Enrich your Retirement Life with SRS.sg

SRS is a government scheme that’s set up to help Singaporeans prepare for retirement.

How much tax savings can I enjoy?


Who is Eligible?

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You are a Singaporean, Permanent Resident (PR) or foreigner

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At least 18 years old and not an undischarged bankrupt

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Have no existing/ pending SRS Account with another bank

Overview of SRS.sg

  • Enjoy tax savings for every dollar put into the account

  • Accumulate tax free gains from investing in approved SRS funds.

  • Freedom to invest SRS to boost retirement savings.

  • Flexibility to withdraw funds anytime.

  • 50% tax concession on withdrawals.

*Withdrawals before applicable statutory retirement age is subject to 100% tax, plus 5% penalty. 50% tax concession only applies to withdrawals from the statutory retirement age.*

Investing your SRS Funds

Maximise growth of your SRS by investing it.

By doing so, you earn potentially higher interest, as your balance in the SRS account earns only 0.05% interest p.a.. What’s more, you get to accumulate tax-free returns on your investments.

Range of investment products to grow your SRS funds.

  • Bonds, Fixed Deposit, Shares

  • Foreign Currency Fixed Deposit

  • Single Premium Insurance, (SGS) , (SSB)

How SRS gets you Tax Savings?

Get a dollar-for-dollar tax discount on the amount saved on your SRS account. The more you contribute, the more you save on taxes, up to the maximum yearly contribution applicable to you:

The total personal income tax relief claimable in a year, from the Year of Assessment 2018, is S$80,000. SRS contributions (made on or after 1 Jan 2017) help maximise the total amount of tax relief you can claim.

Of course, you don’t have to contribute the maximum amount. Ideally, you should just set aside enough to drop you to a lower tax bracket.

Income Tax Calculator Singapore

How much tax savings can I enjoy?

Contact with our Expert

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What would you like to do today ?

  • Organise a SRS seminar for my company

  • Enquire on SRS for personal retirement

  • I already have SRS account, I want to optimise and get higher potential returns

  • No idea what’s SRS, I would like to know more !

facing any issues? call us now.

+65 68292281

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Get Your Answer

Who is eligible to open an SRS account?

All Singaporeans, Singapore Permanent Residents (SPRs) and foreigners who :
- Are at least 18 years old
- Are not undischarged bankrupts
- Are not of unsound mind

What is Supplementary Retirement Scheme?

The SRS is part of the Singapore government's multi-pronged strategy to address the financial needs of a greying population, which were highlighted in the Report of the Inter-Ministerial Committee (IMC) on the Ageing Population, released in November 1999.

The SRS complements the Central Provident Fund (CPF). CPF savings are meant to provide for housing and medical needs and for basic living needs after retirement. Unlike the CPF scheme, participation in SRS is voluntary. Participants can contribute a varying amount to SRS (subject to a cap) at their own discretion. The contributions may be used to purchase various investment instruments.

With the SRS, the government hopes to encourage Singaporeans to save more for their old age, by means of voluntary contributions to their SRS accounts. The SRS will be effective from 1st April 2001. It will be operated by the private sector.

The SRS offers attractive tax benefits. Contributions to SRS are eligible for tax relief, investment returns are accumulated tax-free (with the exception of Singapore dividends), and only 50% of the withdrawals from SRS are taxable at retirement.

Source: Ministry of Finance

If you would like to find out more about SRS Scheme you can log on to the Ministry of Finance Website http://www.mof.gov.sg/ or contact any of the 3 SRS operators.

How do I open a Supplementary Retirement Scheme Account (SRS)?

SRS Accounts are managed by three SRS operators. You can open an SRS account with one of these 3 SRS operators:

- DBS Group Holdings Ltd

- Overseas-Chinese Banking Corporation (OCBC) Ltd

- United Overseas Bank (UOB) Ltd

How do I make payment for a SRS purchase?

You will have to ensure that there are sufficient monies in your SRS account. We will request payment for the purchase from your SRS agent bank. You need not have to issue a cheque.

Do I get a cheque for the sales proceeds, after selling the units purchased through my SRS account?

No. All sale proceeds must be returned to the SRS account; the proceeds will be credited into your SRS account directly.