[SIC] SRS top-up 2022

[chiokcc]

I am creating a thread on SRS top-up for 2022. As in previous years. hope that this thread will be useful for sharing this year's (2022) promo (if any) from the three local banks ....

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

 

[chiokcc]

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

Link to [2020] thread
https://forums.hardwarezone.com.sg/threads/sic-srs-top-up-2020.6366659/
Link to [2021] thread
https://forums.hardwarezone.com.sg/threads/sic-srs-top-up-2021.6576305/

 

[chiokcc]

[DBS] promo

For new accounts only.


https://www.dbs.com.sg/personal/promotion/srs-promo
T&Cs : https://www.dbs.com.sg/iwov-resources/media/pdf/deposits/srs-promo-tnc.pdf

 

[chiokcc]

[OCBC] promo

TBD ....

 

[chiokcc]

[UOB] promo

2022 UOB SRS Promotion​

Receive up to S$40* in shopping vouchers when you (i) open a new UOB SRS Account or transfer an existing non-UOB SRS Account to a UOB SRS Account and (ii) fund your UOB-SRS Account from now till 15 December 2022.

Funding Amount	Shopping Vouchers Reward*
S$5,000 - S$9,999	S$30
S$10,000 and above	S$40

Exclusive offer when you invest with UOB using your SRS funds, from now till 31 December 2022

Investment Criteria	Shopping Vouchers Reward*
Invest S$10,000 or more in any SRS-approved UT with a minimum sales charge of 0.5%	S$50

Apply for a UOB-SRS Account in just a few minutes through Singpass MyInfo now.
*Terms and conditions apply.

 

[chiokcc]

[Reserved]

TBD ....

 

[reddevil0728]

Link to [2020] thread
https://forums.hardwarezone.com.sg/threads/sic-srs-top-up-2021.6576305/

Do you mean 2021?

 

[chiokcc]

Edited! Thanks....

 

[BernardWYF]

based on past years ... promos only applicable to new accounts ... old accounts wont get any promos or benefit to top up .... sigh

 

[Travis_Touchdown]

[DBS] promo

For new accounts only.


https://www.dbs.com.sg/personal/promotion/srs-promo
T&Cs : https://www.dbs.com.sg/iwov-resources/media/pdf/deposits/srs-promo-tnc.pdf

crap... moi opened slightly earlier to lock in the withdrawal age...

 

[reddevil0728]

crap... moi opened slightly earlier to lock in the withdrawal age...

could have tapped on past years promos

 

[Travis_Touchdown]

could have tapped on past years promos

before that never tot of opening srs because tax relief negligible...

 

[reddevil0728]

before that never tot of opening srs because tax relief negligible...

ya lor. so planning ahead important. just plan for future lor

 

[sohguanh]

[DBS] promo

For new accounts only.


https://www.dbs.com.sg/personal/promotion/srs-promo
T&Cs : https://www.dbs.com.sg/iwov-resources/media/pdf/deposits/srs-promo-tnc.pdf

First 4000 so now think cannot get already? Always don't like this kind of first X customer where you don't know if apply are you eligible or not

 

[sohguanh]

https://www.iras.gov.sg/taxes/indiv...ax/special-tax-schemes/tax-on-srs-withdrawals
SRS withdrawal at retirement age 62,63 although no penalty withdraw slowly for another 10 year and 50% tax on withdrawn amount? That means at least 72,73 then you can touch all your SRS monies and that is even longer than CPF at age 55 after fulfill FRS. Understand objective is for retirement savings but that is way too long for me

 

[reddevil0728]

https://www.iras.gov.sg/taxes/indiv...ax/special-tax-schemes/tax-on-srs-withdrawals
SRS withdrawal at retirement age 62,63 although no penalty withdraw slowly for another 10 year and 50% tax on withdrawn amount? That means at least 72,73 then you can touch all your SRS monies and that is even longer than CPF at age 55 after fulfill FRS. Understand objective is for retirement savings but that is way too long for me

It’s more of a cap of 10 years for you to enjoy the 50% tax.

they don’t allow longer to prevent you creaming off more 50% tax.

you can always get it out earlier, just that it is not as tax efficient.

 

[andyhtc]

It’s more of a cap of 10 years for you to enjoy the 50% tax.

they don’t allow longer to prevent you creaming off more 50% tax.

you can always get it out earlier, just that it is not as tax efficient.

Does the tax on the SRS withdrawal follow the IRAS personal income tax rate?
https://www.iras.gov.sg/taxes/indiv...ncy-and-tax-rates/individual-income-tax-rates
E.g. Withdraw $10k SRS in year 1 and earn $30k net rental also in year 1, hence total income is $40k. So the tax rate is 0% on the whole or 50% on the $10k and 0% on the $30k?

 

[reddevil0728]

Does the tax on the SRS withdrawal follow the IRAS personal income tax rate?
https://www.iras.gov.sg/taxes/indiv...ncy-and-tax-rates/individual-income-tax-rates
E.g. Withdraw $10k SRS in year 1 and earn $30k net rental also in year 1, hence total income is $40k. So the tax rate is 0% on the whole or 50% on the $10k and 0% on the $30k?

Treat it as the amount you take out, 50% of it will add to your gross income for tax purpose.


SRS simply delays your tax obligation and essentially reduces it by 50% for the amount withdrawn

 

[lzydata]

Does the tax on the SRS withdrawal follow the IRAS personal income tax rate?
https://www.iras.gov.sg/taxes/indiv...ncy-and-tax-rates/individual-income-tax-rates
E.g. Withdraw $10k SRS in year 1 and earn $30k net rental also in year 1, hence total income is $40k. So the tax rate is 0% on the whole or 50% on the $10k and 0% on the $30k?

In this scenario your chargeable income will be 50% x 10k + 30k = 35k. The 50% applies to the amount withdrawn from SRS.

 

[reddevil0728]

In this scenario your chargeable income will be 50% x 10k = 30k = 35k. The 50% applies to the amount withdrawn from SRS.

do you mean + 30k?