SRS & CPFIS
Enjoy tax savings of S$1,071* plus tax-free investment gains
The Supplementary Retirement Scheme (SRS) is a voluntary savings programme that lets you save on taxes, make investments to grow your retirement savings, and provides you with the flexibility to make withdrawals if needed.
With the SRS, every dollar you deposit is eligible for tax relief.
Maximum Yearly Contribution
The above is for illustration purposes only. Personal income tax relief cap of S$80,000 will apply from Year of Assessment 2018 to SRS contributions made on or after 1 Jan 2017. This cap applies to the total amount of all tax reliefs claimed, including any relief on SRS contributions.
Tax Savings illustration
|An illustration of how SRS helps you save|
|Less: Personal Reliefs (Earned Income, CPF, Qualifying Chld, Parent, etc)||S$31,500|
|Without SRS||With SRS|
|Potential Tax Savings||S$1,071|
You save 40% more tax this year!
Computation table is for illustration purpose only.
Investing your SRS funds is a great way to further grow your retirement savings. You can choose from a wide range of financial products including:
The current interest rate on balances in the SRS Account which are not invested is at 0.050% p.a.
You can apply and open an SRS Account if you:
If you're an existing DBS/POSB customer, simply sign up or top up your account online in just minutes.
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.
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.
Personal Income Tax Relief Cap
Personal income tax relief cap of S$80,000 will apply from Year of Assessment 2018 to SRS contributions made on or after 1 Jan 2017. This cap applies to the total amount of all tax reliefs claimed, including any relief on SRS contributions.
Besides having extra savings for your retirement, you'll also enjoy tax benefits. SRS contributions entitle you to tax reliefs, as each dollar that you save in your SRS Account will reduce your chargeable income by a dollar. However, your yearly contribution is capped at S$15,300 if you're a Singaporean or Singapore Permanent Resident. 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.
You can do so via iBanking or at the branch. 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.
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. But in some cases, your tax savings over the years might outweigh the 5% penalty. Here's an example:
Login to iBanking and easily view the following information on your SRS Account:
You can visit any of our branches to complete and sign the following forms:
Information on shares corporate action event, can be found in the SGX website. Refer to Company Announcements, under Company Information.
The "security credit date" information can be found in the SGX website. Refer to Company Announcements, under Company Information.
*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.
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$50,000 in aggregate 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$50,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
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