UOB-SRS Account

  • crs-accountcrs-account

    Boost your retirement savings and save on taxes

    Do both with the UOB-SRS Account.

    Boost your retirement savings and save on taxes

    Do both with the UOB-SRS Account.

    Apply Now

    *Terms and conditions apply. Insured up to S$75k by SDIC.

Promotions

From now till 16 December 2019, be rewarded when you:

  • Open a UOB-SRS Account and deposit a minimum of S$1,000
     
S$30 worth of shopping vouchers
  • Deposit a minimum of S$10,000 to your UOB-SRS Account
    (First 2,000 customers only. Also applies to customers with existing UOB-SRS Account)

S$20 worth of shopping vouchers

(FULLY REDEEMED)

Quick application through MyInfo
 

 

Apply Now

Simple top up through Personal Internet Banking

 

Top up now


That's not all, you can get additional shopping vouchers of up to S$100 when you invest your SRS funds to boost your retirement savings.

Investment in SRS-Approved Unit Trusts or Insurance Shopping Vouchers
S$10,000 to S$19,999 S$50
S$20,000 to S$29,999 S$70
S$30,000 and above S$100


Speak to a banker at any UOB branch to explore investment options that suit your needs.

UOB SRS Promotion Terms and Conditions apply.

Benefits

The Supplementary Retirement Scheme (SRS) is a voluntary savings programme that complements your Central Provident Fund (CPF) savings for retirement. It is designed to help you save on taxes, make investments to boost your retirement savings and provide you with the flexibility to withdraw when needed.

tax

Tax savings

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tax-free-investment-gains

Tax-free investment gains

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Flexibility to withdraw

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Every dollar you deposit into your SRS account reduces your taxable income by a dollar.

Each year, Singaporean and PRs can contribute a maximum of S$15,300 (S$35,700 for foreigners) to their SRS accounts. To be eligible for SRS tax relief next year, your contribution has to be made by 31 December this year.

Use the calculator below to find out how much tax you can save with SRS.

 

The SRS may seem like any other savings account that earns you daily interest, but there’s actually more to it.

You can make your SRS funds work harder by investing with a long-term view to grow your retirement savings. For example, you can use your SRS funds to invest in unit trusts, insurance plans, stocks, ETFs, REITs, Singapore Savings Bonds and more. Any gains realised on your investments are  accumulated tax-free — they are not subject to income tax before withdrawal*.

Approach a banker at any UOB Branch to explore investment options for your SRS funds.

*Only 50% of the withdrawals from SRS are taxable at retirement.

 

If you withdraw from your UOB-SRS account on or after legal retirement age of 62, you will have a 10-years window where only 50% of the amount withdrawn is taxable. And because you are likely to have significantly lower total income on retirement, you end up paying less tax overall.

You have the flexibility to withdraw from your SRS account before the retirement age of 62. However, 100% of the amount withdrawn will be taxable. A 5% penalty will also apply, unless the withdrawal is made under exceptional circumstances such as death or on medical grounds. 

 

 

Note: A withholding tax is imposed on all withdrawals made by foreigners and Singapore Permanent Residents. The amount of tax withheld corresponds to the year's prevailing withholding tax rate.

Calculator

How SRS works


The above is for illustration purposes only. Personal income tax relief cap of S$80,000 applies from Year of Assessment 2018 to SRS contributions made on or after 1 Jan 2017. This cap applies to the total amount of all tax reliefs claimed, including any relief on SRS contributions.

 

Calculate how much you could save on your taxes

Your Annual Income
Includes salary and bonuses earned for the year.
S$
Your Personal Tax Relief
Includes reliefs such as Earned Income, CPF, Qualifying Child, Parent, and more.
S$
The amount you want to contribute to SRS
Maximum annual contribution of S$15,300 for Singaporeans and PRs, and S$35,700 for Foreigners.
S$

YA2019 Contributions

To be eligible for tax relief in 2020, you must make your contributions before the following cut-off times:

Contribution method Cut-off date/time
UOB Personal Internet Banking 31 December 2019, 8:00pm
Cash or debit from UOB account at a UOB branch 30 December 2019, individual branch banking hours
Cheque deposit at a UOB branch or Quick Cheque Box 30 December 2019, 3:30pm

If you do not have a UOB-SRS account, you must submit your account opening/transfer applications before the following cut-off times in order to meet the timelines above:

Application method Cut-off date/time
Transfer of existing SRS account to UOB 16 December 2019, 6:00pm
Opening of new SRS account at a UOB branch 22 December 2019, individual branch banking hours
Opening of new SRS account online 22 December 2019, 11:59pm

Apply Now

Open a UOB-SRS Account through MyInfo

Open a UOB-SRS Account through MyInfo

 

Apply Now

Top up or make contribution to your UOB-SRS Account through Personal Intern

Top up or make contribution to your UOB-SRS Account through Personal Internet Banking

Top up now


Alternatively, approach a banker at any UOB branch for assistance.

Note: Google Chrome is recommended for MyInfo login. If you apply via MyInfo, your account details will be sent to you within 4 working days.

More Information

Call us at 1800 222 2121

 

FAQs

No. You may not have more than one SRS account at any point in time. Do note that if you previously had an SRS account, but had withdrawn all the monies in it after having attained the relevant retirement age* or on medical grounds and then closed it, you will also not be permitted to open a new account.

(*The statutory retirement age that was prevailing when you made your first SRS contribution. The current statutory retirement age is at 62.)

You may contribute any amount to your SRS account up to your SRS contribution cap of S$15,300 for Singaporeans and PRs, and S$35,700 for foreigners.

Besides the benefit of having more savings to draw on when you retire, you will enjoy the following tax benefits on contributions to SRS:

You can claim tax relief for contributions made to your SRS account. SRS contributions made on or after 1 Jan 2017 are subject to a cap on personal income tax relief of $80,000 per Year of Assessment (YA) from YA 2018. From YA 2018, each dollar of SRS contribution will reduce your income chargeable to tax by a dollar, if your personal income tax relief (including the SRS relief) does not exceed $80,000 per YA.

Investment gains will accumulate tax-free in SRS.

Tax will be payable only when you withdraw your SRS savings (comprising both your SRS contributions and gains on investments). If you withdraw your SRS savings upon retirement*, only 50% of the savings withdrawn will be subject to tax. If you purchase an annuity, this concession applies for as long as you receive the annuity stream. Otherwise, you may spread your withdrawals over a period of up to 10 years to meet your financial needs. Spreading out your withdrawals will generally result in greater tax savings.

(*Upon reaching the statutory retirement age that was prevailing when you made your first SRS contribution.)

You can do so via Personal Internet Banking or at the branch. You do not need to make a claim in your tax return as it will be allowed automatically based on information provided by us to IRAS.

Yes, you can speak to us on how you can maximise your SRS funds.

You can withdraw from your UOB SRS Account at any time before age 62, subject to a 5% penalty for early withdrawal. 100% of the amount withdrawn will also be subject to tax for that year.

Login to Personal Internet Banking and easily view the following information on your SRS Account:

  • Maximum contribution amount
  • Total contribution made to date
  • Balance contribution limit
  • Cash balance

You can visit any of our branches to complete and sign the following forms:

  • SRS Account Transfer form
  • SRS Account Application form
  • SRS Annual Declaration form (Applicable to foreigners only)

There are a transaction fee of $2 for each Singapore Savings Bond application and redemption request. Otherwise, all other fees and charges for SRS Account are waived until further notice. Other third-party related charges such as CDP administrative fees will apply.

Information correct at time of publication. SRS rules are subject to change.

Important Notice & Disclaimers:

You may wish to seek advice from a financial adviser before purchasing units in any unit trust (the “Fund”). In the event that you choose not to seek advice from a financial adviser, you should consider carefully whether the Fund in question is suitable for you. Past performance of the Fund or the Manager, and any economic and market trends or forecast, are not necessarily indicative of the future or likely performance of the Fund or the Manager. The value of units in the Fund, and any income accruing to the units from the Fund, may fall or rise. You should note that your investment is exposed to fluctuations in exchange rates if the Base Currency of the Fund and/or underlying investment is different from the currency of your investment. You should read the prospectus, available from Fund Manager or its distributors, before deciding to subscribe for or purchase units in the Fund. Applications for units of the Fund must be made on the application forms accompanying the prospectus. Investments in unit trusts are not obligations of, deposits in, or guaranteed or insured by UOB, Fund Manager or any subsidiary or associate of UOB or any of their affiliates, or by any distributors of the Fund, and are subject to risks, including the possible loss of the principal amount invested.

This advertisement has not been reviewed by the Monetary Authority of Singapore.

Buying a life insurance policy is a long term commitment. An early termination of the policy usually involves high costs and the surrender value payable (if any) may be less than the total premiums paid. Investments are subject to investment risks including the possible loss of the principal amount invested. The value of the units, and the income accruing to the units, if any, may fall or rise. This marketing material is for reference only and is not a contract of assurance nor is it intended as an offer or recommendation with respect to the purchase or sale of the products stated herein. The precise terms and conditions, specific details and exclusions applicable to these insurance products stated herein are specified in the respective policy documents. The above is for general information only and does not have any regard to your specific investment objectives, financial situation and any of your particular needs. You are recommended to read the policy documents and to seek advice from a financial adviser with regards to your specific investment objectives, financial situation and any of your particular needs before making a commitment to purchase any insurance products. In the event that you choose not to seek advice from a financial adviser, you should consider carefully whether any of the insurance products is/are suitable for you. In case of inconsistency between the English and Chinese versions, the English version shall apply and prevail. United Overseas Bank Limited does not hold itself out to be an insurer, insurance broker or insurance agent. The insurance products stated herein are provided by Prudential Assurance Company Singapore (Pte) Limited.

This advertisement has not been reviewed by the Monetary Authority of Singapore.

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.

This advertisement has not been reviewed by the Monetary Authority of Singapore.

These policies are protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact your insurer or visit the Life Insurance Association (LIA) or SDIC websites (www.lia.org.sg or www.sdic.org.sg).

This advertisement has not been reviewed by the Monetary Authority of Singapore.