Contributions can be made through either of the following ways:

Via OCBC Internet Banking

1. Login to Internet Banking
2. Under "Investment & insurance", select "Retirement portfolio"
3. Select "SRS contribution"

Via the OCBC app

1. Via the OCBC app.
2. Tap on More.
3. Under Payment & transfers, tap on “Make a SRS contribution”.
4. Follow the instructions.

For SRS contributions submitted via the OCBC app or Internet Banking between 9am-9pm from Mondays to Saturdays (excluding public holidays) we will process it within the same day. SRS contributions submitted after 9pm or on a non-business day will be processed the next working day.

If a request is successful, the transaction will be shown in your SRS Transaction History one business day after we process it. For example, if the request is submitted on Sunday, we will process it on Monday (non-public holiday) and the transaction will be shown in your SRS Transaction History on Tuesday. We will send you an email if the request is unsuccessful.

If your request is submitted before 11.59pm on 31 December on the last business day of the year (on or before 31 December), your SRS contribution will be made the same year.

SRS contribution cannot be done via other banks' internet banking.

Cash

Cash can only be deposited over the counter at branches.

Cheque

Write a cheque payable to yourself and drop it into a Quick Cheque Deposit box at any OCBC branch Indicate on the back of the cheque:

• Your name
• NRIC or FIN number
• SRS account number
• Contact number

Cheques received before 3.30pm on a working day, the funds will be credited to SRS account around 4.00pm on the following working day if the cheque is good for payment.

Contributions must be made by 31 December of each year in order to be eligible for tax deduction in the same year.

Standing instruction is currently not available.

You can withdraw your SRS funds anytime.

If you withdraw from your account at or after the applicable statutory retirement age, only 50% of the withdrawn amount is subject to tax.

The statutory retirement age prior to 1st July 2022 was 62, and will be raised to 63 on 1st July 2022.

However, if you make a withdrawal before the statutory retirement age prevailing at the time of your first contribution, funds withdrawn will be subjected to tax and a 5% penalty.

The penalty applies to all withdrawals except those made under exceptional circumstances:

1. death;
2. medical grounds;
3. bankruptcy; or
4. the full withdrawal of the SRS balance by a foreigner provided that the following conditions are met:

• you are neither a Singapore Citizen nor a Singaporean PR on the date of withdrawal and for a continuous period of 10 years preceding the date of withdrawal;
• you have maintained your SRS account for a period of not less than 10 years from the date of your first contribution to your SRS account; and
• you make a one-time full withdrawal from your SRS account.

Contributions to SRS are considered part of your personal reliefs. Total personal reliefs, including SRS contributions, are capped at S$80,000.

Yes, you can. Visit any of our branches to complete and sign these forms:

• Account Transfer form
• SRS Account Application form
• Declaration form

The branch will submit these documents for the processing of the transfer.

You may approach any of our branches to complete the Account Closure form.

A wide range of financial instruments are available for your investments. These include stocks, unit trusts, time deposits, annuities, fund management accounts and life insurance policies (single premium and recurrent single premium products only).

However, direct property investments, life insurance policies greater than 3 times the single premium, critical illness, health and long-term care products are not allowed.

There will be a S$2 transaction fee for each application or redemption for Singapore Savings Bonds.

Yes – if you (i) transfer your SRS Account from OCBC to another bank and the transfer involves shares; (ii) withdraw shares from your SRS Account, the following fees and charges are applicable:

• a CDP settlement fee of S$0.35 per counter
• share transfer charge of S$10 per counter (applicable for share-related transactions).

These charges are subject to the prevailing Goods and Services Tax (GST) rate.