Supplementary Retirement Scheme (SRS) Options

[zhane]

Is there any difference between the SRS provided by the 3 banks?
Where can we check out what are the list of products that can be procured with SRS?

tia

 

[mrtanbg]

Different banks offer slightly different products. But majority would be the same. The charges for the different transactions roughy similar. Main thing is the ongoing promotion. Dbs and UOB have. OCBC does not have.

Sent from Google PIXEL XL using GAGT

 

[zhane]

Different banks offer slightly different products. But majority would be the same. The charges for the different transactions roughy similar. Main thing is the ongoing promotion. Dbs and UOB have. OCBC does not have.

Sent from Google PIXEL XL using GAGT

but u can only open 1 SRS account right?

 

[OCBC Bank]

Is there any difference between the SRS provided by the 3 banks?
Where can we check out what are the list of products that can be procured with SRS?

tia

Different banks offer slightly different products. But majority would be the same. The charges for the different transactions roughy similar. Main thing is the ongoing promotion. Dbs and UOB have. OCBC does not have.

Sent from Google PIXEL XL using GAGT

Hi all,

We came across the thread and would like to share that we have an on-going promotion for SRS Account opening.

• Receive S$50 worth of Al-Futtaim vouchers (formerly known as "Robinsons Gift Vouchers") for the first 2,000 to open a new OCBC SRS Account by 31 December 2017 with at least S$15,000 within 7 days.

• Valid from 30 Oct 2017 to 31 Dec 2017

• Applicable to new SRS account holders only

More info is available at www.ocbc.com/SRS

Should you have any queries on this, please feel free to call our hotline at 1800 363 3333, or drop us a PM.

^DG

 

[swalk21]

Hi all,

We came across the thread and would like to share that we have an on-going promotion for SRS Account opening.

• Receive S$50 worth of Al-Futtaim vouchers (formerly known as "Robinsons Gift Vouchers") for the first 2,000 to open a new OCBC SRS Account by 31 December 2017 with at least S$15,000 within 7 days.

• Valid from 30 Oct 2017 to 31 Dec 2017

• Applicable to new SRS account holders only

More info is available at www.ocbc.com/SRS

Should you have any queries on this, please feel free to call our hotline at 1800 363 3333, or drop us a PM.

^DG

How to trade after opening srs at ocbc? Do I need a iocbc for the minimum cost?

 

[wira]

Hi all,

We came across the thread and would like to share that we have an on-going promotion for SRS Account opening.

• Receive S$50 worth of Al-Futtaim vouchers (formerly known as "Robinsons Gift Vouchers") for the first 2,000 to open a new OCBC SRS Account by 31 December 2017 with at least S$15,000 within 7 days.

• Valid from 30 Oct 2017 to 31 Dec 2017

• Applicable to new SRS account holders only

More info is available at www.ocbc.com/SRS

Should you have any queries on this, please feel free to call our hotline at 1800 363 3333, or drop us a PM.

^DG

So you are not rewarding existing ocbc srs account holders ?

 

[OCBC Bank]

How to trade after opening srs at ocbc? Do I need a iocbc for the minimum cost?

Hi swalk21,

You will be able to invest your SRS funds in a range of financial products.

To start, you may wish to refer to https://www.ocbc.com/personal-banking/investments/supplementary-retirement-scheme.html for more details on the SRS account, and to view the different eligible financial products under the SRS scheme.

Certain products will require you to have an iOCBC account. Do refer to the link for more details.

Alternatively, you may also consider visiting our branches to speak with our personal financial consultants.

^DG

 

[OCBC Bank]

So you are not rewarding existing ocbc srs account holders ?

Hi wira,

We apologise, but the current promotion is applicable only to new SRS account holders only.

^DG

 

[sg_investor]

Is srs from all 3 banks covered by fdic 50000 dollat insurance only?

 

[henrylbh]

So you are not rewarding existing ocbc srs account holders ?

Your old account want reward every time they have reward for new account holders?

Why hard up for one time reward and tax relief if one does not know what to do after that?

Joining SRS means one is forced to invest the fund or else it an idiotic option to join SRS.

 

[zumaba]

You shall open SRS a/c with DBS which rewards S$50 for existing customers for topup every year.

 

[henrylbh]

You shall open SRS a/c with DBS which rewards S$50 for existing customers for topup every year.

There is no loss and all operators should reward top up every year or give higher rate of interest compare to ordinary savings accounts. The higher rate of interest is more beneficial than the yearly reward for those not really investing their SRS.

 

[w1rbelw1nd]

Then later they start to charge custodian fees for your stocks then how? (like what their subsidary DBSVickers did to us old account holders)!
Once bitten, twice shy! Never believe in DBS! Bad reputation!

OCBC and DBS are waiving their custodial fees.

 

[JuniorLion]

Once a company starts taking their customers for granted, it will be the beginning of the end.

Years ago, OCBC360 was a good account. Now it is but a pale shadow of itself.

 

[zhane]

OCBC and DBS are waiving their custodial fees.

so its ocbc vs dbs? uob out of e picture?

 

[henrylbh]

I don't have SRS but I use my CPF for share investments under CPFIS..

Under CPFIS, charges are -

Handling charge of $X on each lot purchased or sold and capped at 10 lots per counter plus CDP fee 50c.

Service charge every quarter of $X for each counter held capped at 4 counters.

There is also handling charge for dividend received for each counter.

There are also other handling charges like subscription to rights issue etc.

On top of all that, there will be GST on those charges.

It's a matter of time SRS will charge the same, if waived for the moment.

 

[henrylbh]

Wow! So many charges!
When they start imposing such additional charges, I will just shift my money out (just like what I did for DBSVickers)!

Why care about the charges if you are making money from funds, like CPF and SRS that got restricted usage?

Changing CPFIS or SRS operators will also incur charges and all will have similar transaction and service charges.

 

[JuniorLion]

Charges over a long term is very BIG!
This is similar to why we must never buy Unit Trusts!
Compare ETF expense ratio of 0.3% vs Unit Trusts of 2.5% p.a.
Each year difference of 2.2% p.a. doesn't seem high.
But compounded over 30 years investment period and that is very big sum of money!

If service providers have same transaction and service charges, then that is strange! Are there collusion going on? Time for anti-competition watchdog to investigate!
As long as the service providers have different transaction and service charges, we can always boycott the more expensive ones and go for cheaper ones to drive up competition!

Consumers should learn to vote with their feet so that they will not easily be squeezed by the businesses and taken for granted for their milking!
And this is what DBSVickers have done! - Lock in customers (like you said there are fees and charges to transfer), then impose additional fees and charges on their existing customers! (If they only impose on newly signed up customers, nobody will say they have been unfair!)

henry's yearly transaction is the order of millions.

guess a few % means nothing

 

[zhane]

Charges over a long term is very BIG!
This is similar to why we must never buy Unit Trusts!
Compare ETF expense ratio of 0.3% vs Unit Trusts of 2.5% p.a.
Each year difference of 2.2% p.a. doesn't seem high.
But compounded over 30 years investment period and that is very big sum of money!

If service providers have same transaction and service charges, then that is strange! Are there collusion going on? Time for anti-competition watchdog to investigate!
As long as the service providers have different transaction and service charges, we can always boycott the more expensive ones and go for cheaper ones to drive up competition!

Consumers should learn to vote with their feet so that they will not easily be squeezed by the businesses and taken for granted for their milking!
And this is what DBSVickers have done! - Lock in customers (like you said there are fees and charges to transfer), then impose additional fees and charges on their existing customers! (If they only impose on newly signed up customers, nobody will say they have been unfair!)

under this context, investment through SRS/CPF wont seem that lucrative?

 

[henrylbh]

Charges over a long term is very BIG!
This is similar to why we must never buy Unit Trusts!
Compare ETF expense ratio of 0.3% vs Unit Trusts of 2.5% p.a.
Each year difference of 2.2% p.a. doesn't seem high.
But compounded over 30 years investment period and that is very big sum of money!

Agree to an extent. Over the years I have paid $7,793 in transaction charges, $374 in GST and $1,410 in quarterly fee under CPFIS.

But dividend alone I got $115k and profit of $195k, though now holding paper loss of $16k, mainly due to Keppel Corp

If service providers have same transaction and service charges, then that is strange! Are there collusion going on? Time for anti-competition watchdog to investigate!
As long as the service providers have different transaction and service charges, we can always boycott the more expensive ones and go for cheaper ones to drive up competition!

What can we do. There are only 3 operators and all charges will be similar, similar to petrol pricing.