UOB-SRS Account

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 Do note that if you previously had an SRS account, but had withdrawn all the monies in it after having attained the relevant retirement age* or on medical grounds and then closed it, you will also not be permitted to open a new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 If you withdraw your SRS savings upon retirement*, only 50% of the savings withdrawn will be subject to tax.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from your UOB SRS Account at any time before age 62, subject to a 5% penalty for early withdrawal. 100% of the amount withdrawn will also be subject to tax for that year.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.

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.