Supplementary Retirement Scheme (SRS) Account

Why OCBC SRS Account?

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

Endowment Insurance Plans

Plan for your retirement with endowment insurance plans that allows you to grow your SRS funds while providing financial protection for death and total and permanent disability (TPD) during the policy term.

PrimeGold Bonus 2

15 or 20-year endowment insurance plan that pays yearly cash payouts after the accumulation period.

Find out more

GREATLife Endowment Insurance

Multiply your returns and enjoy flexibility to meet your changing life goals. SRS funds can only be used to purchase 5 year prepayment plans

Find out more

Get cash rewards when you purchase the GREATLife Endowment Insurance 5 (prepayment) using SRS funds. Promotion terms and conditions apply.

Unit Trusts

Over 70 unit trust funds available for purchase with SRS funds.

Here are some top Fund ideas which are carefully selected by our Wealth Panel and Advisors.

Schroder Asian Income Fund

Schroder Asian Income Fund

Gain access to a diversified, multi-asset portfolio consisting of both Asian equities and Asian fixed income instruments.

Find out more

Lion-OCBC Global Core Fund

Invests in a diverse portfolio of Exchange Traded Funds (ETFs).

Find out more

Other eligible financial products

With SRS, 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 PRs, and S$35,700 for foreigners.

Calculate your tax savings

  1. Enter the following details

    What's your total annual income?


    How much are your personal reliefs?


    How much do you want to contribute to SRS?


    Maximum yearly contribution is capped at S$15,300 for Singaporeans and PRs, and S$35,700 for foreigners.

    Total tax reliefs (including SRS Contributions) is capped at S$80,000 from Year of Assessment 2018.

  2. Here's what you will save


    That is XX% of your tax saved!

    Without SRS

    Taxable income


    Total tax payable


    With SRS

    Taxable income


    Total tax payable


    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 the information provided (or derived) herein.

Ways to apply

or visit us at a branch with these documents.    
Locate a branch

Read more about SRS

6 myths about SRS everyone should know about

Find out More >

6 ways you can maximise your SRS funds to meet your retirement goals

Find out More >

Questions you may have

1) 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 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.

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.

2) 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.

3) 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.

4) 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.

5) How can I close my OCBC SRS Account?

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

6) 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.

7) 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.

8) 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.