Contribution to Supplementary Retirement Scheme (SRS) Account

For customers to be eligible for tax relief in 2024, contributions must be made before 7pm via digibank on Saturday, 30th December 2023.

Part of: Guides > Your Guide to digibank

Important information

Please ensure that your SRS contribution does not exceed your balance contribution limit available. Do note that in the case of the contribution amount exceeding the balance contribution limit available, the entire amount will be refunded to your funding account.

Maximum Annual Contribution Limit

Singapore Citizens / PRs	S$15,300
Foreigners	S$35,700

Annual Foreigner Declaration

Increase your SRS contribution limit

For Foreigners, please declare your Foreigner status at the branch to update your SRS contribution cap for the year.
(Note: This declaration needs to be done yearly as the SRS contribution limit will reset on 1st Jan every year.)
Please ensure you bring along your relevant original copy of the identification documents for verification at any DBS/ POSB Branch
1. Identification Document:
  - Valid Passport
  - For Malaysian - Valid Malaysian IC
2. Proof of Employment (if you are working in Singapore)
  - Valid Employment pass / In Principal Approval (IPA) issued by Ministry of Manpower (To update your Foreign Identification Number)

How to make a contribution to SRS account

There are various channels through which you may make a SRS contribution with us.

Contribution via digibank Mobile

Important: For customers to be eligible for tax relief in YA 2024, contributions must be before 7pm on Saturday, 30th December 2023 via digibank Mobile.

Click on the steps to view screens

Step 1
Log in to digibank Mobile with your Touch / Face ID or digibank User ID & PIN.

Step 2
Upon successful login, tap Pay & Transfer and select All.

Step 3
Under Your DBS/POSB Accounts, select the SRS Account you wish to make your contribution to.

Step 4
Select the Fund Source you wish to contribute from. Ensure SGD - Singapore Dollar is selected as the Currency. We only accept SGD for SRS contributions.

Step 5
Enter the Amount you wish to contribute and tap Next.

Step 6
Verify the details of the contribution and tap Transfer Now to complete the contribution.

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Note:

Service is only available from Monday to Saturday: 7:00am to 10:00pm.

Contribution via digibank Online

Important: For customers to be eligible for tax relief in YA 2024, contributions must be before 7pm on Saturday, 30th December 2023 via digibank Online.

Step 1
Log in to digibank Online with your User ID & PIN.

Step 2
Complete the Authentication Process.

Step 3
Select Transfer and click To My Account.

Step 4
Select the Account you wish to contribute from. Ensure SGD - Singapore Dollar is selected as the Currency. We only accept SGD for SRS contributions.

Step 5
Select the SRS Account you wish to make your contribution to.

Step 6
Indicate the Amount you wish to contribute and click Next.

Step 7
Verify the details and click Submit to complete the contribution.

Not yet a digibank user?

For customers with ATM/Debit/Credit Card

Note:

Service is only available from Monday to Saturday: 7:00am to 10:00pm.

Contribution via Branch

Important: For customers to be eligible for tax relief in YA 2024, contributions must be made before 1.00pm on Saturday, 30th December 2023 via any DBS/POSB Branches.

Visit any DBS/POSB Branches with your NRIC/Passport.
Foreigners must declare their foreigner status at the branch to qualify for the foreigner annual contribution limit for SRS.

Contribution via Cheque

Important: For customers to be eligible for tax relief in YA 2024, contributions must be deposited before 3.30pm on Friday, 29th December 2023 via cheque. For foreigners, please declare your foreigner status at the branch if you have not done so for the year 2023 before depositing the cheque.

Issue a local cheque in your name.
Write your SRS Account no. at the back of the cheque.
Deposit your cheque at any DBS/POSB Branches or Cheque Deposit Box located islandwide.

More information

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$75,000 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$75,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.

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