at a glance
Enjoy tax savings
for every dollar saved in the account
Collect tax-free profits
to invest SRS funds and increase retirement savings
Flexibility to withdraw money at any time*
with a 50% reduction in income tax from the legal retirement age
*Withdrawals made before the applicable statutory retirement age are subject to 100% tax plus a 5% penalty. The 50% tax reduction only applies to payments from the statutory retirement age.
What is the Complementary Pension Scheme (SRS)?
The SRS is a voluntary savings program designed to help you build your savings for your golden years while offering tax breaks.
Watch this video for a quick overview of SRS benefits
How SRS gives you tax savings
Receive a dollar-for-dollar tax rebate on the amount saved in your SRS account. The more you deposit, the more taxes you save, up to the maximum annual contribution applicable to you:
Maximum annual contribution
The total income tax credit applicable in any year from the 2018 assessment year is S$80,000. SRS contributions (paid beginning January 1, 2017) help maximize the total amount of tax credit you can claim.
total annual income
Here is an illustration of how much you can save on taxes:
The calculation table is merely illustrative.
SRS calculator
SRS calculator
Invest your SRS funds
Maximize the growth of your SRS by investing in it. This may result in higher interest rates as your SRS account balance is subject to interest at only 0.05% per annum.
Choose from a variety of investment products to grow your SRS funds:
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New to Invest? Look at thisbook pagefor helpful articles to get you started.
Get more benefits
Earn bonus interest on your multiplier account when investing with your POSB SRS account. Dividends count too!Find out more.
Start investing your SRS with DBS
Investing with SRS funds is easy. Do it comfortably online with Digibank orlink your SRS accountto your Vickers DBS account. Do you prefer to talk face to face? Ask one of our Estate Planning Managers to contact you.
Need advice on purchasing insurance plans with SRS?
Talk to our estate planning managers.
Use your SRS in your golden years
Benefit from your SRS credit and investment when you retire when you reach statutory retirement age**. The SRS gives you the flexibility to withdraw your funds from the SRS in cash or as an investment.
Depending on your needs and lifestyle, you can opt for a lump sum withdrawal or pay in 10-year installments.^. All withdrawals are subject to a 50% tax reduction, including annuity payments.
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.
Scene 1:You withdraw S$200,000 in the first year
Taxed amount:S$100,000 (50% tax break)
Fees payablefor S$100,000 = S$5,650
Scenario 2:You withdraw S$40,000 over the next 10 years.
Taxed amount:S$20,000 (50% tax reduction)
tax rateon the first S$20,000 of your taxable income: 0%
Taxes to pay:$ 0
Flexibility in withdrawing your SRS funds
(Refer toIRASfor all the details)
**This is the applicable retirement age in the year you made your first SRS deposit.
who is eligible
- You are a Singaporean, permanent resident (PR) or a foreign national
- At least 18 years old and no indisputable bankruptcy
- You do not have an existing SRS account with another bank
- You do not have a pending request to open an SRS account at another bank
Verrate table
Start with RS
If you do not have an SRS account, register immediately through Digibank.
Do you have an SRS account? Start contributing to your retirement savings with Digibank.
If you are new to DBS/POSB or would like to discuss further, visit one of our branches.Find the next >
For Singaporeans or PRs, please bring your ID card or passport when visiting the branch. If you are a foreign national, please bring your passport and the relevant passport issued by the Singapore Immigration Authority and Checkpoint.
Would you like to know more?
What can I expect from a rights issue?
Visitgo.dbs.com/rightsfaqfor more details.
How do I contribute to my SRS account?
This can be done via Digibank or at the branch. To contribute through Digibank, simply transfer funds to your SRS account. Please visit thisbook pageMore information on contribution forms and deadlines.
You do not need to file a claim on your tax return as it is automatically approved based on the information we provide to the IRAS.
What is the contribution limit?
The annual contribution for a permanent resident of Singapore or Singapore is capped at S$15,300. If you are a foreign national, you will receive a higher annual contribution of S$35,700 as you will not have any tax benefits on your CPF contributions.
For foreign nationals, provide your foreign status at the agency to update your SRS contribution limit for the year. (Note: This statement must be filed annually, as the SRS contribution limit resets on January 1 of each year.)
If you become a citizen or permanent resident of Singapore during the year, please update the SRS operator as your maximum contribution amount will need to be recalculated even if you have already contributed for that year. The bank recalculates your pro rata SRS contribution limit for the year.
Excessive contribution penalties may apply if a false declaration is made to the SRS operator.
Can I invest with you if my SRS account is held at another bank?
Yes, you can talk to us about how to maximize your SRS funds.
What happens if I retire before my first contribution reaches retirement age?
You may withdraw your DBS SRS account at any time before retirement age on first contribution, subject to a 5% early withdrawal penalty. 100% of the withdrawn amount will also be taxed that year.
Where can I withdraw my SRS?
Whether you are making an early or fee-free withdrawal, visit any DBS/POSB branch to process your SRS withdrawal.
How can I check my SRS account balance?
Log in to Digibank and simply view the following information about your SRS account:
- Maximum contribution amount
- Total contribution made to date
- compensation contribution limit
- cash balance
Can I have multiple SRS accounts?
you can only havean SRS accountany time. It is a crime to open SRS accounts with more than one operator and penalties will apply.
If you have an SRS account with another SRS operator instead and would like to switch to DBS, visit one of our branches for an SRS account transfer.
How do I transfer my SRS account from another bank to DBS?
You can go to any of our branches to fill in and sign the following forms:
- SRS account transfer form
- Application form for an SRS account
- SRS Annual Return Form (for foreigners only)
The cut-off date for SRS Interbank Account Transfer requests is December 10, 2021. This service will resume on January 3, 2022.
Do I need to have sufficient funds in my SRS account before requesting a securities transaction?
Effective December 10, 2018, the securities settlement cycle will be two days (trade date plus two days) to align with the new SGX securities settlement cycle. Please ensure you have sufficient cash and securities balances in your SRS account before requesting a securities transaction with us. Your trade will be accepted upon receipt by the bank of up to your available funds or securities.
Where can I find more information about my equity share for my SRS account?
Please visit the SGX website for information on Raising Share Capital. See Company Announcements in Company Information.
My shares in the SRS account have a stock split event, when will the shares be credited to my SRS account?
The “Safety Credit Date” information can be found on the SGX website. See Company Announcements in Company Information.
What fees and charges apply?
The bank charges a $2 transaction fee for each Singapore Savings Bond application and redemption request. Otherwise, all SRS account transaction fees will be waived until further notice.
Please note: third party fees such as CDP management fees and sales fees when investing with your SRS funds will still apply. Check with the vendor of the product you are investing with for applicable fees and charges.
In order for the SRS contribution to be eligible for tax exemption in the following year, the contribution must be completed via iBanking or mBanking by 7:00 pm on the last working day of December.
*Income tax savings based on the assumption that a married Singaporean citizen has an annual income of S$102,000 in 2015 and enjoys personal tax exemption of S$31,500 (S$1,000 Earned Income Relief, Eligible Child Relief of S$4,000 and Parental Relief of S$4,500) and SRS allowance of S$15,300 for the 2016 assessment year.
#Any time before the retirement age of the first contribution, withdrawals from your DBS SRS account will be subject to a 5% penalty fee and 100% of the withdrawal will be taxable for that year.
^From the retirement age on the first contribution, you can spread your withdrawals over 10 years. Only 50% of your withdrawals are taxable. With a lower or nominal income in retirement, you may end up paying little or no income tax.
The market values of the investments presented are from the fourth last business day of the month and are from sources considered reliable and accurate at the time of access. We make no representation, warranty or guarantee as to its accuracy or completeness.
Where applicable, the provision of prices or market values by us does not imply that an actual trading market exists for that investment or transaction or that it is reasonable to assume (for accounting or other reasons) that such a trading market exists. Prices and market values quoted herein may differ materially from actual dealing prices (if any) for entering, purchasing, redeeming or terminating an investment or Deferred Transaction and financing costs, hedging costs and risks, as well as use of capital and profits. These prices or market values may also differ from the valuations we have made for the purpose of determining the collateral value of any asset you have provided as collateral. We do not advise you on the suitability of any particular use of the prices and market values provided and we will have no liability arising from your reliance on or use of them. You should consult your own advisors as to the appropriateness of any particular use of such prices and market values, whether in connection with the preparation of your financial statements, compliance with reporting obligations or otherwise.
SRS Terms and Conditions
Deposit Guarantee Scheme
Singapore dollar deposits from non-bank depositors and funds and deposits denominated in Singapore dollars under the Supplementary Pension Scheme are legally insured by the Singapore Deposit Insurance Corporation for a total amount of up to S$75,000 per depositor per scheme member. Singapore dollar denominated funds and deposits under the CPF Investment Scheme and CPF Retirement Sum Scheme are pooled and separately insured up to S$75,000 for each depositor per Scheme Member. Foreign currency deposits, dual currency deposits, structured deposits and other investment products are not insured.
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