POSB Bank : Supplementary Retirement Scheme Singapore
Name of the Organization : POSB Bank
Type of Facility : Supplementary Retirement Scheme
Country: Singapore
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Supplementary Retirement Scheme :
Pay less income tax while saving for the future with the Supplementary Retirement Scheme (SRS).
Related : POSB Bank Apply For iBanking Singapore : www.statusin.org/6227.html
The SRS scheme is designed to help you save for the future, while reducing your tax expenses at the present time. Now open your account via iBanking to save up to $893* in taxes by 31 Dec 2014.
Benefits:
Reduction on taxable income: every dollar deposited into your SRS account reduces your taxable income by a dollar (with a maximum contribution cap of S$12,750 per annum for Singapore Citizens and Permanent Residents, and S$29,750 per annum for foreigners).
Tax benefits on SRS funds: enjoy tax-free investment gains made through SRS funds, and pay tax on only 50% of amount withdrawn upon retirement
Eligibility and Requirements:
You are eligible for this account if you are a Singapore Citizen, Permanent Resident or foreigner who is at least 18 years old and are not an undischarged bankrupt. Please note that you can only maintain one SRS Account.
How to Apply:
If you are an existing DBS/POSB customer with a Savings/Current account and iBanking
Login now: https://internet-banking.dbs.com.sg/IB/Welcome
Non iBanking Customers:
Apply now: https://internet-banking.dbs.com.sg/ibAPL/Welcome?statemachineStateName=ae1b8a35c0a8016701fa1bb68e679b36&statemachineEventName=SelectService&TNC=Y&IB_SELECTION=CREATE_IB_PROFILE
If you are new to DBS/POSB or prefer to discuss more about the Supplementary Retirement Scheme (SRS), please visit any DBS/POSB branch to open an SRS account with your identity card or passport. For foreigners, please bring along your passport and the relevant pass issued by the Immigration and Checkpoint Authority of Singapore.
Terms and Conditions:
Fees and Other Charges:
You shall pay us such service charges, administrative fees, custodian fees, transaction fees and other bank charges and fees whatsoever relating to the Account and the Investments (Collectively, “DBS Charges”) as we shall prescribe from time to time.
All goods and services taxes, value-added taxes and other similar taxes imposed by law in respect of any sums payable by or to us or by you under these terms and conditions or otherwise in connection with the Account or any of your transactions under the SRS shall (to the extent not prohibited by any applicable laws) be borne by you.
All the costs of acquisition of Investments, Related Expenses, DBS Charges, penalties, taxes, levies and other sums payable by you under these terms and conditions or otherwise in connection with the Account and Investments under the SRS shall be debited and paid from the Account, unless we and the Regulations permit or require otherwise. Such debiting shall not constitue nor be deemed to be payment of any monies to which it relates, except to the extent of the cash balance then in credit in the Account.
Interest Payable to Us:
We shall be entitled to charge you interest, at such rate as we may prescribe from time to time, on all debit balances in the Account and all other sums owing from you to us in connection with the Account and the SRS from time to time. All such interest shall be payable within such period specified by us.