| Bank Name | State Bank of India Singapore |
| Singapore Operations Started | 1977 |
| Parent Bank Headquarters | Mumbai, India |
| Chairman of Parent Bank | Challa Sreenivasulu Setty |
| Singapore Operations Balance Sheet Total (FY2025) | US$ 781.05 million |
| Singapore Operations Net Profit (FY2025) | US$ 8.29 million |
| Parent Bank Total Assets (FY2025) | ₹ 66,76,053 crore |
| Parent Bank ROE (FY2025) | 19.87% |
| SWIFT Code | SBINSGSG |
| Retail Branches in Singapore | 5 |
| ATM Footprint Mentioned by Bank | 18 SBI ATMs, plus access through the ATM5 shared network |
| Main Digital Channels | Internet Banking, YONO access support, eRemit, FAST connectivity |
SBI Singapore is the Singapore operation of State Bank of India, one of Asia’s largest banking groups. In Singapore, the bank combines retail banking, cross-border remittance, trade finance, and corporate banking in a way that is especially relevant for customers with links to India, ASEAN, and wider South Asia. That mix matters because many users are not only looking for a local branch network. They also want faster money movement, foreign currency access, and a bank that understands cross-border banking routines.
- Key Information
- About SBI Singapore
- History
- Mission and Vision
- Landmark Milestones
- Products and Services
- Retail Banking
- SME and Corporate Banking
- Digital Initiatives
- Financial Indicators
- Latest News and Developments
- Account Opening Process
- Strengths and Points to Review
- Comparison with Other Singapore Banks
- FAQ
- Is SBI Available in Singapore?
- How Many SBI Branches Are There in Singapore?
- What Is the SWIFT Code for SBI Singapore?
- What Services Does SBI Singapore Offer?
- Can Foreigners or NRIs Open an Account with SBI Singapore?
- Does SBI Singapore Support Fast Transfers and India Remittance?
Key Information
SBI entered Singapore in 1977 with an offshore banking licence. Later, in 2008, it received Full Bank status with QFB privileges, which helped broaden its retail presence in the city-state. Today, SBI Singapore operates five retail branches: Cecil Street, Ang Mo Kio, Jurong East, Little India, and Marine Parade. The bank also states that it has 18 SBI ATMs and access to more than 200 shared ATMs through the island-wide ATM5 network.
What makes SBI Singapore different in daily use:
- Strong India-linked remittance flow and broad SBI network connectivity
- Retail products alongside wholesale banking, loan syndication, and trade finance
- Support for FAST transfers in Singapore
- Access to Singapore dollar deposits and foreign currency deposits
- Mortgage products linked to Compounded SORA as well as fixed-rate options
About SBI Singapore
History
SBI’s Singapore presence started in 1977, making it one of the long-running foreign banking names serving India-linked business and retail demand in the market. The Singapore franchise grew from a mainly offshore and wholesale setup into a broader banking platform. A major turning point came in 2008, when the bank received Full Bank status with QFB privileges. That move supported wider branch-based retail access and helped SBI Singapore serve both individual customers and business clients under one roof.
Mission and Vision
SBI Singapore’s operating direction is easy to read from its product mix. The bank focuses on day-to-day banking, cross-border payments, property-backed lending, trade support, and regional corporate financing. In practice, that means the Singapore unit is not built only for domestic transactions. It is built for customers who need a bank that can connect Singapore, India, and nearby Asian markets with fewer friction points.
Landmark Milestones
| Year | Event | Brief Note |
|---|---|---|
| 2025 | 2024–25 Singapore Financial Statement Released | Singapore operations reported a balance sheet total of US$ 781.05 million and net profit of US$ 8.29 million. |
| 2025 | Parent Bank FY2025 Profit Update | State Bank of India reported ₹ 70,901 crore net profit and 19.87% ROE for FY2025. |
| 2025 | Digital Modernization Seen at Singapore FinTech Festival | SBI leadership outlined a two-year core infrastructure upgrade path at a Singapore fintech event, showing where the group is heading on technology. |
| 2008 | Full Bank Status with QFB Privileges | This widened SBI Singapore’s ability to serve retail customers through a stronger local setup. |
| 1977 | Singapore Operations Began | The bank started in Singapore with an offshore banking licence. |
Products and Services
Retail Banking
SBI Singapore offers a retail line built around savings accounts, current accounts, term deposits, and selected loan products. On the deposit side, the bank lists both Singapore Dollar Deposit and Foreign Currency Deposit options.
On the lending side, the retail set includes:
- Home Loans
- Bridging Loans
- Secured Overdraft
- Commercial Property Loans
- Student Loans
- Premium Financing
For insurance distribution, SBI Singapore also works with providers such as Income Insurance, Tokio Marine Life Insurance Singapore, AIA Singapore, and Singlife. That broadens the bank’s role beyond deposits and loans.
SME and Corporate Banking
SBI Singapore has a visible corporate banking side. This matters because many foreign bank pages focus on retail only, while SBI Singapore openly highlights its commercial and wholesale banking role across ASEAN, South East Asia, and South Asia.
The business offering includes:
- Corporate deposits
- Current accounts
- Corporate loans
- Trade finance
- Corporate remittances
- Escrow services
- Loan syndication and participation
Its trade finance angle stands out. The bank says it uses its internatonal branch network to support import and export finance in Singapore dollars and foreign currencies. That is useful for firms managing invoice cycles, supplier payments, or region-wide working capital lines.
Digital Initiatives
SBI Singapore’s digital stack is built around Internet Banking, eRemit, access support for YONO services, and FAST connectivity. These are practical tools rather than marketing labels. They support account access, money movement, and daily transaction handling.
The bank also highlights instant INR remittance capability through the wider SBI network in India. For customers who move funds between Singapore and India often, that is one of the clearest use-case advantages on this page.
Financial Indicators
The Singapore unit publishes its own annual financial statement, while the parent bank publishes broader group-level financial indicators. Reading both together gives a better picture. The Singapore statement shows the local operation’s size and profit. The parent figures show the scale and earnings power of the wider SBI group.
| Year | Parent Bank Net Profit | Parent Bank ROE | Parent Bank Total Assets |
|---|---|---|---|
| FY2025 | ₹ 70,901 crore | 19.87% | ₹ 66,76,053 crore |
| FY2024 | ₹ 61,077 crore | 20.32% | ₹ 61,79,694 crore |
| FY2023 | ₹ 50,232 crore | 19.43% | ₹ 55,16,979 crore |
Singapore Operations Snapshot for FY2025
- Balance sheet total: US$ 781.05 million
- Net profit for the year: US$ 8.29 million
- Net profit in FY2024: US$ 7.32 million
- Earnings per equity share in the published statement: US$ 0.93
- Capital adequacy ratio shown in the statement: 14.25%
Latest News and Developments
The latest hard update for the Singapore operation is the publication of the 2024–25 financial statement. It showed a year-on-year rise in local profit from US$ 7.32 million to US$ 8.29 million. That is a simple but useful data point because many bank pages talk only about products and leave out local performance.
At the parent-bank level, SBI closed FY2025 with ₹ 70,901 crore in net profit and total assets of ₹ 66,76,053 crore. For readers assessing the bank’s scale, liquidity depth, and operating reach, those numbers matter.
Another recent signal came from Singapore FinTech Festival 2025, where SBI leadership discussed a two-year plan to modernize core banking infrastructure. For customers, that does not instantly change branch banking. It does show that the group is investing in the technology backbone behind digital services, payments, and future product delivery.
Account Opening Process
SBI Singapore makes its Individual Account Opening Form and Corporate Account Opening Form available on its website. That is helpful because many users want to see the paperwork stage before visiting a branch.
In practical terms, the process usually follows this path:
- Choose the product type, such as a personal deposit account or corporate account.
- Download the relevant opening form from the application forms page.
- Prepare identity and supporting documents requested by the bank.
- Visit a branch or contact SBI Singapore for the next verification step.
- Set up Internet Banking, remittance access, and other linked services after approval.
For business users, SBI Singapore also publishes a document checklist, tax residency self-certification forms, and related onboarding forms. That makes the corporate onboarding page more usable than the short product pages alone.
Strengths and Points to Review
What Works Well
- Long-running Singapore presence since 1977
- India-linked remittance strength and SBI network reach
- Useful mix of retail, corporate, and trade finance services
- Five branches across different parts of Singapore
- Support for FAST, online banking, and eRemit
What to Check Before You Apply
- Branch-led service may matter if you prefer fully app-first banking
- Product fit depends on whether you need local everyday banking or cross-border banking
- Rates, fees, and eligibility should always be checked on the current product page or form
- Corporate users should review the full documentation list before starting onboarding
Comparison with Other Singapore Banks
SBI Singapore sits in a different lane from the largest local consumer banks such as DBS, OCBC, and UOB. Those banks have very broad domestic ecosystems in Singapore, with deeper local card, wealth, and mass-market digital coverage.
SBI Singapore tends to stand out more in these areas:
- India-Singapore banking links
- Remittance convenience for selected corridors
- Trade and wholesale banking relevance for regional business clients
- Property-backed lending and selected deposit products for users who prefer branch-based service
That does not make it a better or worse choice across the board. It makes it a more natural fit for users whose banking life includes cross-border payments, India exposure, or regional business flows.
FAQ
Is SBI Available in Singapore?
Yes. SBI Singapore has operated in Singapore since 1977 and currently runs five retail branches along with an SBI ATM network and access to the shared ATM5 network.
How Many SBI Branches Are There in Singapore?
The bank lists five branches: Cecil Street, Ang Mo Kio, Jurong East, Little India, and Marine Parade.
What Is the SWIFT Code for SBI Singapore?
The commonly used SWIFT code is SBINSGSG. When arranging an internatonal transfer, users should still confirm the exact code and beneficiary details with the bank before sending funds.
What Services Does SBI Singapore Offer?
SBI Singapore offers deposits, loans, insurance distribution, remittances, trade finance, corporate banking, and Internet Banking. The bank also supports FAST transfers and eRemit.
Can Foreigners or NRIs Open an Account with SBI Singapore?
SBI Singapore provides an Individual Account Opening Form and also maintains a section for NRI Services. Final eligibility depends on the product chosen, the customer profile, and the documents requested during onboarding.
Does SBI Singapore Support Fast Transfers and India Remittance?
Yes. The bank states that it is part of Singapore’s FAST payment network and also highlights instant transfer facility for INR remittances through the wider SBI network in India.
