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You can open a UOB-SRS Account at UOB and do contribution at an opportune time and enjoy the following benefits:
- Tax-free investment gains (with the exception of Singapore dividends) in your SRS account
- Tax relief for next year from your SRS contributions this year
- Tax reduction upon retirement, as only 50% of the withdrawal¹ will be subjected to income tax. There will be greater tax savings if you choose to spread your withdrawals¹ over 10 years upon retirement
- There is a flexibility of withdrawal¹ from your UOB-SRS account at anytime. But if the withdrawal¹ is made before the statutory retirement age, a 5% penalty for premature withdrawal¹ applies and together with the 100% of the withdrawal¹, are subjected to tax
- There is a wide range of investment opportunities offered by UOB: fixed deposits, unit trusts, life insurance, shares and many more
You also enjoy the following services by UOB:
- A comprehensive statement that shows a complete record of your transactions and investment portfolio with updated valuations and cash balance
- Daily interest on the uninvested cash balance in your UOB-SRS Account (similar to CPFIA interest rates)
Deposit Insurance:
- Monies denominated in Singapore dollars placed by an individual or a charity in a SRS deposit account with full banks and finance companies in Singapore are covered under the Deposit Insurance Scheme. For details on the Deposit Insurance Scheme, click here.
What are the requirements for opening an SRS account?
- Applicant must be at least 21 years old and below 62 years old
- Applicant must not be an undischarged bankrupt
- Applicant must not be of unsound mind
What are the requirements for making an SRS contribution?
- Applicant must have an SRS account with UOB
- Applicant can contribute any amount from S$1 up to a maximum contribution cap. Please see the table below for the illustration on the calculation of contribution cap:
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Singaporeans / Permanent Residents |
Foreigners |
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SRS Contribution Formula
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17 X Prevailing CPF Salary Ceiling* X Contribution Rate**
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CPF Salary Ceiling*
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S$4,500
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Contribution Rate**
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15%
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35%
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| Maximum SRS Contribution Cap |
S$11,475 |
S$26,775
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*The prevailing CPF salary ceiling is different each year
**The SRS contribution rate is 15% for Singaporeans and Singapore Permanent Residents, and 35% for foreigners.
Note:
1. A withholding tax is imposed on all withdrawals made by foreigners and Singapore Permanent Residents. The amount of tax withheld corresponds to the year's prevailing tax rate
How much does it cost?
- All SRS account charges are waived till 31st Dec 2008, except for Inter-Bank Transfer of account and Cancellation of Trade. Please refer to the table appended for more details.
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Types of Transactions
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Charges |
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Purchase, Sales and Service Charges incurred for Shares, Loan Stocks, Unit Trusts, Exchange Traded Fund, Property Fund, Corporate Bond, Fixed Deposits, Fund Management Accounts, Insurance Policies, Investment Administrator, Singapore Government Securities, Statutory Board Bonds, Bonds Guaranteed by Singapore Government and Gold Certificate
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Waived till 31 Dec 2008 |
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Inter-bank Transfer of Account
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S$3 per 1,000 shares/units or part thereof subject to a max. of S$30 and S$3 per counter for other investments |
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Cancellation of Trades
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S$5 to process each failed transaction |
Note:
#All charges for account holders with residential addresses in Singapore are subject to Singapore's Goods and Services Tax. All charges are subjected to change at the Bank's discretion. A detailed schedule of the Bank's charges is also available on request.
How do I apply?
Where can I get more information?
- Call us at 1800 222 2121 (24-hour, toll-free) for general enquiries
- Call us at 1800 538 8002 / 8011 / 8022 (24-hour, toll-free) for account-related enquiries
- Fax to us at (65) 6223 6716
- Email us
- Visit us at:
UOB-SRS Department
156 Cecil Street #08-03
Far Eastern Bank Building
Singapore 069544
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