SRS - Investment

OCBC Group | Home | Login | SiteMap | Contact Us

Personal

Small and Medium Businesses

Corporate & Institutional

Investment

You're in : Home » Investment » Retirement » SRS

SRS

Since 2001, the SRS has served as a supplementary retirement fund. You can contribute varying amounts, subject to a yearly contribution cap, to SRS at your own discretion. The contribution amounts will be eligible for tax reliefs based on your marginal income tax rate.

Next Steps :

Benefits

Besides the obvious benefit of having more savings when you retire:

All contributions to SRS are eligible for tax deduction against your earned income

Each dollar of SRS contribution reduces your chargeable income by a dollar

Only 50% of your withdrawals from SRS are subject to tax at retirement. Withdrawals can be made over a period of 10 years thus resulting in greater tax savings especially when your marginal tax rates are lower during your retirement years

Contribution Cap

All SRS contributions are to be made in cash at any time before 31st December each year.

The amount of contribution is subject to a cap. The SRS contribution cap is based on a common absolute cap of $76,500 i.e. 17 months of the prevailing CPF salary ceiling of $4,500. This amount is 15% of $76,500 or $11,475 for Singaporeans and Permanent Residents, and 35% of $76,500 or $26,775 for foreigners.

Get started

Step 1 - Open an SRS Account with OCBC Bank

If you are a Singapore Citizen or Singapore Permanent Resident, visit any OCBC Branch with your NRIC
If you are a foreigner,
- Declare your foreigner status by downloading and completing the Declaration Form.
- Bring this Declaration Form and your passport and FIN to any OCBC Branch

Step 2 - Make a contribution to your SRS Account before 31st December each year.

Write a cheque payable to yourself and drop it into a Quick Cheque Deposit box at any OCBC Branch. Please indicate your name, NRIC or FIN Number, SRS Account Number and contact number on the back of the cheque OR
Transfer funds from your own bank account with OCBC to your SRS account at the branch.

For account transfer to OCBC Bank

Download & complete the Account Transfer Form

Continue with steps 1 and 2 in "Get Started"