- Personal Banking
- Investments
- Supplementary Retirement Scheme (SRS) Account
Save on your taxes now while you save for your later years
- Why you will love this
- Who can apply
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
Apply online
Proxy voting submission for shareholders
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.
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 circ*mstances 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.
Make your SRS funds work harder
Make the most of your SRS funds and grow your wealth through any of the following financial products.
Endowment Insurance Plans
Multiply your returns and enjoy flexibility to meet your changing life goals. SRS funds can only be used to purchase 5 year prepayment plans.GREATLife Endowment Insurance II
Unit Trusts
Gain access to a diversified, multi-asset portfolio consisting of both Asian equities and Asian fixed income instruments.Schroder Asian Income Fund
Invest in an unconstrained fixed income credit strategy and receive potential quarterly payouts.Fullerton USD Income Fund
You may also like to check out our other Unit Trust funds.
Other financial products
Enjoy higher returns within a fixed lock-in period.Structured Deposits
Open an OCBC securities trading account to start investing in SGX listed shares, REITs and ETFs. Equities (OCBC Securities)
Secure higher returns with fixed tenures of up to 36 months for Singapore dollars and 10 major foreign currencies.Time Deposits
Choose from 20 BCIP counters and access blue chip shares and Singapore listed exchange traded funds from as low as S$100.Blue Chip Investment Plan
Safe investments fully backed by the Singapore Government.Singapore Government Securities
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 31 December of each year in order to be eligible for tax deduction in the same year.
Standing instruction is currently not available.
SRS contribution requests submitted between 9am and 9pm from Monday to Saturday (excluding public holidays) will be processed immediately. Requests submitted after 9pm or on a non-business day will be processed on the next business day.
If a request is successful, the transaction will be shown in your CPFIA/SRS Transaction History one business day after we process it. If a request is submitted on a Sunday, we will process it on Monday and the transaction will be shown in your CPFIA/SRS Transaction History by Tuesday. An email will be sent to you should the request be unsuccessful.
before you apply
Eligibility requirements
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
Terms and conditions
Important notices
Important notes for OCBC SRS Account
General Investment disclaimer
Unit Trusts disclaimer
Important notes for Insurance
Structured Deposits disclaimer
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 circ*mstances.
This advertisem*nt has not been reviewed by the Monetary Authority of Singapore.
Information presented as at 15 November 2021.
ways to apply
Start investing in Supplementary Retirement Scheme (SRS) Account today
Apply online
or visit us at a branch with these documents.
ways to apply
Start investing in Supplementary Retirement Scheme (SRS) Account today
or visit us at a branch with these documents.
FAQs and guides about SRS
- Common questions
- Articles
Common questions
How can I contribute to my OCBC SRS Account?
Contributions can be done through:
Internet Banking
- Login to Online Banking with your access code and PIN
- Under “Investment & insurance”, select “Retirement portfolio”
- Select “Make a SRS Contribution”
Mobile Banking
- Login to Mobile Banking App with your access code and PIN
- Go to Menu, select“Invest”
- Select “Make a SRS Contribution”
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
For cheques received before 3.30pm on a working day, the funds will only 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 and mobile banking.
Contributions must be made by 31 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 circ*mstances:
- death;
- medical grounds;
- bankruptcy; or
- the full withdrawal of the SRS balance by a foreigner provided that the following conditions are met:
- 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;
- 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
- 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.
Important notes for OCBC SRS Account
Personal income tax relief cap of S$80,000 will apply from Year of Assessment 2018 to SRS contributions made on or after 1 January 2017. This cap applies to the total amount of all tax reliefs claimed, including any relief on SRS contributions.All figures provided are for illustration purposes only. Actual figures may differ or vary according to actual circ*mstances.
Information presented as at 14 February 2020.
General Investment disclaimer
- The opinions or views expressed in this document are expressed by the third parties identified, and do not represent our view.
- This information is intended for general circulation only. It does not consider the specific investment objectives, financial situation or needs of anyone.
- Before you make an investment, you should speak to your OCBC Relationship Manager who will assess whether the products are suitable to you based on your investment objectives, financial situation or needs.
- If you choose not to do so, you should consider if the investment product is suitable for you.
- We are not making an offer, solicit to buy or sell or subscribe for any security or financial instrument, enter into any transaction or participate in any trading or investment strategy with you through this document.
- We do not guarantee the accuracy of this information at any time. All of the information here may change any time without notice.
- We are not responsible for any loss or damage arising from this information.
- Investment are subject to investment risks, including the possible loss of the principal amount invested. Past performance figures, predictions or projections are not necessarily indicative of future or likely performance. Actual performance may differ from the projections in this document.
- Any reference to a company, financial product or asset class is used for illustrative purposes and does not represent our recommendation in any way.
- The information in this document must not be reproduced or shared without our written agreement.
- The Bank, its related companies, their respective directors and/or employees (collectively "Related Persons") may or might have in the future interests in the investment products or the issuers mentioned herein. Such interests include effecting transactions in such investment products, and providing broking, investment banking and other financial services to such issuers. The Bank and its Related Persons may also be related to, and receive fees from, providers of such investment products.
- This advertisem*nt has not been reviewed by the Monetary Authority of Singapore.
Unit Trusts disclaimer
Any opinions or views of third parties expressed in this material are those of the third parties identified, and not those of OCBC Bank. The information provided herein is intended for general circulation and/or discussion purposes only. It does not take into account the specific investment objectives, financial situation or particular needs of any particular person. Before you make any investment decision, please seek advice from your OCBC Relationship Manager regarding the suitability of any investment product taking into account your specific investment objectives, financial situation or particular needs. In the event that you choose not to seek advice from your OCBC Relationship Manager, you should carefully consider whether the product is suitable for you. This does not constitute an offer or solicitation to buy or sell or subscribe for any security or financial instrument or to enter into any transaction or to participate in any particular trading or investment strategy.
A copy of the prospectus of each fund is available and may be obtained from the relevant fund manager or any of its approved distributors. Potential investors should read the prospectus for details on the relevant fund before deciding whether to subscribe for, or purchase units in the fund. The value of the units in the funds and the income accruing to the units, if any, may fall or rise. Please refer to the prospectus of the relevant fund for the name of the fund manager and the investment objectives of the fund.
OCBC Bank, its related companies, their respective directors and/or employees (collectively 'Related Persons') may or might have in the future interests in the investment products or the issuers mentioned herein. Such interests include effecting transactions in such investment products, and providing broking, investment banking and other financial services to such issuers. OCBC Bank and its Related Persons may also be related to, and receive fees from, providers of such investment products.
No representation or warranty whatsoever (including without limitation any representation or warranty as to accuracy, usefulness, adequacy, timeliness or completeness) in respect of any information (including without limitation any statement, figures, opinion, view or estimate) provided herein is given by OCBC Bank and it should not be relied upon as such. OCBC Bank does not undertake an obligation to update the information or to correct any inaccuracy that may become apparent at a later time. All information presented is subject to change without notice. OCBC Bank shall not be responsible or liable for any loss or damage whatsoever arising directly or indirectly howsoever in connection with or as a result of any person acting on any information provided herein. The information provided herein may contain projections or other forward-looking statements regarding future events or future performance of countries, assets, markets or companies. Actual events or results may differ materially. Past performance figures are not necessarily indicative of future or likely performance. Any reference to any specific company, financial product or asset class in whatever way is used for illustrative purposes only and does not constitute a recommendation on the same.
The contents hereof may not be reproduced or disseminated in whole or in part without OCBC Bank’s written consent.
Important notes for Insurance
Insurance plans are provided by The Great Eastern Life Assurance Company Limited, a wholly owned subsidiary of Great Eastern Holdings Limited and a member of the OCBC Group. These plans are not bank deposits and OCBC Bank does not guarantee or have any obligations in connection with it.
This document does not take into account your particular investment and protection aims, financial situation or needs. You may want to seek advice from a financial adviser before committing to buy the product. If you choose not to seek advice from a financial adviser, you should consider whether the product is suitable for you.
As buying a life insurance policy is a long-term commitment, an early termination of the policy usually involves high costs and the surrender value, if any, that is payable to you may be zero or less than the total premiums paid.
This document is for general information only. It is not a contract of insurance or an offer to buy an insurance product or service. It is also not meant to provide any insurance or financial advice. The specific terms and conditions of the plan are set out in the policy documents. If you are interested in the insurance policy, you should read the product summary and policy illustration (available from us) before deciding whether to buy this product.
We do not guarantee, represent or warrant that any of the information provided in this document is accurate and you should not rely on it as such. We do not undertake to update the information or to correct any inaccuracies. All information may change without notice. We will not be liable for any loss or damage arising directly or indirectly in connection with or as a result of you acting on the information in this document.
This advertisem*nt has not been reviewed by the Monetary Authority of Singapore.
Mobile Banking
- Log in to Mobile Banking with your access code and PIN
- Under “Menu”, select “Invest”
- Select "Make a SRS Contribution"
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
For cheques received before 3.30pm on a working day, the funds will only be credited to SRS account around 4.00pm on the following working day, if the cheque is good for payment.
Internet Banking
- Log in to Internet Banking with your access code and PIN
- Under “Investment & insurance”, select “Retirement portfolio”
- Select “Make a SRS Contribution”
Structured Deposits disclaimer
Unlike traditional deposits, Structured Deposits have an investment element and returns may vary. The initial investment amount of a Structured Deposit will be returned to you only if you hold it until maturity date. Early withdrawal of Structured Deposits may result in you receiving significantly less than your initial investment amount. You further understand that you will bear any costs and charges associated with such early withdrawal of the Structured Deposits. OCBC Bank may have the right to terminate the Structured Deposits and return an amount in cash to you from the due settlement of the Structured Deposits before the maturity date. You may be exposed to inherent exchange rate risks and exchange controls when you place a Structured Deposit.
Structured Deposits are not insured deposits for the purposes of the Deposit Insurance and Policy Owners' Protection Schemes Act 2011 of Singapore. You may wish to seek advice from a licensed of an exempt financial adviser before making a commitment to purchase this product. In the event that you choose not to seek advice from a licensed or an exempt financial adviser, you should carefully consider whether this product is suitable for you.
The proposed transaction(s) herein (if any) is/are subject to the final expression of the terms set forth in the definitive agreement(s) and/or confirmation(s). No representation or warranty whatsoever (including without limitation any representation or warranty as to accuracy, usefulness, adequacy, timeliness or completeness) in respect of any information (including without limitation any statement, figures, opinion, view or estimate) provided herein is given by OCBC Bank and it should not be relied upon as such. OCBC Bank does not undertake an obligation to update the information or to correct any inaccuracy that may become apparent at a later time. All information presented is subject to change without notice. OCBC Bank shall not be responsible or liable for any loss or damage whatsoever arising directly or indirectly howsoever in connection with or as a result of any person acting on any information provided herein.
Visit IRAS to find out how your total tax payable is calculated.
Estimated interest payable from Feb to May | S$637.30 |
Estimated interest payable post extension | S$6231.33 |
Estimated Interest payable | S$6,868.63 |
Interest payable post extension is calculated on a longer tenure, resulting in higher interest payable on the same loan amount
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
- For OCBC customers
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
For Singaporeans and Permanent Residents:
- NRIC
For Foreigners:
- Passport
- Employment Pass (EP); or S-Pass
Additional documents
Include any one of the following documents:- Phone bill
- Half-yearly CPF statement
- Any bank statement
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.
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