Singapore NRI Guide 2026: EP, Banking, Tax & Indian Community Life
A practical guide for Indians on Employment Pass or Dependent Pass in Singapore — covering MOM compliance, opening DBS/OCBC accounts, IRAS tax filing, CPF implications, and managing money back in India.
MOM Permits: Which Pass Is Right for You?
Singapore's Ministry of Manpower (MOM) issues three main passes for Indian professionals. The Employment Pass (EP) requires a minimum monthly salary of S$5,000 (S$5,500 for financial services from 2026) and a degree from a recognised university. The S Pass is for mid-skilled roles with a minimum of S$3,150. The Dependent Pass (DP) is issued to EP/S Pass holders' spouses and children; DP holders need a Letter of Consent to work.
Opening a Singapore Bank Account
DBS, OCBC, and UOB all serve new arrivals. DBS offers a "New-to-Bank" account for EP holders with just your passport and EP card. OCBC's 360 Account has attractive interest if you credit your salary. UOB One is worth considering for cashback. Bring your Employment Pass, passport, and a local address proof (can be employer's letter initially).
IRAS Tax Filing in Singapore
Singapore's income tax is territorial — only Singapore-sourced income is taxed. Rates are progressive from 0% to 22% (for income above S$320,000). Most EP holders use the No-Filing Service (NFS) if their employer participates in the Auto-Inclusion Scheme. If you have other income (rental, freelance), you must file manually by 18 April each year. The SRS (Supplementary Retirement Scheme) allows voluntary contributions up to S$15,300/year — tax-deductible and useful for Indians who plan to stay long-term.
Singapore–India DTAA
Article 15 of the Singapore–India tax treaty covers employment income: taxable only in Singapore if you work there (with standard exceptions for short-term visits). Indian NRO interest is taxable in India; Singapore does not tax foreign-source income. For Indians who also have Indian income, the DTAA provides clarity but you should still file an Indian ITR for completeness.
Sending SGD→INR
| Provider | Fee on S$1,000 | Speed |
|---|---|---|
| Wise | ~S$5 | Same day |
| Instarem | S$3–5 | Same day |
| SingX | S$0 (rate margin) | Same day |
| DBS Remit | S$0 to India | Next day |
OCI + Singapore Long-Term Visa
You can hold both an OCI card and a Singapore long-term pass simultaneously — they serve different purposes. OCI gives visa-free India entry; your Singapore EP/DP gives you Singapore residence rights. Update MOM if you travel to India for extended periods.
Housing in Singapore
HDB (public housing) flats are restricted — EP holders without PR status cannot buy HDB. Private condominiums and landed property are generally available to foreigners (with Additional Buyer's Stamp Duty). Most EP holders rent initially: expect S$3,000–5,000/month for a 2-bedroom condo in central areas.
Indian Community in Singapore
Singapore has a thriving Indian community — Little India (Tekka Centre, Mustafa) is your one-stop for Indian groceries, clothing, and remittance services. The Singapore Indian Chamber of Commerce (SICCI) and various Tamil and North Indian cultural associations hold regular events. Indian schools include the Global Indian International School (GIIS).
Set up rate alerts for SGD/INR on NRI Tools to catch the best transfer rates before sending money home.