+44 7393 450837
advice@adamfayed.com
Follow on

DBS Treasures NRI Account review

DBS Treasures NRI Account

If you are looking to invest as an expat or high-net-worth individual, which is what I specialize in, you can email me (advice@adamfayed.com) or WhatsApp (+44-7393-450-837).

It remains my belief that there are better options, especially for investing, than what most of the private banks offer.

Introduction

Singapore-based financial services firm DBS bank offers DBS Treasures NRI (non-resident Indian) accounts for premium clients. 

To qualify for an NRI account, an individual must have maintained a residence outside India for 183 days minimum within a year and must have stayed in the country for less than 365 days within the last four years.

If you leave India with the intention of finding employment in a different country, you are deemed a non-resident Indian. A person must have lived outside of India for at least six of the preceding 10 years so as to be treated a non-resident Indian. 

NRIs are able to use their bank accounts in India to deposit money earned both in India and abroad while they continue to work outside of the country. Both types of bank accounts available to NRIs each serve their own distinct function, and an NRI is free to open either or both types of accounts.

DBS bank said it is possible to begin an application online, after which one of their representatives will aid you in completing whatever steps of the application you aren’t done with yet.

You will be given the opportunity to select the DBS outlet in India that is most convenient for you. It is not necessary to visit a branch in order to open an account when using the DBS Treasures service because this can be done entirely remotely.

When you open an NRI account under DBS Treasures through online, you could enjoy a lucrative interest rate in addition to many other benefits that are only available to NRI customers.

How do I open an account under DBS Treasures as a non-resident Indian?

DBS Treasures for NRI
Non-resident Indian (NRI). Image from Knowledge at Wharton

You can open your DBS Treasures account offline while you are in India or online from your home country if you are a non-resident of India. You will need to provide paperwork such as your identification document and proof of residence within India and abroad as you submit a filled-up form with your signature for creating an account. Have your documents verified by either the Indian Embassy or local bank branch in the country in which you currently reside.

You can also access the DBS Treasures website and fill up a form in there.

With your DBS Treasures NRI Accounts, you are able to access numerous DBS trademark experiences and privileges, as well as manage your NRI accounts online from any location in the world.

DBS Treasures NRI Account: Eligibility and Paperwork

How would you know if you’re eligible for DBS Treasures NRI Account?

  • DBS bank has its own set of prerequisites for non-resident Indian bank accounts. You must qualify for any of the following to access DBS Treasures’ accounts for NRIs:
  • If you are offered a job in another nation, have a business there, or are involved in some form of international trade there.
  • If you are an employee who’s required to spend 182 days minimum outside of India’s turf, such as if you work for the Indian Navy, a foreign-registered aircraft, an oil production platform, or an international freight forwarder.
  • If you are a state employee who possesses a diplomatic passport.
  • If you are a student from another country who is striving to achieve their education in another region of the world, you are considered an international student.
  • If you are a spouse of an Indian citizen or of a person of Indian ancestry.

What are the required documents for DBS Treasures NRI Account?

  • A photocopy of several pages from your passport containing details like your name, address, date of birth, date your passport was issued as well as its expiration date.
  • A copy of your Permanent Account N​umber card or Form 60 declaration if you don’t have a PAN
  • PIO or Overseas Citizenship of India (OCI) card. Other proof of PIO status can also be accepted
  • Documentation attesting to the applicant’s employment status
  • Documentation of your current and previous addresses in India and abroad
DBS treasures OCI
Overseas Citizen of India card. Image by iStockPhoto

What are the types of DBS Treasures NRI Account?

As a non-resident Indian, you have access to three different bank accounts in India. It is imperative that you are aware of the differences between these accounts. It makes it simpler for you to achieve your investment goals, fulfill your financial obligations, and carry out the necessary planning for when you become a resident.

You ought to create the DBS Treasures NRI account with income that was earned from India or from the country in which you currently reside. This requirement differs based on the type of account.

Non-Resident External Savings Account (also referred to as an NRE account)

If you are a non-resident Indian, you are required to open and maintain NRE accounts and the funds in them must originate from your country of residence. However, the accounts themselves must be denominated in Indian rupees. The funds in this account are completely accessible for withdrawal at any time.

The following are some of the features offered under the NRE Account:

  • Funds can be kept in deposits or in a savings account
  • Interest that is earned in an NRE account is not subject to any levy by the Indian government
  • DBS Treasures provides yearly interest rates up to 3.5% max on accounts under this type
  • Funds that are retained in NRE accounts and deposits are completely repatriable

Receipt of Funds into Your NRE Account

An NRE account comes with a variety of advantages, including the following, with regard to receiving funds:

  • Favorable Exchange Rates: If you convert the amount of your money transfer from your home country’s currency to Indian rupees at the time it is credited to your account, you will receive favorable exchange rates.
  • No Added Service Fees: Any amounts credited to an NRE account will not result in any additional fees or charges for any services. The only fees that will be collected are those associated with foreign currency conversions.
  • When you move funds to a DBS Treasures NRE account, the funds are credited within a day, as part of DBS’ feature dubbed Speedy Account Credits.

Non-Resident Ordinary (NRO) Savings Account

A Non-Resident Ordinary savings account is the best option for people who have some source of income in India even though they are living outside of the country, such as a rental property, dividends from a mutual fund, a pension, fixed deposits, or any other source of income that is comparable to those in India.

Below are some of the features of your NRO account:

  • Any funds deposited into an NRO account that are in a currency other than Indian rupees will be converted into rupees using the exchange rate prevailing at the time of deposit.
  • Your funds, which can only be withdrawn in Indian rupees, can be kept in a savings account or deposited elsewhere.
  • DBS Treasures provides yearly interest rates of 3.5% maximum on NRO savings accounts.
  • Interest income is liable for tax deduction at the source.

DBS Treasures NRI Account: Fixed Deposits

DBS treasures
Opening a non-resident Indian fixed deposit online. Image by DBS

Indian citizens who are currently residing outside of the country have the opportunity to make excellent financial investments through the use of a non-resident Indian fixed deposit.

You have the option of opening a DBS Treasures NRI fixed-deposit account offline or online, depending on the type of fixed-deposit account. Online account opening can be done via DBS bank’s online banking platform or mobile bank app.

It’s possible that you won’t have to pay any taxes on the returns of your investment, depending on the kind of investment you make. The ability to invest in foreign currency, which helps non-resident Indians hedge against swings in the value of their home currency, is offered by some types of fixed deposits available to them.

With DBS Treasures, non-resident Indians have several options to choose from when it comes to fixed deposit accounts, and each of the following accounts gives you the opportunity to earn interest at rates that are competitive with the market.

The Benefits of Fixed Deposits for NRIs

  • Non-Resident Indians can make investments that are safe and secure with NRI fixed deposits
  • These deposits provide multiple opportunities for investing money
  • Certain types of NRI fixed deposit accounts are exempt from tax in their entirety
  • The nomination option is available for all varieties of NRI fixed deposit accounts
  • High returns are largely thanks to the favorable interest rates offered by NRI fixed deposit accounts

Required Paperwork for NRI Fixed Deposit Account Opening

If you are a non-resident Indian, be sure to check if you have these documents and prepare to present them to DBS bank:

  • Indian passport
  • Valid paperwork to prove NRI status, such as a work or residence license or a copy of an employment or residence visa
  • Latest passport-sized colored photo
  • Proof of address, both in India and abroad
  • If you are a seafarer, you ought to present a Foreign Exchange Management Act (FEMA) declaration, your current job agreement, as well as a copy of Continuous Discharge Certificate (CDC) with disembarkation stamp.

For an individual with Person of Indian Origin (PIO) status, below are the documents needed:

  • Indian passport
  • PIO or Overseas Citizenship of India (OCI) card. Other proof of PIO status can also be accepted
  • Documentation attesting to your residence, either in or outside of India
  • Latest passport-sized colored photo
  • A filled-up PIO declaration with signature  

NRE Fixed Deposits

DBS Treasures NRE fixed-deposit accounts give you the opportunity to earn a high interest on any earnings in a foreign currency. Fixed deposits held with DBS Treasures NRE account can be repatriated. In addition to this, the interest accrued on non-resident external accounts is exempt from taxation in India.

NRO Fixed Deposits

You have the opportunity to build your savings with DBS Treasures NRO fixed deposits, which offer good interest rates on income that is earned in India even if you live outside of the country. Joint accounts for DBS Treasures NRO fixed deposits can be opened with both resident and non-resident Indians alike.

The Foreign Currency Non-Residential Account (FCNR)

This account enables non-resident Indians and Persons of Indian Origin to make deposits in currencies other than the Indian rupee. NRIs and PIOs are required to make these deposits in the currency of their home country, and they are required to be handled in any of the foreign currencies consented upon by the Reserve Bank of India.

An FCNR (B) Account can accept deposits in numerous currencies, such as US, Australian, Canadian, Singapore, and Hong Kong dollars, as well as euros, pounds, Japanese yen, and Swiss francs.

Because of this, if you make money in any of the currencies listed above, the money that you deposit into an FCNR (B) Account will not be converted into another currency. But if you receive funds in a different currency, the money you deposit in that currency will be converted to one of the currencies listed above.

DBS Treasures NRI Account: Home Loans

The availability of NRI loans in India makes it possible for non-resident Indians to purchase real estate within the country.

You have the option of buying a brand-new home, one that has been previously owned, or one that is still in the building process. On top of convenient equated monthly installment (EMI) payment, flexible repayment terms, and low interest rates, NRI loans offer a good interest rate environment.

What are the advantages of NRI Home Loans?

  • You can either get home loans to buy new, resale, or under-construction property or activate a balance transfer of your current housing loans to DBS Treasures.
  • It is possible to secure a nod for a loan even before deciding which property you want to buy.
  • You can avoid having to procure, sign, and monitor multiple post-dated checks by providing details to pay back home loan EMIs straight from your DBS Treasures NRI Savings Account.
  • You can enjoy favorable interest rates from DBS Treasures that are tailored to meet your specific requirements. DBS bank discloses all fees associated with the loan.
  • The DBS Treasures website allows you to submit applications for mortgages and other loans directly from the website.

What paperwork is required for your NRI home loans?

  • pay stub copy showing the most recent three months that you received
  • most recent half-year overseas bank account statement
  • most recent half-year NRE or NRO bank account statement
  • Your most recent two years’ worth of income tax returns. If you have worked for the same business for over two years, however, you only need to submit one year’s worth of income tax returns.
  • In the event of a balance transfer, the sanction document and loan account statement must also be supplied.
  • In the event of a property acquisition, the draft of the contract must also be presented.
  • The most recent report from an overseas credit bureau must be provided.
  • An HR confirmation letter must be provided, in which the position, gross wage, current address, contact number, and date of joining are included.
  • Work authorization or CDC
  • All passport pages for applicants and co-applicants plus a valid work visa or residence authorization 
  • PAN Card (applicant and co-applicants)
  • 2 photos appended to the application form
  • All paperwork associated with the property
  • Chain of all existing contracts
  • Copy of the back and front pages of Share Certificate
  • Occupancy cert or approved plan & construction certificate 

DBS Treasures: DBS India Remit Offering

Customers who are non-resident aliens and reside in Singapore are eligible to make use of this facility. After they have opened a DBS Treasures account in Singapore, they will be able to register for iBanking and provide the details of their account in Singapore so that they can send money back home. In order for the remittance process to be finalized, it is necessary for them to also provide the specifics of the account that will be receiving the funds in India.

The following is a list of the perks offered by the DBS India Remit service:

  • Quick and economical way to transfer money between India and Singapore
  • Beneficiaries’ accounts are updated within a day
  • Favorable exchange rates that are fixed during the fund transfer, and clients are informed how much rupee will be added to their accounts
  • Updates on the fund transfer status are sent via text message
  • The money transfer is guaranteed by DBS’ MoneySafe guarantee feature

I am a non-resident Indian; is it possible for me to open joint accounts?

Opening a joint NRE account can only be made with another non-resident Indian, but the joint holder of an NRO account can either be a resident or a non-resident Indian.

You are permitted to transfer the money from your NRE account to a foreign account; however, such move is not allowed under an NRO account.

Pros of DBS Treasures NRI Account

The following is a list of the features that are available to you if you have a DBS Treasures NRI Account.

  • The process of opening a non-resident Indian savings account with DBS Treasures is not only simple but also can be remote. 
  • At DBS Treasures, you have the benefit of saving money through booking foreign currency deposits.  You also have the ability to accumulate interest in whichever currency you opt for.
  • Interest accumulated under an NRE account is free from income tax in India, while interest generated in an NRO account is liable for tax deducted at source (TDS) in accordance with the regulations of the Indian income tax system.

Cons of DBS Treasures NRI Account

One of the primary drawbacks of having an NRI account is the low level of liquidity.

Simply opening a fixed deposit account that’s maturing between one to five years is all that is required of individuals who want to invest in Foreign Currency Non-Residential Account in order to hedge their money against fluctuations in exchange rates.

An NRI account under DBS Treasures is also susceptible to risks.

Indian rupee value of any deposits made in a currency other than the Indian currency held in an NRE account will be determined by a currency conversion rate. As a consequence of this, the value of such deposits may shift as a result of an appreciation in the value of the domestic currency or a depreciation in the value of the foreign currency, which may result in losses when the funds are repatriated.

DBS Treasures NRI Account: The Bottom Line

As a non-resident Indian, you have access to many perks from the accounts that are offered by DBS bank under its DBS Treasures wealth management platform. If you’re interested to open an account with them, just make sure that you checked all the prerequisites that must be met and also note the drawbacks of your potential action.

Pained by financial indecision? Want to invest with Adam?

smile beige jacket 4 1024x604 1

Adam is an internationally recognised author on financial matters, with over 760.2 million answer views on Quora.com, a widely sold book on Amazon, and a contributor on Forbes.

This website is not designed for American resident readers, or for people from any country where buying investments or distributing such information is illegal. This website is not a solicitation to invest, nor tax, legal, financial or investment advice. We only deal with investors who are expats or high-net-worth/self-certified  individuals, on a non-solicitation basis. Not for the retail market.

SUBSCRIBE TO ADAM FAYED JOIN COUNTLESS HIGH NET WORTH SUBSCRIBERS

SUBSCRIBE TO ADAM FAYED JOIN COUNTLESS HIGH NET WORTH SUBSCRIBERS

Gain free access to Adam’s two expat books.

Gain free access to Adam’s two expat books.

Get more strategies every week on how to be more productive with your finances.