SRS - Investment

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SRS

Since 2001, the SRS has served as a supplementary retirement fund. You can contribute varying amounts, subject to a yearly contribution cap, to SRS at your own discretion. The contribution amounts will be eligible for tax reliefs based on your marginal income tax rate.

Next Steps :

Benefits

Besides the obvious benefit of having more savings when you retire:

All contributions to SRS are eligible for tax deduction against your earned income

Each dollar of SRS contribution reduces your chargeable income by a dollar

Investment returns resulting from investing of SRS contributions are accumulated tax-free (except for Singapore dividends)

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 your marginal tax rates are lower during your retirement years

Contribution Cap

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

The amount of contribution is subject to a cap. The SRS contribution cap is no longer based on the individual's actual earned income but on a common absolute cap of $76,500 i.e. 17 months of the prevailing CPF salary ceiling of $4,500. This amount is 15% of $76,500 or $11,475 for Singaporeans and Permanent Residents, and 35% of $76,500 or $26,775 for foreigners.

Get started

Step 1

To declare your employment, self-employed or foreigner status, download and complete the Declaration Form.

Step 2

Visit any OCBC branch with the above Declaration Form and your NRIC or FIN

For account transfer to OCBC Bank

Download & complete the Account Transfer Form

Continue with steps 1 and 2 in "Get Started"