Save More on Taxes with Supplementary Retirement Scheme

¹ Account opening and Top up service is only available on digibank from 0700 hr to 2200 hr (Daily) and 0700 to 1900 hr (if the last day of the month falls between Monday to Saturday).

If you're new to DBS/POSB or would like to discuss more, please visit any of our branches. Find nearest branch.

For Singaporeans or PRs, please bring along your identity card or passport when you visit the branch. For foreigners, please bring along your passport and the relevant pass issued by the Immigration and Checkpoint Authority of Singapore.

For SRS contribution to be eligible for tax relief in the following year, the contribution via iBanking or mBanking must be completed by 1900hrs on the last working day of December.

*Income tax savings based on the assumption that a married male Singapore Citizen has a yearly income of S$102,000 in 2015 and enjoys personal tax relief of S$31,500 (Earned Income Relief of S$1,000, Qualifying Child Relief of S$4,000 and Parent Relief of S$4,500) and SRS relief of S$15,300 for the Year of Assessment 2016.

^#Before the retirement age at first contribution, withdrawals from your DBS SRS Account at any time are subjected to a 5% penalty and 100% of the amount withdrawn will be taxable for that year.

^{^}Upon retirement age at first contribution, you are allowed to spread out your withdrawals over 10 years. Only 50% of your withdrawals are subject to tax. Having lower or nominal income at retirement, you may end up paying little or no income tax.

Market values of investments shown are as of the fourth last business day of the month and obtained from sources which are believed to be reliable and accurate as at date of retrieval. We do not represent, warrant or guarantee their accuracy or completeness.

Where applicable, the provision by us of market prices or values does not imply that an actual trading market exists for that investment or transaction or that it is appropriate to assume (for accounting or other purposes) that such a trading market exists. The market prices and values provided herein may differ significantly from actual trading prices (if any) for entering into, purchasing, redeeming or terminating an investment or transaction as a result of various factors, including prevailing credit spreads, market liquidity, position size, transaction and financing costs, hedging costs and risks and use of capital and profit. Such market prices or values may also differ from the valuations adopted by us for purposes of determining the collateral value of any asset provided by you by way of security. We have not advised you as to the appropriateness of any particular use of the market prices and values provided and we do not accept any liability whatsoever arising from your reliance or use thereof. You should consult your own advisors as to the appropriateness of any particular use of such market prices and values, whether in connection with the preparation of your financial statements, fulfilling reporting obligations or otherwise.

Terms and Conditions Governing SRS

Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$100,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.