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 earn tax-free returns

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

Open an OCBC Supplementary Retirement Scheme (SRS) account to enjoy tax savings on the funds you contribute while saving up for a comfortable retirement.

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

Your SRS account is a great start to securing your dream retirement. Make your SRS funds work even harder by investing them in a wide range of financial products for tax-free retirement gains.

Calculate your tax savings

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.

Making an investment
Ways to pay

SRS contribution can be done through:

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.

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).


This advertisement has not been reviewed by the Monetary Authority of Singapore.
Information presented as at 14 February 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

Common 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 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 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.
Can I invest if my SRS Contributions are with another bank?
Yes, you can. Visit any branch to speak to one of our Personal Financial Consultants to find out more.
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.




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 OCBC customers

You will receive your account number and Online Banking access within 1 working day.

or

For new customers

Apply online with either MyInfo or manually with these supporting documents  

  1. For Singaporeans and Permanent Residents:

    • NRIC

    For Foreigners:

    • Passport
    • Employment Pass (EP); or S-Pass
  2. S$1,000 for initial deposit

  3. Additional documents
    Include any one of the following documents:

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