The Supplementary Retirement Scheme (SRS) is a “supplement”
to the CPF retirement savings J
Contributions to the SRS are eligible for tax relief. Investment returns are tax-free before withdrawal and only 50% of SRS withdrawn are taxable, so u can also consider it as a tax-deferred retirement account. However as the first $20K of your income in Singapore is non-taxable, if u withdraw $20K from your SRS annually, it would not be taxed.
You can make up to $12,750 to your SRS account yearly to
enjoy the tax relief. Only local banks (DBS, OCBC and UOB) can allow your SRS
application. If you are say an existing DBS account holder, it is an
instantaneous open of an SRS account through internet banking.
You can then utilize your SRS funds to purchase shares or
other financial products. For example, if u feel that OCBC bank ...
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