3 Best bank to open SGD/HKD NRI or FCNR Fixed Deposit? DBS vs ICICI

If you are living and working in Singapore or Hong Kong and thinking to open FCNR (Foreign currency Non-resident) fixed deposits in Singapore and Hong Kong dollar i.e. SGD or HKD then, unfortunately, you don't have many choices as not all Indian banks provide facilities to open FCNR fixed deposit in SGD and HKD. Most of the Indian banks supports 6 major foreign currency for FCNR deposits e.g. USD, GBP, EURO, JPY, AUD, and CHF. Even, the biggest bank of India, the SBI doesn't support SGD or HKD as foreign currency for FCNR deposits. then you should consider DBS bank's FCNR fixed deposit option.


Not many banks offer FNCR in SGD like SBI doesn't allow you to open FCNR deposit in Singapore dollar. It is Singapore based bank so many of you might have a local bank account and by using DBS's India remit you can also easily remit fund to your Indian NRE/NRO account. If you are thinking to open an FCNR fixed deposit in SGD then DBS seems to be the right choice. It offers good interest rate as well as convenient of internet banking to open FCNR deposits.

The FCNR deposit is a unique saving option as it allows you to keep money in foreign currency hence avoiding the exchange rate losses you incur while converting SGD to INR and then reverse INR to SGD. It is also better than local foreign currency deposit because it is not taxable in India and generally offers better exchange rate

Apart from that, DBS's FCNR or Foreign Currency Non Resident fixed deposits offers following benefits:


More Currencies
DBS supports a wide range of major foreign currencies including SGD and HKD, which is not supported by many Indian private and public banks. You can maintain your deposit in any of these 9 currencies: USD (US Dollar), GBP (British Pound), EUR (Euro), JPY (Japanese Yen), AUD (Australia Dollar), CAD (Canadian Dollar), SGD (Singapore Dollar), CHF (Swiss Franc) and HKD (Hong Kong Dollar).

Compare this to SBI which only allow you to open FCNR fixed deposit in USD, GBP, EURO, CAD, JPY, or AUD i.e. you cannot open FCNR deposit in SGD (Singapore dollar) or HKD (Hong Kong dollar)

Another major bank HDFC also supports only 6 foreign currencies - US Dollars (USD), Pounds Sterling (GBP), Euro, Japanese Yen, Australian Dollars, Canadian Dollars for FCNR deposits.

Only ICICI bank allows you to open FCNR fixed deposit with SGD and HKD as it supports following currencies:
USD, GBP, EUR, JPY, CAD, AUD, SGD, HKD, and CHF.

Axis Bank also supports only 6 foreign currency Choices of currencies are USD, GBP, EURO, JPY, AUD and CAD

Flexible Tenures
Tenures ranging from 1 year to 5 years

Low Investment Amount
Open an account with as low an amount as USD 1000 compare this to ICICI which requires minimum 2000 SGD to open an FCNR fixed deposit with SGD.


Fully Repatriable
Deposit amount and interest earned are fully repatriable

Automatic Renewal
Automatic renewal of deposit on maturity

Convenient
Our internet banking facility offers you 24-hour access to your account while ensuring the highest level of security

Nomination
Nomination facility available
Bank at any of our branches during your visit to India with our inter-city banking facility
Easy account funding through our alliances with correspondent banks worldwide

Best bank to open SGD/HKD FCNR Fixed Deposit? DBS vs ICICI
Attractive Interest Rate
Though, interest rates for FCNR deposits are subject to change on the 1st of every month and as per the guidelines issued by the Reserve Bank of India from time to time. The federal bank also offers FCNR deposit, if you are from Kerala, you can also use that bank.

Compound Interest
Interest compounded half-yearly


That's all about major benefits of opening DBS FCNR fixed deposit for Singapore based NRIs. That's all about major benefits of opening DBS FCNR fixed deposit for Singapore based NRIs. Though, you must note that FCNR fixed deposit doesn't provide pre-mature withdrawal.

In general, no interest is payable if FCNR Deposit is withdrawn before completion of 12 months. Even though almost all major India banks, both public and private sectors e.g. ICICI, HDFC, SBI and Axis Bank allows you to open FCNR fixed deposit, DBS offers lot more currencies and seems best for SGD based FCNR fixed deposit.

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