SIC : DBS SRS $88 promo

[civicguy]

Be the first 100 customers to top up min $8.5k and get $88 cash rebate

http://www.dbs.com.sg/Resources/personal/docs/promotions/mindef/promotion/srs-promotion-t&c.pdf

 

[dork32]

Be the first 100 customers to top up min $8.5k and get $88 cash rebate

http://www.dbs.com.sg/Resources/personal/docs/promotions/mindef/promotion/srs-promotion-t&c.pdf

thanks for the good news.

 

[tk]

Hmm.. how does topping up to the SRS account compares with topping up to CPF directly? I guess CPF interest rate is better but less flexible in withdrawal?

 

[dork32]

Hmm.. how does topping up to the SRS account compares with topping up to CPF directly? I guess CPF interest rate is better but less flexible in withdrawal?

for me, my contribution is max already. cannot contribute more into cpf.

if i put into wife cpf, i will not be able to withdraw coz she will not hit min sum.

so srs is my best choice to siam tax

 

[sandwicher]

SRS returns are savings rates return by default. SRS topping up has tax deductions. SRS 'can' withdraw' when you need, but there's admin fees as penalties.

 

[dork32]

SRS returns are savings rates return by default. SRS topping up has tax deductions. SRS 'can' withdraw' when you need, but there's admin fees as penalties.

i do not leave my money in srs like that. i use it to buy some equities which gives me much better return that 0.05%

 

[chiokcc]

I went DBS, the reception said they unaware of this promo

 

[tk]

for me, my contribution is max already. cannot contribute more into cpf.

contribution max liao cannot top up to cpf?

 

[civicguy]

I went DBS, the reception said they unaware of this promo

I called and transferred done same day.

Use phone banking. Choose the option of "CPF investment ba ba ba" and finally choose the option to talk to operator. I think the call was routed to the right party as she immediately knew of this and even offer to help me transfer from my savings to SRS. On the same night it was done.

Let u know when and if I receive the $88. Ha.

 

[chiokcc]

Oh, but 100 pax is a bit low leh.

 

[beri stupid idiot]

for me, my contribution is max already. cannot contribute more into cpf.

if i put into wife cpf, i will not be able to withdraw coz she will not hit min sum.

so srs is my best choice to siam tax

wow ... max contribution, li hai : )

 

[dork32]

wow ... max contribution, li hai : )

not very li hai. 85k/year can hit max already. we have people that can hit that in 2 months.

 

[jgyy1990]

Hmmm 50k/ year think can hit the 12750 sgd liao

 

[limpoop]

Oh, but 100 pax is a bit low leh.

I assume 100 already fully taken on first day? Anyone can confirm?

 

[chiokcc]

I suppose if u intend to put into SRS, just commit $8.5k now. Whether get the $88, let the system decide. Then commit the balance amount before 31 Dec lor.

 

[limpoop]

Now increased to 400 and you can transfer funds to SRS via IB!

Supplementary Retirement Scheme Account

Promotions

Get $88 cash when you open an SRS Account with us!

Be rewarded with $88 cash when you open a new Supplementary Retirement Scheme (SRS) Account with us. Simply be the first 400 customers to:

Open a new SRS Account via iBanking (find out how here), and
Contribute a minimum of S$8,500 to your SRS Account

Click on “Funds Transfer to My A/C” on the left Navigation Menu
Select your SRS Account
Enter the top-up amount and click “Submit”

Offer ends 31 Dec 2014. Login to iBanking to start saving for a more rewarding retirement today!

 

[yaucs]

Latest 400 promo is for new Srs account only?

 

[limpoop]

Latest 400 promo is for new Srs account only?

Got a big ads yesterday: "For the first 400 to top up via DBS iBanking"

 

[teerance85]

Hmm.. how does topping up to the SRS account compares with topping up to CPF directly? I guess CPF interest rate is better but less flexible in withdrawal?

Topping up to SRS reduces tax, topping up CPF also reduces tax (special/retirement tax relief, while medisave tax deductible)

SRS can withdraw before 62, jused need to pay 5% penalty. CPF can only withdraw base on CPF guidelines.

All in all, both top ups is for a better future, so regardless of whichever top ups, both serves the same common goal!

 

[game goondu]

Topping up to SRS reduces tax, topping up CPF also reduces tax (special/retirement tax relief, while medisave tax deductible)

SRS can withdraw before 62, jused need to pay 5% penalty. CPF can only withdraw base on CPF guidelines.

All in all, both top ups is for a better future, so regardless of whichever top ups, both serves the same common goal!

i'm thinking about this. interest rate is only 0.05%.
just a few question for the pro.
1. SRS withdraw before 62. so if i withdraw 5k. i need to pay 250 (5% penalty)?
2. is the 5k taxable for that year? add into taxable income to be assess?
3. how to know still entitle to that $88?
4. any other bank got better deal for SRS?
5. if i use SRS to buy shares like singtel share, dividend will be credited back into SRS?