OCBC Blue Chip with SRS

[cheebuu]

Can we make withdrawal (in the form of investments) of OCBC blue chip plan investment (RSP) which uses SRS account, into CDP account?

 

[JuniorLion]

Sounds like it's possible but please check with OCBC.

However, if you make withdrawal from SRS to CDP, you will need to pay 5% penalty if you're below 62 years old. Also, it is subjected to normal tax rates (as it counts as income).

 

[OCBC Bank]

Can we make withdrawal (in the form of investments) of OCBC blue chip plan investment (RSP) which uses SRS account, into CDP account?

Hi cheebuu,

Are you looking to transfer your shares to CDP?

For shares settled by SRS, you will not be able to transfer out your shares.

You may refer to BCIP Transfer of Shares (https://www.ocbc.com/personal-banking/investments/bcip-faqs.pdf) for more details.

^DG

 

[mynickname]

Hi cheebuu,

Are you looking to transfer your shares to CDP?

For shares settled by SRS, you will not be able to transfer out your shares.

You may refer to BCIP Transfer of Shares (https://www.ocbc.com/personal-banking/investments/bcip-faqs.pdf) for more details.

^DG

Why not? Should it not be a case of settling early withdrawal penalty fees rather than absolutely no?

 

[JuniorLion]

Hi cheebuu,

Are you looking to transfer your shares to CDP?

For shares settled by SRS, you will not be able to transfer out your shares.

You may refer to BCIP Transfer of Shares (https://www.ocbc.com/personal-banking/investments/bcip-faqs.pdf) for more details.

^DG

Why not? MAS website says shares from srs can be transferres to cdp.

 

[TabascoSauce]

U can transfer share from Srs to cdp under certain conditions.

But in the case of bcip, as I understand from the FAQ, u probably can't bcos the product don't go into personal cdp in the first place regardless of whether u bought it through srs or not

 

[OCBC Bank]

Why not? MAS website says shares from srs can be transferres to cdp.

Can we make withdrawal (in the form of investments) of OCBC blue chip plan investment (RSP) which uses SRS account, into CDP account?

Hi all,

We would like to clarify that for transfer of shares purchased via SRS to CDP, customers will have to sell the shares and repurchase them via CDP.

However, if they meet the withdrawal requirements stated below, they will be able to apply (subject to approval) to their SRS operators to transfer the investment into their CDP account, without having to liquidate their SRS investments.

a. withdrawal on or after the statutory retirement age prevailing at the time of an SRS member’s first contribution (prescribed retirement age);

b. withdrawal on medical grounds;

c. withdrawal in full by a foreigner, subject to conditions2; and

d. actual withdrawal made by an SRS member or his legal personal representative (if he is deceased) from his SRS account, after the SRS investment that is to be withdrawn had earlier been deemed withdrawn upon death or after the expiry of the 10-year withdrawal period.

All other withdrawals from an SRS account, including premature withdrawals, must be made in cash. Except for the four types of withdrawals highlighted above, where savings in the SRS account have been used to acquire investments, the investments must be liquidated before the sales proceeds are withdrawn in cash from the SRS account.

Please refer to Point 29 of MOF's SRS booklet for more details:
https://www.mof.gov.sg/Portals/0/mof for/individuals/SRS_Booklet - 7 Dec 2017.pdf

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Aside to cheebuu, if you meet any of the requirements mentioned, and would like to seek approval for the transfer, please call our hotline at 1800 363 3333, or drop us a PM with your contact details.

^DG

 

[JuniorLion]

As the spokesperson for OCBC, keep the technical terms down, and speak properly to the masses.

In essence, what you are saying is just that "You can transfer shares from SRS account to CDP once you are past 62 years old. "

 

[FrostWurm]

In essence, what you are saying is just that "You can transfer shares from SRS account to CDP once you are past 62 years old. "

Don't be stupid, 62 years old is just an arbitrary value that can change anytime.

 

[JuniorLion]

Don't be stupid, 62 years old is just an arbitrary value that can change anytime.

If you top up your SRS today, it is 62 years old.

Cheers.