Supplementary Retirement Scheme (SRS)

Frequently Asked Questions 

Can I withdraw before 62?

If you must withdraw before age 62, you will be subject to 5% penalty e.g. if you withdraw S$10,000, you will pay a penalty of S$500. What’s more, 100% of the amount withdrawn will be taxable i.e. the S$10,000 will also be added to your taxable income for the year. However, there’s a way your tax savings over the years could outweigh the 5% penalty.

Why should I contribute to SRS?

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.

How do I contribute to my SRS Account?

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.

Can I invest with you if my SRS Account is with another bank?

Yes, you can speak to us on how you can maximise your SRS funds.

What happens if I withdraw before 62 years old?

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from your DBS SRS Account at any time before age 62, subjected to a 5% penalty for early withdrawal. 100% of the amount withdrawn will also be subjected to tax for that year.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:

How can I check my SRS Account balance?

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
Can I have multiple SRS Accounts?

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.

How do 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)
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.

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.

What are the fees and charges involved?

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.

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