At a Glance

Enjoy tax savings

for every dollar saved into the account

Accumulate tax-free gains

from investing SRS funds and boost retirement savings

Flexibility to withdraw funds anytime*

with 50% tax concession on withdrawals from the statutory retirement age

*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.

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.

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.

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:

Bonds Singapore Government Securities (SGS)/Singapore Savings Bonds (SSB) Fixed Deposit Rate Foreign Currency Fixed Deposit Shares Single Premium Insurance Unit Trusts

New to investing? Check out this page for useful articles on getting started.

Get more Benefits

Earn bonus interest on your DBS Multiplier Account when you invest with your DBS SRS Account. Dividends count too! Find out more.

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.

Are you a digibank user?

Go to “Invest” to get started.

 

Log in

Have a DBS Vickers Account?

Choose SRS as your settlement mode.

 

Log in

Need advice on buying insurance plans or Unit Trust redemption*?

Speak to our Wealth Planning Managers.

*No branch visit required.

Contact me

 

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

See schedule of charges

Get started with SRS

If you do not have an SRS account, open* one instantly via digibank.

Got an SRS account? Start contributing* to your retirement savings via digibank.

*Account opening and Top up service is only available on digibank from 0700 hr to 2200 hr (Daily) and 0700 to 1900 hr (if the last day of the month falls between Monday to Saturday).

If you're new to DBS/POSB or would like to discuss more, please visit any of our branches. Find nearest branch.

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?

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 the retirement age at first contribution, 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 age at first contribution, 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.

Related

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