Help And Support

Investments - Supplementary Retirement Scheme (SRS)

Frequently asked questions
  • 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.
    2. Tap on the menu bar on the top left of the screen.
    3. Tap on "Invest".
    4. Select "Contribute to SRS Account".
    5. Follow mobile banking instructions.

    For SRS contributions submitted via Online or Mobile Banking between 9am-9pm from Mondays to Saturdays (excluding public holidays) we will process it within the same day. SRS contributions submitted after 9pm or on a non-business day will be processed the next working day.

    If a request is successful, the transaction will be shown in your SRS Transaction History one business day after we process it. For example, if the request is submitted on Sunday, we will process it on Monday (non-public holiday) and the transaction will be shown in your SRS Transaction History on Tuesday. We will send you an email if the request is unsuccessful.

    If your request is submitted before 11.59pm on 31 December on the last business day of the year (on or before 31 December), your SRS contribution will be made the same year.

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


    Cash can only be deposited over the counter at branches.


    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.

    Contributions must be made by 31 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    If you withdraw from your account at or after the applicable statutory retirement age, only 50% of the withdrawn amount is subject to tax.

    The statutory retirement age prior to 1st July 2022 was 62, and will be raised to 63 on 1st July 2022.

    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.

  • Are there any fees or charges imposed for (i) the transfer of my SRS Account from OCBC to another bank; or (ii) for the withdrawal of shares from my SRS Account?

    Yes – if you (i) transfer your SRS Account from OCBC to another bank and the transfer involves shares; (ii) withdraw shares from your SRS Account, the following fees and charges are applicable:

    • a CDP settlement fee of S$0.35 per counter
    • share transfer charge of S$10 per counter (applicable for share-related transactions).

    These charges are subject to the prevailing Goods and Services Tax (GST) rate.