Supplementary Retirement Scheme (SRS)
Reduce your tax bill by up to 56%*
Eligibility
- Age 18 and above
- Not an undischarged bankrupt
- Must not have an existing SRS account with any bank
- Must not have a pending application to open an SRS account with any bank
Automatic tax reduction
Your SRS contribution is deducted from your taxable income automatically, making it hassle-free for you.
Convenient access & transfers
Access and contribute to your SRS account via Online Banking.
How it works
- You can make contributions* anytime during this period. Every dollar contributed into your SRS account reduces your taxable income by a dollar.
*Up to S$12,750 for Singaporeans and S$29,750 for foreigners. - You can withdraw from your SRS account anytime during this period but the full withdrawn amount is subject to tax and 5% penalty*.
*Penalty will not apply if withdrawal is made under exceptional circumstances (death, medical grounds). - If you withdraw from your account at or after the age of 62, only 50% of the withdrawn amount is subject to tax.
3 ways to apply
Via online banking
For existing OCBC customersMail-in application
Mail the completed form with photocopies of the below:
-
NRIC
for Singaporeans
or Singapore PRs - or
-
Passport
for Malaysians
- or
-
Passport & EP/WP
for other foreigners
At a branch
Please bring along:
-
NRIC
for Singaporeans
or Singapore PRs - or
-
Passport
for Malaysians
- or
-
Passport & EP/S-Pass
for other foreigners
- General disclaimer
- Terms and conditions governing the Supplementary Retirement Scheme (SRS) account
- Deposit Insurance Scheme
- Insured Deposits Register
- *The calculation is an example of tax savings that a person can potentially enjoy on the following assumptions – customer has total annual assessable income of S$70,000 and only enjoys the following personal tax relief: Earned Income Relief of S$1,000, CPF Contribution Relief of S$14,000, relief from SRS Contribution of S$12,750.
General disclaimer
1. The opinions or views expressed in this document are expressed by the third parties identified, and do not represent our view.
2. This information is intended for general circulation only. It does not consider the specific investment objectives, financial situation or needs of anyone.
3. Before you make an investment, you should speak to your OCBC Relationship Manager who will assess whether the products are suitable to you based on your investment objectives, financial situation or needs.
4. If you choose not to do so, you should consider if the investment product is suitable for you.
5. We are not making an offer, solicit to buy or sell or subscribe for any security or financial instrument, enter into any transaction or participate in any trading or investment strategy with you through this document.
6. We do not guarantee the accuracy of this information at any time. All of the information here may change any time without notice.
7. We are not responsible for any loss or damage arising from this information.
8. Investment involves risks. Past performance figures, predictions or projections are not necessarily indicative of future or likely performance. Actual performance may differ from the projections in this document.
9. Any reference to a company, financial product or asset class is used for illustrative purposes and does not represent our recommendation in any way.
10. The information in this document must not be reproduced or shared without our written agreement.
11. We may have alliances with product providers, for which we may receive a fee. Product providers may also receive fees from investors.
12. We may have performed or will perform broking and other financial services for the product providers.
13. We and our related corporations and their directors and officers may have or take positions in securities mentioned in this document.
Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$50,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
