SRS & CPFIS

Supplementary Retirement Scheme

Pay less income tax while saving for the future with the Supplementary Retirement Scheme (SRS).

Supplementary Retirement Scheme

The SRS scheme is designed to help you save for the future, while reducing your tax expenses at the present time.

Benefits

  • Reduction on taxable income: every dollar deposited into your SRS account reduces your taxable income by a dollar (with a maximum contribution cap of S$15,300 per annum for Singapore Citizens and Permanent Residents, and S$35,700 per annum for foreigners).
  • Tax benefits on SRS funds: enjoy tax-free investment gains made through SRS funds, and pay tax on only 50% of amount withdrawn upon retirement
An illustration of how SRS helps you save
Employment IncomeS$102,000
Less: Personal Reliefs (Earned Income, CPF, Qualifying Child, Parent etc)S$31,500
 Without SRSWith SRS
SRS ContributionS$15,300
Total ReliefS$31,500S$46,800
Chargeable IncomeS$70,500S$55,200
Total taxS$2,685S$1,614
Potential tax savings* S$1,071
40%

Computation table is for illustration purpose only.

* Income tax savings based on the assumption that a married male Singapore Citizen has an annual income of S$102,000 in 2015 and enjoys total personal tax relief of S$31,500 (Earned Income Relief of S$1,000, CPF Relief of S$17,000, NSman Self Relief of S$5,000, 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.

Eligibility and Requirements

  • At least 18 years old and are not an undischarged bankrupt.
  • No existing SRS account with any bank
  • No pending SRS account opening application with any bank

How to Apply

  • If you are an existing DBS/POSB customer with a Savings/Current account and iBanking

    Login now

  • If you are new to DBS/POSB or prefer to discuss more about the Supplementary Retirement Scheme (SRS), please visit any DBS/POSB branch to open an SRS account with your identity card or passport. For foreigners, please bring along your passport and the relevant pass issued by the Immigration and Checkpoint Authority of Singapore.

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 SGD50,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Minimum Sum Scheme are aggregated and separately insured up to SGD50,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.

Frequently Asked Questions

Can I contribute to my SRS Account via iBanking?

Yes you can do so via these simple steps:

  1. Login to iBanking and select "Transfer to My Account".
  2. Select any SGD Current or Savings Account as the "From" account.
  3. Select your SRS Account as the "To" account.
  4. Click "Next" and proceed to confirm the transaction.​
How can I transfer my SRS account from another bank to DBS?

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)
Why should I contribute to the Supplementary Retirement Scheme (SRS)?

Besides having extra savings for your retirement, you will 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, there is cap# to the annual contribution. This cap# is S$15,300 for Singaporeans and Singapore Permanent Residents. Foreigners are allowed a higher annual contribution of S$35,700 as they do not enjoy tax relief on their CPF contributions.

 
CitizenshipSRS Contribution Rate
Singaporeans, Singapore Permanent Residents15%
Foreigners35%

#The cap is determined by multiplying the appropriate SRS contribution rate by an absolute income base base (currently S$102,000 per annum with effect from 1 Jan 2016).

What is the interest rate on my SRS savings? What instruments can I invest in using my SRS funds?

Your monies will earn an interest of 0.05% p.a.^, You can invest in a wide range of financial instruments, including those offered by product providers other than your SRS operator. Acceptable financial instruments include unit trusts, insurance products and other financial products, including those offered by financial product providers other than your SRS operator. There are certain restrictions on purchasing insurance products. Note that direct property investments are not allowed.

Where can proceeds from the sale of my SRS investments be returned to?

All sale proceeds must be returned to the SRS account.

Can I make withdrawals from my SRS account at any time?

Upon reaching the retirement age of 62, you may make withdrawals at any time, and for any amount. 50% of the withdrawals will be subject to income tax. If however you make a withdrawal before the retirement age of 62, 100% of the sum withdrawn will be subject to income tax. You will also face a 5% penalty for premature withdrawal.

Would I be paying a lot of tax when I retire since SRS withdrawals are subject to tax?

No, only 50% of your withdrawals are subject to tax. Furthermore, you are allowed to spread out your withdrawals over a period of time. Having lower or nominal income at retirement, you may end up paying little or no income tax.

^The interest rate on balances in the SRS Account which are not invested is currently at 0.050% p.a. as of October 2012.

Can I view my SRS account balances online?

Yes, you can view the following information on your SRS account on iBanking:

  • Maximum contribution amount
  • Total contribution made to date
  • Balance contribution limit
  • Cash balance
Where can I find out more information on my shares corporate action event for my SRS account?

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.

List of Funds
List of Funds

Check out our SRS eligible list of funds here!

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