Supplementary Retirement Scheme (SRS) Account

Save on your taxes now while you save for your later years

Why you will love this

Enjoy tax savings while saving for retirement

Use your savings from SRS to invest and insure

Who can apply

Anyone above 18 years old

Singaporean, Singapore PR or foreigner with a valid pass

Must not have an existing SRS Account with any bank

 

Receive up to S$100 FairPrice e-Voucher Find out more

Latest update

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Shareholders who wish to vote at their respective company’s meeting may submit a form to appoint the Chairman of the meeting to vote on their behalf. Submissions must be done at least 7 business days before the date of the meeting.

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Features and benefits

SRS helps you save on tax

You can reduce your taxable income by the same amount contributed to your SRS Account, with a maximum yearly contribution of S$15,300 for Singaporeans and Singapore PRs, and S$35,700 for foreigners.

Build your dream retirement

Make your SRS funds work even harder by investing them in a wide range of financial products to accumulate tax-free returns* in the SRS Account.

*Only 50% of the withdrawals from SRS are taxable when you perform penalty-free withdrawal.

How SRS helps you save on tax

The following illustration is based on an annual income of S$130,000 and a personal relief of S$30,000.

Total annual income
Without SRS

Other personal reliefs
(S$30,000)

Taxable income
(S$100,000)

With SRS

Other personal reliefs
(S$30,000)

SRS contribution
(Reduction of S$15,300)

Reduced taxable income
(S$84,700)

Calculate your tax savings

Use our SRS savings calculator to see how much you can save on your taxes!

Understanding your savings

Here is what you will save

S$0

That is -94% of your tax saved!

Without SRS

Taxable income

S$0

Total tax payable

S$0

With SRS

Taxable income

S$0

Total tax payable

S$0

Important notice
The contents of this website (including, without limitation, the results shown by the calculator) are meant to be used as a general guide only. It does not take into account each person’s personal circumstances and should not be used as a substitution for proper tax advice.

OCBC Bank makes no representation or warranty as to the accuracy, adequacy or completeness of the contents of this website. OCBC Bank shall not be responsible or liable for any loss or damage which may arise in connection with any person relying and/or acting on any information or computations provided herein.

Promotions

From now till 31 December 2020, receive up to S$100 worth of rewards when you open an SRS Account and deposit, insure or invest with it.

SRS Account opening offer

SRS Account opening offer

Receive a S$50 FairPrice e-Voucher when you open a new SRS Account and deposit a minimum of S$10,000.

Terms and conditions apply.
Limited to the first 2,000 eligible customers.

Apply now

Maximise your SRS funds

Maximise your SRS funds

Receive a S$50 FairPrice e-Voucher when you invest or insure with us using your SRS funds.

Terms and conditions apply.
Limited to the first 2,000 eligible customers.

Learn more

Make your SRS funds work harder

You may also like to check out our other Unit Trust funds.


Ways to pay

SRS contribution can be done through:

SRS contribution cannot be done via other banks’ internet and mobile 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.

before you apply

Eligibility requirements

Minimum age

18 years old

Documents required

NRIC for Singaporeans and Singapore PRs

Passport and a valid pass (e.g. Employment Pass (EP) or S-Pass or Student Pass) for foreigners

Additional document

Include any one of the following documents that shows your residential address

  • Phone bill
  • Half-yearly CPF statement
  • Any bank statement


Fees

Transaction fee for each application or redemption of Singapore Savings Bonds

S$2




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$75,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$75,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.


Policy Owners’ Protection Scheme

This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the Life Insurance Association (LIA) or SDIC websites (www.lia.org.sg or www.sdic.org.sg).


All figures provided are for illustration purposes only. Actual figures may differ or vary according to actual circumstances.
This advertisement has not been reviewed by the Monetary Authority of Singapore.
Information presented as at 5 November 2020.

ways to apply

Start investing in Supplementary Retirement Scheme (SRS) Account today

ways to apply

Start investing in Supplementary Retirement Scheme (SRS) Account today

FAQs and guides
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 App
  2. Go to Menu
  3. Under “Invest”, select “Contribute to SRS account”
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:
    1. 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;
    2. 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
    3. 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 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.

More questions and answers



1
For Singaporeans and Permanent Residents:

NRIC

For foreigners:

Passport
Employment Pass (EP); or S-Pass

2
Include any one of the following documents:

Phone bill
Half-yearly CPF statement
Any bank statement

For new customers

Open your account instantly with MyInfo via SingPass login.

If you do not have a SingPass, you can apply online with these documents 

  1. For Singaporeans and Permanent Residents:

    • NRIC

    For Foreigners:

    • Passport
    • Employment Pass (EP); or S-Pass
  2. Additional documents
    Include any one of the following documents:

    • Phone bill
    • Half-yearly CPF statement
    • Any bank statement

Fill application form 

or

For OCBC customers

If you have a current or savings account with us, you can open your account instantly via Internet Banking with only a few clicks.