At a Glance: Similarities and Key Differences
| Topic | Singapore Citizens | Singapore PRs |
|---|---|---|
| Eligibility for everyday accounts | Eligible for standard savings/current, multi-currency, and time deposit accounts. | Generally eligible for the same account types. |
| Onboarding (digital) | Typically seamless via Singpass/MyInfo with minimal manual paperwork. | Typically seamless via Singpass/MyInfo as well. |
| Primary ID for KYC | NRIC (pink). | NRIC (blue). |
| Proof of address | Often auto-filled from MyInfo; banks may request supporting proof if details are not up to date. | Same approach; provide a recent bill/letter if MyInfo is not current. |
| Payments (PayNow, FAST, eGIRO) | Full access to local rails; PayNow can be linked to mobile number or NRIC. | Full access to local rails; PayNow can be linked to mobile number or NRIC. |
| Fees, minimum balances, interest | Set by product/tier; not by citizenship. | Set by product/tier; not by residency class. |
| Credit cards & limits | Income and credit history drive limits; banks follow MAS rules. | Same rules apply; some banks may take a closer look at length of local credit history. |
| Deposit insurance | Eligible Singapore-dollar deposits are protected by SDIC per depositor, per member bank (up to the prevailing limit). | Same protection and limits. |
| Government-linked accounts | Eligibility depends on scheme rules (e.g., certain benefits are citizen-specific). | Eligibility depends on scheme rules; separate from bank policy. |
Eligibility & Account Types
Banks in Singapore design their core retail products for residents, so both Citizens and PRs can open:
- Everyday savings/current accounts for salary crediting, bill payments, and daily spending.
- High-yield or hybrid accounts that reward salary crediting and activity (e.g., card spend or GIRO transactions).
- Multi-currency accounts to hold and convert foreign currencies for travel or investing.
- Time deposits with promotional tenors and rates.
- Joint accounts for shared expenses.
- Priority/wealth accounts based on assets under management, available to any customer who meets the threshold.
Onboarding & Documents
For both Citizens and PRs, the fastest way to onboard is via Singpass/MyInfo, which lets a bank retrieve verified personal data with your permission. When applying, expect to provide:
- NRIC (pink for Citizens; blue for PRs).
- Residential address (often auto-filled via MyInfo; a recent bill, bank statement, or official letter may be requested if details need confirmation).
- Employment and income details for certain account tiers or when applying for credit products.
- Tax residency self-certification (banks ask all customers to declare tax residency for international reporting requirements).
When MyInfo is used, many of these fields are pre-populated, reducing manual uploads and branch visits.
Digital Features & Local Payments
Citizens and PRs enjoy the same digital experience: instant transfers via FAST, QR payments via SGQR, automated billing through eGIRO, and PayNow for instant peer-to-peer transfers. PayNow can be linked to your mobile number or NRIC, making salary splits and reimbursements straightforward.
Fees, Minimum Balances & Interest
Pricing is product-driven, not citizenship-driven. Minimum balances, fall-below fees, account service fees, and interest mechanics are set by each bank and account type. You’ll typically see differences by bundle (e.g., whether you credit salary and set up GIROs), by balance tier, or by whether you hold other products with the same bank.
Credit Cards & Unsecured Credit
Approval depends on income, existing unsecured debt, and credit history. Monetary Authority of Singapore (MAS) rules apply across the board, so PRs and Citizens are assessed under the same regulatory framework. Some banks may offer conservative initial limits if you are newer to the local credit file; limits can grow as your track record builds.
Loans & Mortgages (Related, Not an Account)
Both Citizens and PRs can apply for bank mortgages and personal loans subject to bank underwriting and MAS affordability guidelines. Government housing schemes have their own eligibility rules, which are separate from bank policy.
Safety & Deposit Insurance
Eligible Singapore-dollar deposits are protected by Singapore Deposit Insurance Corporation (SDIC) up to the prevailing coverage limit per depositor, per scheme member. This applies equally to Citizens and PRs. Do note that not all products are covered (e.g., certain investment products); banks will label coverage clearly.
Choosing the Right Account
- Match the account to your habits: If you credit salary and pay bills through GIRO, a high-activity account may reward you with better interest.
- Look at foreign currency needs: If you travel or invest overseas, multi-currency features and FX spreads matter.
- Consider ecosystem benefits: Holding a card, insurance, or investments with the same bank can unlock fee waivers or tier upgrades.
- Check network convenience: ATM coverage, branch access, and app usability make day-to-day banking smoother.
Quick Checklist Before You Apply
- Update your MyInfo profile so onboarding is one-tap.
- Keep a recent proof of address handy in case verification is needed.
- Know your monthly activity (salary credit, GIROs, card spend) to pick the most rewarding account.
- Read the bank’s fee schedule and deposit insurance notices for the exact details.
Friendly reminder: Policies, fees, and eligibility criteria can change. For critical decisions, verify details on official pages such as the Monetary Authority of Singapore, the Singapore Deposit Insurance Corporation, and your bank’s latest product terms. If you use Singpass/MyInfo, ensure your records are current before applying.
