SRS - Investment

About SRS

What is Supplementary Retirement Scheme (SRS)?

Build your retirement nest and enjoy tax savings when you save.

Every dollar that you contribute into the account reduces your taxable income by a dollar.

The earlier you start, the more tax savings you enjoy.

3 Easy Steps to Start Enjoying Tax Savings

Open your SRS Account

•	Visit any OCBC Branch or
•	Download and complete the SRS mail-in application form or
•	Sign up via OCBC Online Banking

Deposit into your SRS Account

•	Transfer funds from your OCBC Savings/Current Account through Internet Banking or
•	Deposit a cheque or
•	Visit our branch to deposit cash

Manage your SRS Account

•	View your account details via OCBC Internet Banking and/or
•	Invest your SRS funds to receive higher returns

Download SRS Application Form

Download Declaration Form

How it benefits you

How SRS Benefits you

Tax relief for contributions made into your SRS account. Here’s how much you can save:

Only 50% of your withdrawals from SRS are subject to tax at retirement.Withdrawals can be made over a period of 10 years thus resulting in greater tax savings especially when your marginal tax rates are lower during your retirement years.

Invest your SRS funds and generate even more savings.

Important information

Where can I get a tax relief on my SRS contribution?
Your tax relief will be given to you in the following year of your contribution. For example, for contributions made in the year 2011, your tax relief will be granted in the Year of Assessment 2012.

How do I make a claim for the tax relief that I am entitled to because of my SRS contribution?
You do not need to make a claim in your annual income tax return. IRAS will grant the tax relief to you automatically, based on the information provided by OCBC Bank as your SRS operator.

Must all the proceeds from the sale of my SRS investments be returned to my SRS account?
Yes, all the proceeds from the sale of your SRS investments will be returned to your SRS account. However, sale of investments do not allow for a withdrawal from your SRS account.

If my savings withdrawn from the SRS are subject to tax, would I be paying a lot of tax when I retire?
No. If you make a withdrawal after the age of 62, only 50% of your withdrawals are subject to tax. You are also allowed to spread out your withdrawals over a period of 10 years. With lower or nominal income at retirement, you may end up paying little or no income tax.

Should I open the SRS account now?
Yes. Early planning is key in helping you to meet your retirement goals. Your SRS account will help you build the pool of funds you need for retirement.

Terms and Conditions

Contribution cap
All SRS contributions are to be made at any time before 31st December each year.

The amount of contribution is subject to a cap. The SRS contribution cap is based on a common absolute cap of S$85,000 i.e. 17 months of the prevailing CPF salary ceiling of S$5,000. This amount is 15% of S$85,000 or S$12,750 for Singaporeans and Permanent Residents, and 35% of S$85,000 or S$29,750 for foreigners.

Transferring your existing SRS account to OCBC Bank
Download & complete the Account Transfer Form OR Visit any OCBC Branch with the Account Transfer Form to open an SRS Account and make a contribution.

Singapore dollar deposits held by or for a non-bank depositor in accounts listed in OCBC Bank’s Insured Deposit Register (available at www.ocbc.com/policies) will be insured in accordance with and for up to the limits specified in the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 of Singapore.