How to start a SRS account

The Supplementary Retirement Scheme (SRS) is a voluntary scheme that helps you save for retirement, and your contributions can qualify for tax relief. This guide shows you how to open an SRS account online in a few minutes.

Before you start

SRS accounts are offered by three banks: DBS/POSB, OCBC and UOB.
You can only have one SRS account at any time, so choose one bank.
You need internet banking with that bank, and your OTP or digital token to approve the application.

How to open your SRS account

Step 1: Choose your bank

Pick DBS/POSB, OCBC or UOB. Most people choose the bank where they already have a savings account and internet banking.

Step 2: Log in

Step 3: Find the SRS application

Look under the “Apply” or “Invest” menu and select Supplementary Retirement Scheme (SRS). The bank will ask you to confirm that you do not have an SRS account with another bank.

For example, in DBS internet banking, click “Apply”, then “Supplementary Retirement Scheme”. The steps are similar at OCBC and UOB.

Step 4: Complete and approve

Follow the instructions on screen, check your details and approve the application with your OTP or digital token.

Prefer to apply in person?

You can also open an SRS account at any branch of your chosen bank. Bring your identification document.

After you open your account

The yearly contribution cap for Singapore Citizens and Permanent Residents is $15,300. A different cap applies to foreigners.
To get tax relief for the next Year of Assessment, your contribution must be made by 31 December.
You do not need to claim the relief yourself. Your bank reports your contributions to IRAS.
SRS relief counts towards the overall personal income tax relief cap of $80,000.

For the full rules, see the IRAS page on SRS contributions.

Next steps

Once your account is open, read our guide on how to use SRS to invest. You may also find our CPF Life and Singapore Savings Bond guides useful for retirement planning.

Last updated: October 2026