SRS Tax Savings Calculator
Calculate your income tax savings from topping up the Supplementary Retirement Scheme. See your effective tax saved at marginal rate.
Your Details
SRS Tax Savings
Tax Saved This Year
S$2,153
Marginal rate 15.0% × S$15,300
Tax Without SRS
S$9,636
Tax With SRS
S$7,483
Effective Rate Before
6.42%
Effective Rate After
4.99%
SRS Contribution
S$15,300
Net Cost (after tax)
S$13,147
What is SRS?
The Supplementary Retirement Scheme is a voluntary, tax-deferred retirement account on top of CPF. Contributions reduce your current-year taxable income dollar-for-dollar. Investments grow tax-free. Withdrawals from age 63 are spread over 10 years and only 50% is taxable — a massive long-term arbitrage for anyone above the 11.5% marginal bracket.
2026 contribution caps
Singapore Citizens + PRs: S$15,300/year. Foreigners: S$35,700/year (higher because they don't contribute to CPF). Deadline: 31 December of the calendar year to claim relief in that Year of Assessment.
When SRS beats cash
Rule of thumb: if you're in the 11.5% bracket or higher (income above S$80,000), SRS always wins. At 22% (S$320k+), every S$15,300 contribution saves S$3,366 upfront — and the 50% taxable withdrawal rule means you'll usually pay less than half that back.
Don't leave it as cash
The default SRS rate at the three operator banks is ~0.05% — worse than a coffee shop lucky draw. Invest SRS via Endowus, Syfe, or directly buy unit trusts, S&P 500 ETFs, Singapore Savings Bonds, or T-bills. Every SRS dollar uninvested is leaking tens of thousands over 30 years.
Frequently Asked Questions
Everything you need to know, in one place.
What is the SRS contribution limit?
S$15,300/year for Singapore citizens and PRs, S$35,700 for foreigners. Must contribute by 31 December of the year to claim the relief in that Year of Assessment.
How much tax do I save?
Tax saved = SRS contribution × your marginal tax rate. Marginal 15% + S$15,300 SRS = S$2,295 saved. Marginal 22% = S$3,366 saved. Clear benefit above the 11.5% bracket.
When can I withdraw from SRS?
Statutory retirement age (63 currently, rising to 65). Withdrawals over 10 years — only 50% of each withdrawal is taxable, spreading the tax hit. Early withdrawals fully taxable + 5% penalty.
What can I invest SRS in?
Almost anything — stocks, ETFs (including S&P 500 via Endowus/Syfe), unit trusts, Singapore Savings Bonds, fixed deposits, insurance. Keeping as cash earns the bank's SRS rate (~0.05%) — always invest it.
Which bank offers the best SRS account?
Only three Singapore banks offer SRS accounts: DBS, OCBC, UOB. No meaningful service differences — all charge S$0 account fee and offer the same ~0.05% cash rate. Pick based on your main banking relationship for easy transfers. Investment options are broadly similar (unit trusts, SGS bonds, equities via brokerage link). Once opened, you cannot switch providers without closing and reopening (which loses your lock-in advantage on age), so choose carefully upfront.
What happens to SRS if I leave Singapore?
If you are a foreigner who withdraws your entire SRS 10+ years after your final contribution, only 50% of the withdrawal is taxable — same concession as retirement withdrawal. Earlier full withdrawal after leaving attracts 100% taxation plus 5% penalty. Plan to contribute early in your Singapore stint to maximise the lock-in window. Foreigners who become citizens/PR switch to the lower S$15,300 limit for future contributions; existing balances remain.
Related Calculators
View all →Found this helpful?
Share it with a friend — they'll probably find it useful too.