Investments

OCBC Supplementary Retirement Scheme (SRS) account

How can I contribute to my OCBC SRS Account?

Contributions can be made through either of the following ways:

Online Banking

  1. Login to Online Banking with your access code and PIN
  2. Under "Investment & insurance", select "Retirement portfolio"
  3. Select "SRS contribution"

Mobile Banking

  1. Login to Mobile Banking with your access code and PIN
  2. Under "More services", select "Investments"
  3. Select "Make a SRS contribution"

Cash

Cash can only be deposited over the counter at branches.

Cheque

Write a cheque payable to yourself and drop it into a Quick Cheque Deposit box at any OCBC branch Indicate on the back of the cheque:

  • Your name
  • NRIC or FIN number
  • SRS account number
  • Contact number

Cheques received before 3.30pm on a working day, the funds will be credited to SRS account around 4.00pm on the following working day if the cheque is good for payment.

SRS contribution cannot be done via other banks' internet banking.

Contributions must be made by 30 December of each year in order to be eligible for tax deduction in the same year.

Standing instruction is currently not available.

When can I withdraw my SRS funds?

You can withdraw your SRS funds anytime.

If you withdraw from your account at or after the age of 62 (statutory retirement age), only 50% of the withdrawn amount is subject to tax.

However, if you make a withdrawal before the statutory retirement age prevailing at the time of your first contribution, funds withdrawn will be subjected to tax and a 5% penalty.

The penalty applies to all withdrawals except those made under exceptional circumstances:

  1. death;
  2. medical grounds;
  3. bankruptcy; or
  4. the full withdrawal of the SRS balance by a foreigner provided that the following conditions are met:
  • you are neither a Singapore Citizen nor a Singaporean PR on the date of withdrawal and for a continuous period of 10 years preceding the date of withdrawal;
  • you have maintained your SRS account for a period of not less than 10 years from the date of your first contribution to your SRS account; and
  • you make a one-time full withdrawal from your SRS account.

Does my SRS contribution count towards my personal relief?

Contributions to SRS are considered part of your personal reliefs. Total personal reliefs, including SRS contributions, are capped at S$80,000.

Can I transfer my SRS Account from other banks to OCBC?

Yes, you can. Visit any of our branches to complete and sign these forms:

  • Account Transfer form
  • SRS Account Application form
  • Declaration form

The branch will submit these documents for the processing of the transfer.

How can I close my OCBC SRS Account?

You may approach any of our branches to complete the Account Closure form.

Can I invest with my SRS Contributions?

A wide range of financial instruments are available for your investments. These include stocks, unit trusts, time deposits, annuities, fund management accounts and life insurance policies (single premium and recurrent single premium products only).

However, direct property investments, life insurance policies greater than 3 times the single premium, critical illness, health and long-term care products are not allowed.

Are there any fees and charges for my OCBC SRS Account?

There will be a S$2 transaction fee for each application or redemption for Singapore Savings Bonds.