Currently, UOB waives all the SRS charges till 31 Dec 2006 except Inter Bank transfer of account and cancellation of trades. The following are the charges by UOB Bank.
Type of Transaction
1. Shares/Loan Stocks/Unit Trusts/Exchange Trade Fund/Property Fund/Corporate Bond
- Purchase, Sale, Conversion of Loan stocks, IPO allotment, Cash Offer, Application of Rights and Application of Excess Rights
- SRS Charges: $2.00 per 1000 shares/units or part therof per transaction, subject to a maximum of $20.00
The Supplementary Retirement Scheme (SRS) is open to all working individuals who are at least 21 years of age but less than the statutory retirement age of 62. You can contribute to SRS if you were earning income from employment and/or were self-employed in the preceding year. The SRS is also open to foreigners working outside Singapore.
Currently, only three local banks are the appointed SRS operator. They are DBS, OCBC and UOB. You need to open an account with one of these bank in order to contribute money into your SRS account. One important thing to note is that you can only open one account at any one time. Thus, you need to choose your bank carefully when you open your SRS account.
Maximum Contribution Amount:
Currently, in Year 2006 the maximum Supplementary Retirement Scheme (SRS) contribution for a Singaporean and a Singapore permanent resident is $11,475.