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How to Open a Supplementary Retirement Scheme (SRS) account in Singapore? 

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How to Open a Supplementary Retirement Scheme (SRS) account in Singapore

Opening a Supplementary Retirement Scheme (SRS) account in Singapore is a straightforward process, whether you choose to do it online or at a bank branch. Here’s a step-by-step guide to help you through the process:

Eligibility Criteria

Before opening an SRS account, ensure that you meet the following criteria:

  • Age: At least 18 years old.
  • Residency: Singapore Citizen, Permanent Resident (PR), or foreigner.
  • Bankruptcy Status: Not an undischarged bankrupt.
  • Mental Capacity: Capable of managing your own affairs.
  • SRS Account Status: Do not have an existing or pending SRS account with any bank.

Step-by-Step Guide to Opening an SRS Account

Option 1: Online Application via Internet/Mobile Banking

DBS/POSB:

  1. Log in to DBS digibank.
  2. Navigate to “Apply” > “SRS Account”.
  3. Verify your identity using Singpass MyInfo.
  4. Fill in the required details and submit the application.
  5. Your SRS account will typically be opened instantly.

OCBC:

  1. Log in to OCBC Digital Banking.
  2. Go to “Apply” > “SRS Account”.
  3. Authenticate via Singpass MyInfo.
  4. Complete the application form and submit.
  5. You will receive confirmation upon successful account opening.

UOB:

  1. Access UOB Personal Internet Banking.
  2. Select “Apply for SRS Account”.
  3. Use Singpass MyInfo for verification.
  4. Fill in the necessary information and submit your application.
  5. Processing typically takes up to 4 working days.

Note: Online applications are generally available from 7:00 AM to 10:00 PM daily.

Option 2: In-Person Application at Bank Branches

If you prefer or need to apply in person:

  1. Visit any branch of DBS/POSB, OCBC, or UOB.
  2. Bring along the following documents:
    • Singaporeans/PRs: NRIC.
    • Foreigners: Passport and valid employment pass or relevant identification.
  3. Request to open an SRS account.
  4. Complete and sign the necessary application forms.
  5. The bank will process your application, and you will receive confirmation upon successful account opening.

Important Notes

  • Single Account Rule: You are allowed to maintain only one SRS account at any given time.
  • Contribution Deadlines: To qualify for tax relief in a particular Year of Assessment, ensure that your contributions are made by 31 December of the preceding year.
  • Annual Contribution Limits:
    • Singapore Citizens/PRs: S$15,300.
    • Foreigners: S$35,700.
  • Tax Relief Cap: The total personal income tax relief, including SRS contributions, is capped at S$80,000 per Year of Assessment.

By following these steps, you can successfully open an SRS account and start planning for your retirement while enjoying tax benefits.