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Singapore Citizens, Singapore Permanent Residents (SPRs) and foreigners who derive any form of income may make SRS contributions in the current year. You must be:
SRS accounts are managed by 3 bank operators:
You may approach the banks listed above to open an SRS account and start to contribute.
Documents required for opening an SRS account:
Please note that you will not be permitted to open a new account if you previously had an SRS account which was closed after withdrawing all the monies due to the following reasons:
(* The statutory retirement age that was prevailing when you made your first SRS contribution.)
You may refer to the Ministry of Finance’s website for the FAQs on participating in SRS.
You may change the SRS bank operator of your SRS account by obtaining the “Transfer of Account Form” from the new SRS operator, who will then liaise with your existing operator to effect the transfer.
All SRS contributions must be made by 31 Dec of the year or as your SRS operator requires, to be eligible for SRS tax relief in the following Year of Assessment. However, you are advised to check with your SRS bank operator about the cut-off date for SRS contributions.
You and/or your employer (on your behalf) may contribute at any time, and as often as you like, subject to the maximum SRS contribution for the year. Contributions must be made in cash.
However, SRS contributions cannot be made if you start withdrawing from your SRS account:
For foreigners: Annual declaration form required by bank operator
You are required by the SRS bank operator to complete the Declaration Form for SRS (For Foreigners) (DOC, 77KB) and declare your foreigner status. This allows the operator to calculate your maximum SRS contribution.
If you become a Singapore Citizen or Singapore Permanent Resident during the year, please update the SRS bank operator as your maximum contribution amount will have to be recalculated even if you have already made contributions for that year. The SRS bank operator will re-compute your SRS contribution cap for the year on a pro-rata basis.
Penalties may be imposed for excess contributions if a wrongful declaration has been made to the SRS bank operator. For example, if, at the time of contribution, you are already a Singapore Permanent Resident, you cannot declare that you are a foreigner.
If you require more information on SRS, you may refer to the Ministry of Finance’s website for the FAQs on SRS contributions.
You will be allowed SRS tax relief in the Year of Assessment following the year of contribution, provided you are a tax resident for that Year of Assessment. However, a personal income tax relief cap of $80,000 applies to the total amount of all tax reliefs claimed (including relief on SRS contributions).
You will not be allowed SRS tax relief if:
Scenario 1: Contribution made before withdrawal in the same year
Ms Jasmine, 40 years old, first made a contribution of $10,000 and then made a withdrawal of $8,000 in the same year. SRS relief will not be granted on the amount of $8,000 she contributed and withdrawn, and there will not be any tax and penalty on the amount withdrawn.
If Ms Jasmine made a withdrawal of $15,000 instead of $8,000, there will be no tax relief allowed on the $10,000 contributed, as the amount withdrawn exceeds the amount contributed in the year. The remaining amount of $5,000 ($15,000 – $10,000) will be subject to tax and a 5% penalty.
Scenario 2: Withdrawal made before contribution in the same year
Ms Jasmine, 40 years old, first made a withdrawal of $15,000 and then made a contribution of $10,000 in the same year. The withdrawal of $15,000 will be brought to tax in full and a 5% penalty will be imposed. Subsequently, the SRS contribution made after will be allowed SRS tax relief.
If you are eligible for the SRS tax relief, the relief amount is the actual amount of SRS contribution made by you and/or your employer (on your behalf) in the preceding year.
Mr Tan, a foreigner, has made a contribution of $20,000 to his SRS account in 2021. In Year of Assessment 2022, the SRS bank operator will transmit the contribution information to IRAS and SRS tax relief of $20,000 will be included.
You do not need to make a claim in your Income Tax Return as it will be allowed automatically based on the information provided by the SRS operator. The SRS tax relief will be reflected in your Income, Deductions and Reliefs Statement when you e-File.
For Foreigners and Singapore Permanent Residents
If you are leaving your employment and leaving Singapore, and wish to claim the SRS tax relief on your contributions made in the year of departure, you must obtain a SRS statement of contributions/withdrawals (for tax clearance) (PDF, 61 KB) from the SRS bank operator specifically for the purpose of tax clearance.
If you are a foreigner or SPR seeking tax clearance and you have made SRS contributions or withdrawals in the current year, you must obtain a SRS statement of contributions/withdrawals (for tax clearance) (PDF, 61KB) from the SRS bank operator.
The SRS bank operator or you will have to send the completed form to IRAS for processing. IRAS will take into account your SRS contributions or withdrawals in your tax assessments.
A pro-rated contribution cap applies. You should contact the SRS operator to have your contribution cap recalculated.
His/her SRS contribution cap in the following year would be $15,300, which is the cap applicable to Singaporean/SPRs.
There will be no refund for SRS contributions made. As such, please take note of the overall personal income tax relief cap and evaluate whether you would benefit from the tax relief on your SRS contributions, and make an informed decision.
© 2022, Government of Singapore
Last updated on 04 March 2022