Supplementary Retirement Scheme (SRS)

Supplementary Retirement Scheme (SRS): A Comprehensive Guide. As the population ages, retirement planning has become increasingly important. The Supplementary Retirement Scheme (SRS) is one of the tools available to Singaporeans to help them save for their retirement years. This scheme was introduced by the Singapore government in 2001 as an alternative retirement savings plan. In this article, we will discuss what SRS is, how it works, and the benefits of participating in the scheme.

SRS Account SRS Account Interest Rate SRS Investment Options
SRS Tax Relief SRS Contribution SRS Account Withdrawal
SRS Withdrawal SRS Withdraw Age SRS Max Contribution
SRS DBS SRS Meaning SRS Account Opening
SRS Investment SRS Login SRS Retirement Age

top 20 how to questions on SRS in Singapore

What is SRS?

SRS is a voluntary scheme that allows Singaporeans and Permanent Residents (PRs) to save money for their retirement years. The contributions made to the scheme are tax-deductible, which means that the amount contributed can be used to reduce the amount of tax payable. This scheme is designed to complement other retirement savings plans, such as the Central Provident Fund (CPF), by offering an additional source of retirement income.

How does SRS work?

To participate in the SRS, you need to open an SRS account with a participating bank or financial institution. Once your account is set up, you can start making contributions to it. The maximum amount that you can contribute to your SRS account in a calendar year is $15,300 for Singaporeans and PRs, and $35,700 for foreigners. The contributions made to the scheme are tax-deductible, subject to a cap of $80,000 per year.

The contributions made to the SRS account are invested in a range of financial products, such as stocks, bonds, and unit trusts. The earnings on the investments are not taxed as long as they remain in the SRS account. However, when you withdraw your savings from the SRS account, the amount withdrawn will be subject to tax.

Benefits of participating in SRS

There are several benefits to participating in the SRS:

  1. Tax Savings: As mentioned earlier, contributions made to the SRS account are tax-deductible, which means that you can reduce your taxable income and save on taxes.
  2. Flexibility: You can choose how much and when to contribute to your SRS account, and you can withdraw your savings anytime after you turn 62.
  3. Additional Retirement Income: The money saved in the SRS account can provide an additional source of retirement income, supplementing your CPF savings.
  4. Diversification: The SRS account provides access to a range of investment products, allowing you to diversify your portfolio.
  5. Estate Planning: Any balance in your SRS account at the time of your death will be distributed to your beneficiaries according to your will or the Intestate Succession Act.


The Supplementary Retirement Scheme is a valuable tool for retirement planning. It offers tax savings, flexibility, and diversification, while providing an additional source of retirement income. If you are a Singaporean or Permanent Resident looking to supplement your retirement savings, you should consider opening an SRS account. However, it is important to remember that the SRS account is subject to certain restrictions, such as withdrawal limits and penalties for early withdrawal, so it is essential to understand the terms and conditions of the scheme before signing up.