DBS Bank Opens Flagship Branch for NRIs in Bengaluru

DBS Bank launches digital account opening for Non-Resident Indians (NRIs) that lets new customers complete the account opening process, besides document submission, in an industry-leading 60 minutes[1]

DBS opens new flagship branch in Indiranagar, Bengaluru designed for High-Net-worth Individuals (HNIs) and Non-Resident Indians (NRIs) to service both onshore and offshore banking needs

DBS high net worth customers can now avail premium banking in all of DBS’s six key markets in Asia; being a DBS Treasures customer in one market gives them the same DBS Treasures privileges in all DBS markets

Bengaluru, 28 November, 2024 – DBS Bank has announced a significantly enriched wealth proposition for its customers in India, building on its existing offering and introducing new, digitally enhanced features, tailored to the needs of NRIs and HNIs. The bank also inaugurated its third flagship branch in Indiranagar, Bengaluru, reinforcing its presence in the country’s technology hub, with a comprehensive suite of bespoke offerings and cross-border solutions for HNI clients and NRIs to access both domestic and global banking capabilities. The latest branch opening adds to the 26 DBS branches already serving Bengaluru and underlines the importance of the city to the bank’s operations in India.

In its largest increase in history, new financial wealth of US$588 billion was generated in India in 2023 and the country is expected to add wealth of ~US$730 billion annually until 2028[2]. This increase in affluence has led to the emergence of new customer needs, and coupled with the rising phenomenon of the globally mobile Indian, there is a requirement for customised solutions that factor in personal, business and lifestyle preferences.

DBS Bank has leveraged its presence across Asia, and its advanced digital capabilities to design a differentiated offering, that gives DBS Treasures customers, with a Total Relationship Value of more than INR 30 Lakh, total access to a full suite of customised wealth management solutions, experienced relationship managers, exclusive privileges, and the trusted advantage of the DBS network.  The full proposition, including preferential FX rates for international fund transfers, waived service fees, and zero ATM withdrawal fees, is available to customers across the six key DBS markets of Singapore, Hong Kong, Taiwan, Indonesia, India and China. In 2023, DBS Bank launched its super-premium, invite-only credit card in India, the DBS Vantage Card, offering exclusive benefits for high-net-worth customers and international travellers. These benefits include 8 Vantage Points for every ₹200 of international spends (1 VP = ₹1), zero forex mark-up on international transactions in Singapore, and a low forex mark-up of 1.75% for transactions elsewhere.[3]

The bank has pioneered an online account opening experience for its new NRI customers which lets them complete the account opening process (prior to document submission), within an hour, setting the standard for seamless onboarding. In line with the needs of a multi-location lifestyle, global Indians can open a DBS savings account with view-access and can track their application through the DBS Mobile Application Platform. View-access gives customers the functionalities of a savings account, except for fund withdrawal. Once all mandatory documents are submitted, customers can transact and withdraw funds with full account functionality. The new streamlined DBS process is a major step forward in accessibility and convenience for NRI banking, reducing the time and effort of paper documentation and follow-ups and ensuring a smooth and efficient customer experience end-to-end.

Richa Tripathi, Head - Wealth Management and Treasures, DBS Bank India, said, “Having been in India for over 30 years, DBS has developed a robust understanding of the preferences of high-net-worth Indians, both in the country and abroad. The pattern of wealth creation in India has become more decentralised, demanding stronger regional presence. DBS Bank India’s large branch network, coupled with advanced digital expertise, supports its ‘phygital’ strategy, which can comprehensively serve the rapidly growing new wealth in India. At the same time, Bengaluru’s entrepreneurial ecosystem and rise in investable wealth make it an ideal market for piloting our premium banking products and propositions.

The new signature DBS branch in Bengaluru will offer more exclusive and personalised services for the complex and evolving needs of our affluent and NRI customers as well as business owners. Our online account opening solution for NRIs enables them to unlock more value through a seamless, location-agnostic experience.

Asia, with India at the heart, is the rising epicentre of wealth and, as the largest bank in Southeast Asia, we look forward to bringing all the advantages of our Asian connectivity to our Indian and NRI clients.”

The bank in India has also tailored its wealth management approach for resident elderly customers with a proposition known as “DBS Golden Circle”, designed to not only address this demographic’s financial needs, but also to enhance their overall quality of life through a suite of specialised services, enabling them to ‘Live more, Bank Less’.