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Supplementary Retirement Scheme
At a Glance
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
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.
How much tax savings can I enjoy?
How SRS works
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.
How much can you save?
Tax Savings Illustration
|An illustration of how SRS helps you save|
|Less: Personal Reliefs (Earned Income, CPF, Qualifying Child, 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.
- Tax-free investment gains
- Flexibility to make withdrawals#
- Tax-free withdrawals on 50% of the withdrawn amount upon age 62^
- Adds to your retirement funds
Earning higher returns
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:
- Singapore Government Securities (SGS)/Singapore Savings Bonds (SSB)
- Fixed Deposits
- Foreign Currency Fixed Deposits
- Single Premium Insurance
- Unit Trusts
The current interest rate on balances in the SRS Account which are not invested is at 0.050% p.a.
Are you eligible?
You can apply and open an SRS Account if you:
- are a Singaporean, Permanent Resident (PR) or foreigner
- are at least 18 years old and not an undischarged bankrupt
- have no existing SRS Account with any bank
- have no pending SRS Account opening application with any bank
Need to know more?
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:
- Maximum contribution amount
- Total contribution made to date
- Balance contribution limit
- Cash balance
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)
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.
How to apply
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.
*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.
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.