SINGAPORE (Dec 17): Starting from Feb 1 next year, investors will be able use their Supplementary Retirement Scheme (SRS) funds to invest in Singapore Savings Bonds (SSB).
On the same date, the individual limit for SSB will be raised to $200,000 from $100,000 previously after taking into account both SSB purchased using cash and SRS funds.
SRS is a voluntary scheme operated by DBS/POSB, OCBC and UOB to encourage individuals to save for retirement, over and above their Central Provident Fund (CPF) savings. Contributors to SRS are eligible for tax relief.
To apply for SSB using SRS funds, investors may submit their applications through the internet banking portals of their respective SRS operators. The minimum application amount remains $500, and a $2 transaction fee will be deducted from investors’ SRS accounts for each application.
Further, MAS says it will launch a portal named My Savings Bonds in March 2019 to provide investors with a consolidated view of their SSB holdings which have been purchased using either or both cash and SRS funds.
Once the portal is available, investors may access it via the SSB website by logging in using their SingPass details.
