As we come to the end of the year, it’s time to do some tax planning and reduce the amount of income tax that one has to pay to the government. One of the ways to reduce one’s personal income tax is to contribute to the Supplementary Retirement Scheme (SRS), which you can find more information here. If you have not opened an account yet, do so with any one of the 3 local banks and enjoy the following ongoing promotions:
- DBS – Earn up to $50 cash reward when you top up online (Till 30 Dec 17)
This promotion is applicable to existing SRS users who use DBS to topup their accounts. Topup $15300 (The annual cap for Singaporeans) and get $50 cash reward. Contrinute $10k to less than $15300 to get $20. If you are new, you can open, topup the amount and enjoy this promotion too! Check out the full T&C here.
2. UOB -Enjoy a Marriott High Tea for 2 when you open an account now (Till 31 Dec 17)
New account holders can enjoy a High Tea Buffet at Marriott Cafe for 2 (worth S$112). Existing users can enjoy either a cash credit or a buffet meal when you invest your SRS funds in either
(a) a Supplementary Retirement Scheme-approved unit trust (“UT”) or (b) single premium insurance plan (“SP”) underwritten by Prudential Assurance Company Singapore (Pte) Limited which:
1 is distributed by UOB during the Promotion Period;
2 UOB decides is applicable for this Promotion in its sole discretion; and
3 is not cancelled during the applicable 7 or 14 day free-look period.
Full T&C here.
3. OCBC – Get $50 shopping vouchers if you open a new SRS account by 31/12/17 and deposit $15k within 7 days (first 2000)
OCBC’s promotion is targeted at new customers only, and must be the first 2000 to open during the promotional period from 30/10-31/12/17. Morever, one must topup $15k within 7 days of account opening, so the requirements are quite strict.
Full T&C here