There are eight Indian banks branches present in Singapore. These are UCO Bank, Bank of India, Indian Overseas Bank, Indian Bank, Bank of Baroda, State Bank of India, ICICI Bank, and Axis Bank. These all banks have only one branch in Singapore except UCO bank; UCO bank is the only bank to have two branches in Singapore.
In Singapore, Banks need a minimum cash balance of 3% of their account base and should keep 18% of their accountabilities to operate. Out of this, only 10% is needed to be invested in Singapore government securities. Here are brief profiles of these Indian banks that have branches in Singapore.
State Bank of India: SBI is India’s largest lender qualified from the Monetary Authority of Singapore (MAS) on 25 March. SBI offers corporate loans, deposits, and payment services, among other services.
ICICI Bank: ICICI Bank is India’s largest private sector lender; it got its banking license in August 2003 from MAS. This bank includes foreign currency loans and trade finance. In addition, ICICI Bank’s Singapore branch allows operating Asian Currency Unit (ACU); this will help people do banking activities in non-Singapore dollars.
Bank of India: The BOI branch was opened in June 1951 and got a license to transact business in both domestic units (DBU), i.e., both Singapore Dollar and ACU. BOI provides customers with a whole range of banking activities.
UCO Bank: UCO Bank was started in Singapore in April 1951. This bank is the only Indian Bank to have two branches in Singapore. UCO Bank offers many services such as deposits, trade financing for import and export, and transfers. UCO Bank also offers foreign exchange services to companies and enables external commercial borrowings.
Indian Overseas Bank: This is the first Indian bank that started operations in Singapore. IOB got approved in February 1941. IOB Bank also provides all the services such as transfers, deposits, trade finance services, etc., to its customers.
Indian Bank: Indian Bank got approved in Singapore in July 1941. Indian Bank also provides all the services to their customers. Customers can credit, transfer, retail banking, trade financing, currency dealing, and loan syndication.
Bank of Baroda: Bank of Baroda got approved in Singapore in September 2006. Bank of Baroda also provides all the facilities to its customers. Bank of Baroda is an offshore bank.
Axis Bank: Axis Bank is an Offshore Bank. It started its branch in Singapore in April 2006. By October 2007, Axis Bank earned a balance of over $1 billion. Axis Bank provides loans and trading to its customers.
Many of the Indian Banks and Private Banks have branches all around the world. Some of these Banks have representatives’ offices all around the world. State Bank of India and Bank of Baroda have the most significant number of branches worldwide. If you are an Indian living in Singapore and don’t know which Indian banks have branches in Singapore to deposit, transfer, or convert money. Then this article will be helpful to you.