SRS Interest Rates

SRS Interest Rates (DBS Bank)

Singapore Savings Account Rates presents SRS interest rates from DBS bank. SRS stands for Supplementary Retirement Scheme account.

SRS interest rates are shown for your information about financial investments in retirement planning in Singapore.

Before you invest money or put cash in retirement-related investments, kindly confirm these SRS interest rates with financial institution.

So what is the best, the highest and the latest SRS interest rate?

The interest rate on balances in the Supplementary Retirement Scheme Account which are not invested is currently 0.100% p.a..

SRS offers attractive tax benefits. These include tax deduction for all contributions made to SRS, subject to the contribution cap; investment gains accumulate tax-free in the SRS; and upon retirement, only 50% of the amount withdrawn will be taxable.

SRS interest rates are definitely subject to change without notice at discretion of the bank.

Thanks for reading Singapore Savings Account Rates, where we bring you the latest and best financial information about selected Singapore savings account rates.

The Team

Singapore Savings Account Rates.

UOB Supplementary Retirement Scheme SRS Interest Rates

UOB Supplementary Retirement Scheme SRS Interest Rates

Singapore Savings Account Rates presents UOB Supplementary Retirement Scheme SRS Interest Rates this July 2010 for our readers' interest.

UOB Supplementary Retirement Scheme SRS Interest Rates are shown for your information about financial investments in Singapore. Before you invest money or put cash in financial products or financial investments like stocks, shares, bonds, unit trusts, money markets or other banking products, you ought to confirm these savings account rates with financial institution or bank firm concerned.

UOB Supplementary Retirement Scheme SRS Interest Rates (% p.a.)

Below S$10,000= 0.1250
S$10,000 & Above= 0.1250

UOB Supplementary Retirement Scheme SRS Interest Rates are subject to change without notice at discretion of the respective bank / finance company.

Thanks for reading Singapore Savings Account Rates, where we bring you the latest and best financial information about selected Singapore savings account rates.

The Team

Singapore Savings Account Rates.

SRS Bank Account Top Up

SRS Bank Account Top Up

In this December finance post on SRS Bank Account Top Up, Singapore Savings Account Rates reminds all readers who possess an SRS bank account or intend to open an SRS bank account that the deadline to top up your SRS bank account is approaching.

In order to gain tax advantages using the supplementary retirement account scheme SRS Scheme for this income tax year, you should put funds into your own SRS account before year end.

More details on SRS Supplementary Retirement Account scheme can be obtained at our Singapore Savings Account Rates post.

Thanks for reading Singapore Savings Account Rates, where we bring you the latest and best selected Singapore savings account rates.

The Team
Singapore Savings Account Rates.

DBS SRS Investment Account Rates

DBS SRS Investment Account Rates

DBS SRS Investment Account Rates (Supplementary Retirement Scheme, Singapore) are presented by Singapore Savings Account Rates this day in August 2009 to help you gain more insight before investing SRS monies in Singapore.

DBS SRS Investment Account Rates:
Amount | DBS SRS Investment Account Interest Rate (% p.a.)

Below $25,000 = 0.100

$25,000 and Above = 0.100

DBS SRS Investment Account Rates are subject to change without notice. Before investing SRS cash on investments based on these SRS rates, you should verify the DBS SRS investment account rates of interest before acting on the information we provide.

Thanks for reading Singapore Savings Account Rates, where we bring you the latest and best Singapore savings account rates.

The Team
Singapore Savings Account Rates.

UOB CPF Investment Account Rate

UOB CPF Investment Account Rate

Singapore Savings Account Rates presents the UOB CPF Investment Account Rate this day in July 2009.

UOB CPF Investment Account Rates:
Below $10,000 = 0.125%
Above $10,000 = 0.125%

UOB SRS Supplementary Retirement Account Rate
Below $10,000 = 0.125%
Above $10,000 = 0.125%

SRS savings that are placed in the CPF investment account for investing earn the interest rates as shown above. If this rate of return meets your investing needs, consider using this CPF investment account.

Thanks for reading Singapore Savings Account Rates blogspot.com.

SRS Account Interest Rates

SRS Account Interest Rates

In Singapore, investors and savers can open Supplementary Retirement Scheme (SRS) accounts to save for their old age use. Three local banks offer Supplementary Retirement Scheme (SRS)accounts. They are DBS, OCBC and UOB banks.

SRS Account interest rates normally follow the various banks basic savings account rates. You can also put your SRS account money into time deposits, or fixed deposits to get higher interest rates for your Supplementary Retirement Scheme (SRS) account.

All SRS contributions are to be made in cash at any time before 31st December each year.

The amount of contribution is subject to a cap. The SRS contribution cap is based on a common absolute cap of $76,500 i.e. 17 months of the prevailing CPF salary ceiling of $4,500. This amount is 15% of $76,500 or $11,475 for Singaporeans and Permanent Residents, and 35% of $76,500 or $26,775 for foreigners.

Selected examples of SRS Account use in savings and time deposits / fixed deposits accounts:

SRS Account placed in OCBC SRS Time Deposits or Fixed Deposits:

SRS Account Interest Rates placed in DBS SRS Accounts
SRS Account Interest Rates placed in UOB SRS Accounts

Speak to your bank officer for a detailed discussion and latest quotation for your supplementary retirement scheme (SRS) account investment needs.

Follow Singapore Savings Account Rates for the latest and best savings and SRS account rates in Singapore.

Supplementary Retirement Savings (SRS) Account Rates

Supplementary Retirement Scheme (SRS) Savings Account Rates

Supplementary Retirement Scheme (SRS) is a voluntary scheme to encourage employees and self-employed to save for retirement, over and above their CPF savings.

The Supplementary Retirement Scheme SRS offers attractive tax benefits. Contributions to Supplementary Retirement Scheme SRS are eligible for tax relief. Investment returns (with the exception of Singapore dividends) will also be tax-free before withdrawal and only 50% of the withdrawals from SRS are taxable at retirement.

You can open an SRS account at any of the three SRS operators:

Development Bank of Singapore (DBS) Ltd
Overseas-Chinese Banking Corporation (OCBC) Ltd
United Overseas Bank (UOB) Ltd

Now that you know what is the Supplementary Retirement Scheme SRS, what is the best interest rates on the supplementary retirement scheme SRS savings account in Singapore?

According to the Ministry of Finance, with some limitations imposed, the banks who operate the SRS generally make their own commercial decisions on what products you can invest in.

For those who keep their cash as savings deposits in the SRS, interest rates offered by the banks on your supplementary retirement scheme SRS savings accounts are similar to savings account that depositors put money into at the branch counters.

In other words, SRS savings account interest rates are the SAME as cash savings account interest rates. At present, these interest rates are pretty low, at around 0.25%. You can also open fixed deposits accounts to earn a slightly higher rate.

The low rates correspond to the relative security of this asset class. If you intend your SRS to be your nest egg for retirement, do consider that you would not want to invest your entire sum of money in financial products (e.g. toxic structured products) that are at more risk of loss than you are willing to accept.

Singapore Guarantees All Savings, Fixed, Current, SRS, Bank Account Deposits

Singapore Guarantees All Savings, Fixed, Current, SRS, Bank Account Deposits

The Government of Singapore has announced that it will guarantee all Singapore dollar and foreign currency deposits of individual and non-bank customers in banks, finance companies and merchant banks licensed by the Monetary Authority of Singapore (MAS).

This guarantee will run from now until 31 December 2010, according to the MAS and the Ministry of Finance.

It will be backed by $150 billion worth of Government reserves.

Other countries that have such government guarantees are:

• Australia
• New Zealand
• some European nations
• Hong Kong
• Malaysia

Guaranteed deposits are:

• Savings accounts
• fixed deposits accounts
• current accounts
• bank accounts under the Supplementary Retirement Scheme (SRS)

Unprotected deposit accounts are:

• structured products
• any deposit that is pledged, charged or secured as collateral

source: MAS and MOF Joint Statement

Supplementary Retirement Scheme (SRS) Changes From 1 October 2008

Supplementary Retirement Scheme (SRS) Changes From 1 October 2008

Source: Ministry of Finance Singapore: http://www.mof.gov.sg/taxation/srs.html

What is SRS?
The Supplementary Retirement Scheme (SRS) is meant to help the financial needs of a greying population, which were highlighted in the Report of the Inter-Ministerial Committee (IMC) on the Ageing Population, released in November 1999.

The Supplementary Retirement Scheme (SRS) complements the Central Provident Fund (CPF). Participation in Supplementary Retirement Scheme (SRS) is voluntary. You can contribute a varying amount to Supplementary Retirement Scheme (SRS) (subject to a cap) at your own discretion. The contributions may be used to purchase various investment instruments including bank savings account. The SRS took effect on 1st April 2001 and is operated by the private sector.

Supplementary Retirement Scheme (SRS) CHANGES IN BUDGET 2008

In Budget 2008, the Minister for Finance announced several enhancements to the Supplementary Retirement Scheme (SRS). The changes are listed in the following table. They will take effect from 1 October 2008.


The main attraction of Supplementary Retirement Scheme (SRS) is the attractive tax benefits:

- contributions to SRS are eligible for tax relief,

- investment returns are accumulated tax-free(except certain Singapore dividends) and

- only 50% of the withdrawals from Supplementary Retirement Scheme (SRS) are taxable at retirement.

If you want to learn more about how the Supplementary Retirement Scheme (SRS) works, and who can participate in it, go to Ministry of Finance website. It also explains the benefits of the scheme, and provides information on when and how you can make contributions or withdrawals, as well as where you can invest your Supplementary Retirement Scheme (SRS) funds.



Current Treatment
1 Employers cannot directly contribute to their employees’ Supplementary Retirement Scheme (SRS) accounts.

New Treatment (from 1 Oct 2008)

Employers can contribute to their employees’ SRS accounts, subject to the current SRS contribution limits, and claim full tax deduction. SRS members will enjoy tax relief on the contributions made by their employers.

Current:
2 SRS members can contribute up to the prevailing statutory retirement age. They can withdraw their Supplementary Retirement Scheme (SRS) monies over 10 years from the prevailing statutory retirement age.

New:
SRS members can contribute beyond the prevailing statutory retirement age, up to the point of their first penalty-free withdrawal. They can withdraw their SRS monies over 10 years from the date of their first penalty-free withdrawal. Withdrawals will continue to be penalty-free only if they take place after the statutory retirement age that was prevailing at the time of the first contribution.

Current:
3 Individuals without any earned employment income in the previous year cannot contribute to Supplementary Retirement Scheme (SRS) in the current year.

New:
Individuals without any earned employment income in the previous year can contribute to the SRS in the current year

The Budget Speech 2008 Annex on these changes can be found at http://www.singaporebudget.gov.sg/speech_p5/annexb-6.pdf


For members who are aged 62 or above on 1 October 2008, MOF will provide a one-off transitional concession so that they can take advantage of the new rules.

a. Those who have made penalty-free withdrawals and/or closed their accounts before 1 October 2008, but wish to continue to contribute to the Supplementary Retirement Scheme (SRS), may do so as long as they make a new SRS contribution between 1 October 08 and 31 December 2008. They can withdraw their Supplementary Retirement Scheme (SRS) monies anytime thereafter, and their 10-year withdrawal period will begin when they make their first penalty-free withdrawal. Once they start withdrawing, they will no longer be able to contribute again.

b. For those who do not wish to start contributing again or have not begun withdrawals, the new rules will automatically apply and their withdrawal period will end ten years from the date of their first penalty-free withdrawal.

Supplementary Retirement Scheme (SRS) And Saving Money For You

How does Singapore's Supplementary Retirement Scheme (SRS) apply to Singapore Savings Account Rates? In a nutshell, you can use SRS money to deposit it into your personal Singapore bank savings accounts. You earn interest on this principal. You also earn tax deduction in your income tax submission on this principal amount together with the interest earned.

You defer paying tax on this principal sum that you put into your Supplementary Retirement Scheme (SRS) account until you make a withdrawal from this Supplementary Retirement Scheme SRS account. At the time of withdrawal, 50% of the sum withdrawn (including interest money) will be subject to tax.

With the new Supplementary Retirement Scheme (SRS) changes, you can delay withdrawal of money from your Supplementary Retirement Scheme SRS beyond the official retirement age, at any time you choose. You can also stagger the principal amount withdrawn from the Supplementary Retirement Scheme SRS over ten years.

It is thought that by the time you need to withdraw this Supplementary Retirement Scheme (SRS) money, you would have fully retired and be earning zero income or very little earned income. Hence you will taxed at a low income tax bracket. As an illustration, if your total income for a year (including Supplementary Retirement Scheme SRS withdrawal) amounts to less than $20000, you pay zero tax.