Can I use SRS to buy shares?

Yes you can. Before submitting an SRS trade, you need to open an SRS Investment Account with an agent bank. The SRS Investment Scheme account number also needs to be updated into your Trading account with us.

How much is SRS contribution?

SRS helps you save on tax You can reduce your taxable income by the same amount contributed to your SRS Account, with a maximum yearly contribution of S$15,300 for Singaporeans and Singapore PRs, and S$35,700 for foreigners.

Which bank is best for SRS account?

Which are the best SRS account opening promotions in 2020?

How much can I transfer to SRS account?

Each year, Singaporean and PRs can contribute a maximum of S$15,300 (S$35,700 for foreigners) to their SRS accounts. To be eligible for SRS tax relief next year, your contribution has to be made by 31 December this year.

Can I withdraw money from SRS account?

You can make withdrawals from your SRS account over 10 years from the date of your first penalty-free withdrawal. Withdrawals are penalty-free only if they take place on or after the statutory retirement age (currently at 62) that was prevailing at the time of your first SRS contribution.

What can you invest with SRS?

What Can I Invest With My Supplementary Retirement Scheme (SRS) Account?

• Bonds.
• ETFs.
• Fixed Deposits.
• Life Cover (including total and permanent disability benefits)
• Real Estate Investment Trusts (REITs)
• Robo-Advisors.
• Shares.
• Singapore Savings Bonds.

Can I transfer my SRS account to another bank?

Yes. You may transfer your SRS account between different SRS Operators. If you had already made a withdrawal from your account having attained the relevant retirement age* or on medical grounds, you will not be permitted to make new contributions to your account after the transfer.

How do I withdraw money from OCBC SRS?

You can withdraw your SRS funds anytime….Write a cheque payable to yourself and drop it into a Quick Cheque Deposit box at any OCBC branch Indicate on the back of the cheque:

1. Your name.
2. NRIC or FIN number.
3. SRS account number.
4. Contact number.

Should I put money in SRS?

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.

Can I have 2 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.

Can you transfer SRS account to OCBC Bank?

Total personal reliefs, including SRS contributions, are capped at S$80,000. Can I transfer my SRS Account from other banks to OCBC? Yes, you can. Visit any of our branches to complete and sign these forms:

Do you have to pay transaction fee with OCBC?

Currently OCBC does not levy any Service Fees or Transaction Charges. If customer performs a Shares transaction (buying or selling), CDP will charge a $0.50 transaction fee (with additional prevailing GST). Hope this clarifies.

When to contribute to SRS account in Singapore?

Safe investments fully backed by the Singapore Government. SRS contribution cannot be done via other banks’ internet and mobile banking. Contributions must be made by 30 December of each year in order to be eligible for tax deduction in the same year. Standing instruction is currently not available.

How to open a supplementary retirement scheme account at OCBC?

Write a cheque payable to yourself and drop it into a Quick Cheque Deposit box at any OCBC branch Indicate on the back of the cheque: 1 Your name 2 NRIC or FIN number 3 SRS account number 4 Contact number