Supplementary Retirement Scheme (SRS) was introduced in year 2001 to encourage voluntarily saving for retirement. 

And in the last 18years, more than 140,000 accounts have been opened with more than $8B contributed!

How does the Supplementary retirement scheme (SRS) account work?

If you want to open the SRS account, you can do it online with DBS, OCBC and UOB.

The common misconception is SRS is under CPF. It is NOT!

Hence, it does not give you the 2.5% interest in CPFOA or the 4% interest in CPFSA.

You will ONLY get a nominal interest of 0.05%p.a. for the funds inside SRS!

To get tax relief, make voluntary contributions to your SRS account. If you contribute $15,000, you would see your chargeable income reduced by $15,000. It is a dollar-for-dollar tax relief. Further details below.

It is fully voluntary. You can choose to contribute this year and not do for the next. 

How much taxes can you save...