How to open NRE/NRO/FCNR Account with Indian Overseas Bank (IOB) in Singapore?

What are NRE, NRO, NRI, FCNR, and How to open NRE/NRO/FCNR Account with IOB Singapore?

Opening FCNR account with IOB in Singapore

To open NRE/NRO/FCNR Account and Non-resident Indians and persons of Indian origin are eligible to open FCNR accounts .

The following currencies can be used to open Term Deposits:

1.US DOLLAR (USD)
2. GREAT BRITAIN POUND (GBP)
3. EURO (EUR)
4. JAPANESE YEN (JPY)
5. CANADIAN DOLLAR (CAD)
6. AUSTRALIAN DOLLAR (AUD)

The deposit period will range from one to five years. The interest will be paid at the end of the term, in the same currency as the deposit. Short-term deposits will receive simple interest, while long-term deposits will receive compound interest at half-yearly intervals. The total amount of the maturity proceeds, interest included, is fully refundable.

Only designated branches can open FCNR accounts.

Opening NRE (NON-RESIDENT EXTERNAL) account with IOB in Singapore

Features

  • Term deposits, savings accounts, and certificates of deposit in Indian rupees are all forms of NRE accounts.
  • NRI/PIOs can open accounts on their own or with other NRIs/PIOs, depending on their preference.
  • NRE accounts can be credited via remittances from abroad in permitted currencies, or by transfers from other NRE/FCNR accounts.
  • The entire balance in the account can be withdrawn at any time.
  • NRE Term deposits can be used as collateral for a loan.
  • There is no tax on interest income.
  • There is an option to nominate someone. The nominee does not have to be a citizen of India to be nominated.

Opening NRO account with IOB in Singapore

To maintain an NRO account, NRIs and PIOs are permitted to conduct legitimate local banking transactions in Rupees that do not violate the provisions of FEMA and the rules and regulations thereunder.

Features

  • When a resident Indian becomes a non-resident, his or her Indian bank account is reclassified as an NRO account.
  • It’s possible to open accounts in the form of savings, current, or term deposits.
  • A joint account with other NRIs/PIOs or a close family member is allowed.
  • The account holder’s legitimate Indian debts and overseas remittances can both be credited to the account.
  • Income tax is levied on interest income.

To open an account, fill out the form 

Documents required to open NRE/NRO/FCNR accounts?

  • Passport Copy
  • Visa
  • Work Permit
  • National ID card
  • Photo

Eligibility Required to open NRE/NRO/FCNR accounts?

  • Individuals
  • Joint accounts
  • Clubs,
  • associations,
  • trusts,
  • Govt. Bodies,
  • societies (including co-operatives)
  • educational institutions,
  • associations and other non-trading organizations

Minimum balance to maintain

Non-cheque accounts in rural and semi-urban areas must have a balance of Rs. 100/-, while cheque accounts must have a balance of Rs. 500/

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