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Supplementary Retirement Scheme
What is the Supplementary Retirement Scheme (SRS)?
The SRS is a voluntary savings scheme that helps you boost your savings for your golden years, while giving you tax relief.
At a Glance
- Enjoy tax savings for every dollar saved into the account
- Accumulate tax-free gains from investing 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.
Check out this video for a quick overview of the benefits of SRS
How SRS gets you tax savings
Get a dollar-for-dollar tax discount on the amount saved to your SRS account. The more you contribute, the more you save on taxes, up to the maximum yearly contribution applicable to you:
Maximum Yearly Contribution
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.
Total Yearly Income
Here's an illustration of how much you could save in taxes:
Computation table is for illustration purpose only.
How much tax savings can I enjoy?
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.
Take your pick from a range of investment products to grow your SRS funds:
New to investing? Check out this page for useful articles on getting started.
Multiply your savings with DBS Multiplier Account
You can now earn higher interest rates of up to 3.80% p.a. by crediting your dividends into your SRS Account.
Find out more here.
Start investing your SRS with DBS
Investing with SRS funds is easy. Do it at your convenience online with digibank or link your SRS Account to your DBS Vickers Account. Prefer speaking face to face? Have one of our Wealth Planning Managers get in touch.
Using your SRS in your golden years
Enjoy the full benefit of your SRS savings and investment when you make withdrawals upon reaching the statutory retirement age**. SRS gives you the flexibility to withdraw your SRS funds in cash or investments.
Depending on your needs and lifestyle, you may choose to make a lump sum withdrawal, or spread it out over 10 years^. All withdrawals are subject to 50% tax concession, including annuity streams.
Here’s an illustration of how it works.
Let’s say you have S$400,000 in your SRS account and no other taxable income.
Scenario 1: You withdraw S$200,000 in the first year
Amount taxable: S$100,000 (50% tax concession)
Tax payable on S$100,000 = S$5,650
Scenario 2: You withdraw S$40,000 over the next 10 years.
Amount taxable: S$20,000 (50% tax concession)
Tax rate on the first S$20,000 of your chargeable income: 0%
Tax payable: $0
Flexibility of withdrawing your SRS funds
(Refer to IRAS for full details)
**This is the prevailing retirement age in the year you made your first SRS deposit.
Who is eligible
- You are a Singaporean, Permanent Resident (PR) or foreigner
- At least 18 years old and not an undischarged bankrupt
- Have no existing SRS Account with another bank
- Have no pending SRS Account opening application with another bank
Get started with SRS
If you do not have an SRS account, sign up instantly via digibank.
Got an SRS account? Start contributing to your retirement savings via digibank.
If you're new to DBS/POSB or would like to discuss more, please visit any of our branches. Find nearest >
For Singaporeans or PRs, please bring along your identity card or passport when you visit the branch. For foreigners, please bring along your passport and the relevant pass issued by the Immigration and Checkpoint Authority of Singapore.
Need to know more?
You can do so via digibank or at the branch. For contribution via digibank, simply perform a funds transfer to your SRS Account. Please visit this page for more information on contribution channels and deadlines.
You do not need to make a claim in your tax return as it will be allowed automatically based on information provided by us to IRAS.
The yearly contribution for a Singaporean or Singapore Permanent Resident is capped at S$15,300. If you're a foreigner, you'll be allowed a higher yearly contribution of S$35,700 as you do not enjoy tax relief on your CPF contributions.
For Foreigners, please declare your Foreigner status at the branch to update your SRS contribution cap for the year. (Note: This declaration needs to be done yearly as the SRS contribution limit will reset on 1 January each year)
If you become a Singapore Citizen or Singapore Permanent Resident during the year, please update the SRS operator as your maximum contribution amount will have to be recalculated even if you have already made contributions for that year. The bank will re-compute your SRS contribution cap for the year on a pro-rata basis.
Penalties may be imposed for excess contributions if a wrongful declaration has been made to the SRS operator.
Yes, you can speak to us on how you can maximise your SRS funds.
You can withdraw from your DBS SRS Account at any time before age 62, subjected to a 5% penalty for early withdrawal. 100% of the amount withdrawn will also be subjected to tax for that year.
Login to digibank and easily view the following information on your SRS Account:
- Maximum contribution amount
- Total contribution made to date
- Balance contribution limit
- Cash balance
You can only have one SRS account at any point in time. It is an offence to open SRS Accounts with more than one operator and there are penalties for doing so.
Instead, if you have an existing SRS Account with another SRS operator and wish to transfer to DBS, please visit any of our branches to do a SRS Account transfer.
You can visit any of our branches to complete and sign the following forms:
- SRS Account Transfer form
- SRS Account Application form
- SRS Annual Declaration form (Applicable to foreigners only)
The cut-off date for SRS interbank account transfer request is 13 December 2019.This service will resume on 2 January 2020.
Do I have to ensure sufficient cash balance in my SRS Account before requesting for any securities transaction?
Effective 10 Dec 2018, the settlement cycle for securities is two days (Trade date plus two days) to align with the new SGX securities settlement cycle. Please ensure that you have sufficient cash and securities balance in your SRS account before requesting for any securities transaction with us. Your trade will be accepted up to your available funds or securities upon receipt by the bank.
Information on shares corporate action event, can be found in the SGX website. Refer to Company Announcements, under Company Information.
My shares in the SRS Account has a stock split event, when will the shares be credited to my SRS Account?
The "security credit date" information can be found in the SGX website. Refer to Company Announcements, under Company Information.
The bank will charge a transaction fee of $2 for each Singapore Savings Bond application and redemption request. Otherwise, all other fees and charges for SRS Account are waived until further notice. Note: Other third-party related charges such as CDP administrative fees will apply.
For SRS contribution to be eligible for tax relief in the following year, the contribution via iBanking or mBanking must be completed by 1900hrs on the last working day of December.
*Income tax savings based on the assumption that a married male Singapore Citizen has a yearly income of S$102,000 in 2015 and enjoys personal tax relief of S$31,500 (Earned Income Relief of S$1,000, Qualifying Child Relief of S$4,000 and Parent Relief of S$4,500) and SRS relief of S$15,300 for the Year of Assessment 2016.
#Before retirement age of 62, withdrawals from your DBS SRS Account at any time are subjected to a 5% penalty and 100% of the amount withdrawn will be taxable for that year.
^Upon retirement at age 62, you are allowed to spread out your withdrawals over 10 years. Only 50% of your withdrawals are subject to tax. Having lower or nominal income at retirement, you may end up paying little or no income tax.
Market values of investments shown are as of the fourth last business day of the month and obtained from sources which are believed to be reliable and accurate as at date of retrieval. We do not represent, warrant or guarantee their accuracy or completeness.
Where applicable, the provision by us of market prices or values does not imply that an actual trading market exists for that investment or transaction or that it is appropriate to assume (for accounting or other purposes) that such a trading market exists. The market prices and values provided herein may differ significantly from actual trading prices (if any) for entering into, purchasing, redeeming or terminating an investment or transaction as a result of various factors, including prevailing credit spreads, market liquidity, position size, transaction and financing costs, hedging costs and risks and use of capital and profit. Such market prices or values may also differ from the valuations adopted by us for purposes of determining the collateral value of any asset provided by you by way of security. We have not advised you as to the appropriateness of any particular use of the market prices and values provided and we do not accept any liability whatsoever arising from your reliance or use thereof. You should consult your own advisors as to the appropriateness of any particular use of such market prices and values, whether in connection with the preparation of your financial statements, fulfilling reporting obligations or otherwise.
Terms and Conditions Governing SRS
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.