert it into an NRO Savings Account upon attaining NRI status.
The minimum balance requirement for a DBS Treasures NRI Savings Account varies based on the type of account and the banking relationship. It is advisable to check with the bank for specific NRI account minimum balance.
An NRI Savings Account provides secure fund management, repatriation benefits, tax advantages, and access to premium banking services, making it an essential financial tool for NRIs.
You can deposit funds into an NRI Account via wire transfers, remittances, foreign currency deposits, and local fund transfers, depending on the type of account.
DBS Treasures offers competitive interest rates of 3.25% per annum for balances up to INR 1 lakh and 3.50% per annum for balances above INR 1 lakh and up to INR 5 crores, helping NRIs grow their savings efficiently.
DBS Treasures offers plenty of NRI account benefits such as seamless banking experience with competitive interest rates, global fund access, digital convenience, and dedicated relationship management, making it an ideal choice for NRIs seeking secure and efficient banking solutions.
