Can I open SRS account online?

Can I open SRS account online?

You can open a Supplementary Retirement Scheme (SRS) account at one of the local banks: DBS, OCBC or UOB. To open an account, you can either show up in person at one of the banks with your NRIC or passport, or apply online: DBS SRS account.

When can you top up SRS?

If you are intending to open and top-up your SRS account, presumably to enjoy the income tax relief, you should do so before the end of the year. However, you should also be mindful that contributions made to your SRS account, when left un-invested, will earn you a paltry interest rate of just 0.05%.

Can I transfer my SRS account to another bank?

Can I transfer my SRS Account from other banks to OCBC? Yes, you can.

When can I withdraw my SRS?

Any SRS member, regardless whether he is a foreigner or not, may withdraw his SRS without penalties at the age of 62, if that is the statutory retirement age prevailing at the time of his first contribution.

How do I open a SRS DBS?

  1. Log in to digibank Online with your User ID & PIN.
  2. Complete the Authentication Process.
  3. Under Apply, click on Supplementary Retirement Scheme (SRS).
  4. Click on Instant Apply under Supplementary Retirement Scheme.
  5. Select your Reference Account for Signature, select your Debiting Account and indicate a Contribution Amount.

Why Open SRS account now?

Thus, it makes sense to open an SRS account now to “lock in” the current statutory retirement age for withdrawals. For those who already have an SRS account, we will be able to withdraw from the prevailing statutory retirement age when we opened our SRS account.

How do I deposit money into SRS?

  1. Log in to digibank Online with your User ID & PIN.
  2. Complete the Authentication Process.
  3. Select Transfer and click To My Account.
  4. Select the Account you wish to contribute from.
  5. Select the SRS Account you wish to make your contribution to.
  6. Indicate the Amount you wish to contribute and click Next.

Is it worth topping up SRS account?

The main advantage of depositing money in your SRS account is the tax breaks. If you do participate in the SRS, it should be because you wish to lower your tax liabilities. For those who are earning more than $40,000 a year, the savings can be quite significant.

How do I transfer my SRS to DBS?

Log in to digibank Mobile with your Touch / Face ID or digibank User ID & PIN. Upon successful login, tap Pay & Transfer and select All. Under Your DBS/POSB Accounts, select the SRS Account you wish to make your contribution to.

Is SRS taxable?

Withdrawals in the form of monies or investment from your SRS Account are subject to income tax and added to your other taxable income (e.g. employment, rental). It will be taxed based on the prevailing tax rate. The time and circumstances of the withdrawal determine the taxable amount of the withdrawal.

Can I transfer SRS to CPF?

You may also use the voluntary Supplementary Retirement Scheme (SRS) to complement your CPF. SRS contributions are eligible for tax relief and can be invested for potentially higher returns.

How do I put money into my SRS account?

Can I have more than one SRS account with DBS?

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.

When can I withdraw money from my DBS SRS account?

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.

Who can open an SRS account in Singapore?

All Singaporeans, Permanent Residents (PRs) or foreigners at least 18 years old and not a bankrupt. No existing SRS account or SRS account opening application with another bank.

How to Open SRS account in digibank?

Alternatively, you may visit any DBS/POSB Branches with your NRIC/Passport to open your SRS Account. Note: If you apply via digibank Online between 0700 hr to 1900 hr (Monday to Saturday), your account will be opened instantly. Beyond this period, account opening will take 2 working days (including Public Holidays).