[SIC] SRS top-up 2020

[chiokcc]

I am creating a thread on SRS top-up for 2020. In the past years, used to call it "SRS top-up promo 20xx", but with this year's COVID-19, not sure if there is any promo pre-se.

If past years' history can be used as references, SRS top-up promo by the local banks should be out in early October...

Link to [2016] thread
https://forums.hardwarezone.com.sg/money-mind-210/[sic]-2016-srs-promo-5489156.html

Link to [2017] thread
https://forums.hardwarezone.com.sg/money-mind-210/[sic]-srs-top-up-promo-2017-a-5700563.html

Link to [2018] thread
https://forums.hardwarezone.com.sg/money-mind-210/sic-srs-promotion-2018-a-5911741.html

Link to [2019] thread
https://forums.hardwarezone.com.sg/money-mind-210/[sic]-srs-top-up-promo-2019-a-6124714.html

 

[chiokcc]

[DBS]
DBS promo - https://www.dbs.com.sg/personal/promotion/srs-promo

Only for new SRS account

Thanks to badsector for bringing it to our attention....

https://forums.hardwarezone.com.sg/...rs-top-up-2020-a-6366659-2.html#post130025239

 

[chiokcc]

[OCBC]
Under "PROMOTION" at https://www.ocbc.com/personal-banking/investments/supplementary-retirement-scheme-account

Only for new SRS account

Get a S$50 FairPrice e-Voucher when you open a SRS Account and contribute a minimum of S$10,000. Insured up to S$75,000 by SDIC.

Limited to the first 2,000 customers. Promotion ends 31 December 2020. Terms and conditions apply.
https://www.ocbc.com/iwov-resources...scheme-srs-account-opening-promotion-2020.pdf

 

[chiokcc]

[UOB]
UOB has updated with SRS promotion at
https://www.uob.com.sg/personal/invest/financial/srs-account.page

From now till 31 December 2020, receive exclusive rewards when you use your SRS funds to invest or insure.

Receive S$50* in shopping vouchers when you invest a minimum of S$10,000 in SRS-approved unit trusts

Get a discount of up to 1.5%^ off your insurance premiums when you purchase any of the following plans.

What’s more, if it is the first time you are using your SRS funds to buy a Prudential plan, you will get an additional S$50^ in shopping vouchers.



*Terms and conditions for SRS unit trust promotion
https://www.uob.com.sg/web-resource...cial/srs-account/srs-campaign-2020-ut-tnc.pdf

^Terms and conditions for SRS insurance promotion
https://www.uob.com.sg/web-resource...financial/srs-account/srrs-prudential-tcs.pdf

 

[chiokcc]

[-----]
Reserved ...

 

[chiokcc]

For those who already have SRS with DBS, and you have used SRS to buy shares in the stock market, note that dividend credited into the SRS is counted towards the "Income" category under DBS Multiplier account ....

 

[articland05]

now covid will banks still give promos? hmmm

Sent from Motorola Dynatac 8000X using GAGT

 

[reddevil0728]

Actually if one don’t have plans to withdraw and SRS and feel that one has sufficient liquidity to tide over “black swan” event, should considering topping up CPF SA first before SRS.

 

[chiokcc]

Actually if one don’t have plans to withdraw and SRS and feel that one has sufficient liquidity to tide over “black swan” event, should considering topping up CPF SA first before SRS.

What happens if I top-up SA now, but end-of-the year, SA contribution max out?

 

[reddevil0728]

What happens if I top-up SA now, but end-of-the year, SA contribution max out?

Why would it max out?

 

[chiokcc]

Why would it max out?

I thought there is a max of $37700 or something contribution to SA per year?

 

[reddevil0728]

I thought there is a max of $37700 or something contribution to SA per year?

That’s if you are doing VC.

I’m referring to direct SA top-up.

There’s Up to $7k in tax relief a year also.

 

[nautilus]

Max for SA VC is up to FRS with tax relief capped at 7k per year.

 

[reddevil0728]

Max for SA VC is up to FRS with tax relief capped at 7k per year.

The VC I was talking about this the 3 account VC. That one subjected to Annual Limit

 

[nautilus]

Yup. CPF VC and MC in total shouldn’t exceed $37.7k annually.

 

[buaytuckchek]

Max for SA VC is up to FRS with tax relief capped at 7k per year.

Tax relief capped at 7k per year for topup to SA is called RSTU instead of VC.

 

[highsulphur]

FYI

FSMOne allows trading of SRS funds so that quite a good savings of brokerage for me

 

[reddevil0728]

FYI

FSMOne allows trading of SRS funds so that quite a good savings of brokerage for me

You mean no commission if trade with SRS?

 

[arctician]

FYI

FSMOne allows trading of SRS funds so that quite a good savings of brokerage for me

i using poems for srs at 0.275%, very high for me. For fund supermart do they provide access to retail bonds or SG reits too?

 

[minamikaze]

Still considering whether to top up my SRS.
The tax savings is quite significant, and I can withdraw it under challenging situations with less penalty (e.g. out of job or serious health issue), so it's sort of like an insurance as well - and more flexible than CPF.