How to set up an SRS account in Singapore and invest with StashAway
Singapore Citizens, PRs and Foreigners can work towards reducing their tax bills, and securing their retirement with the Supplementary Retirement Scheme (SRS) in Singapore.
Ready to begin?
To start, let's ensure you're eligible and guide you through the process of opening an SRS account before showing how you can invest your funds with StashAway.
Step 1: Check eligibility
You can open an SRS account if you:
- Are a Singaporean, Permanent Resident (PR), or foreigner and derive any form of income in the given financial year;
- Are at least 18 years old and not an undischarged bankrupt;
- Are of a sound mind and are capable of managing yourself and your affairs;
- Have no existing or pending SRS account or account application with any bank.
Step 2: Create an SRS account and fund it
You can chose from the three approved SRS operators in Singapore and fund your account. Singaporeans and PRs can contribute to up to $15,300 SGD per year, and foreigners can contribute up $35,700 SGD per year.
Step 3: Invest with StashAway
Follow the steps below to invest:
- Log in to your StashAway account on the mobile app;
- Click on the “Invest” tab at the bottom of your screen and pick a portfolio of your choice;
- Chose “From my SRS account” as your source of funds;
- Review your portfolio details;
- Enter your SRS account number and bank name, so do have it on hand!
- Add your deposit plan details and click "Continue" and then review your SRS account and deposit information before clicking "Confirm".
After we've received your deposit request, it will take about 2 to 3 business days for the bank to process it. Thereafter, you can expect to receive a confirmation email from us, once we've received the funds successfully.
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