Online banking is made easy today with digital processes wherein you do not have to travel for every needed requirement. Especially when unprecedented events happen, it becomes convenient and accessible to run for whenever in need of finance. That is why early saving for your retirement is now beneficial, so you have something to pull in the future. To have a direct insight into having an account, keep on reading.
What are the SRS Qualifications?
Since this has something to do with banking, there are specific requirements for an eligible account holder. Nothing too tight, but right enough, like you should be eighteen years old above, and maximum age is seventy, Singaporean or even a foreigner with a valid pass, does not have multiple SRS accounts with any banks.
Simple enough to step forward with another move to acquire an SRS account.
What is the Importance of Early SRS Saving?
It may be unnoticeable not until you are already at the age wherein you have liabilities. That is why saving for an SRS account in your early years will be beneficial. Onto that, applying for an account can also be digital.
In paying taxes, the yearly contribution, S$15,300, your taxable income would minimize. While for foreigners, there is S$35,700 as the maximum yearly contribution. With that, saving your taxes is made accessible and amenable.
In addition, through financial products, it is now possible to expand your SRS funds tax-free. Its benefits will bring you life-changing goals. The perks are an increase of funds by 3.44% per year, a guaranteed capital, inherit your insurance, no medical stuff needed, coverage for Death, Total and Permanent Disability, Terminal Illness, and full or partial withdrawal as long as possible there is an available cash value.
How to do SRS Application and Contribution?
Upon application, there are documents needed to submit online. Note that there is a S$2 transaction fee for each application. The following are the sample documents to prepare:
Passport for Singaporeans
Valid pass for nonresident/foreigners
Singaporeans and Singapore PRs NRIC
Any phone bill
Your bank statement
Your half-yearly CPF statement
You can do internet banking, mobile banking, cash, or cheques in SRS contribution. It was mentioned that the SRS account should not be multiple because you cannot pay it with different bank accounts. There is a yearly due of payment dictated by the bank, and you must accomplish it to eliminate taxes in the next year. Mostly, payment is accessible on working days, but if you send it on non-working days and hours, it will probably be processed in working days or hours. Make sure to ask for the details in the bank’s information desk.
If you think of having an SRS account, is it worth it? Definitely, yes, because it will be your treasure soon. While at a young age, it is also advisable to save early, so you have something back-up anytime and anywhere. Especially since it can also be done online, there is no reason for you to be left behind. So, to save your future, apply now and seek details from your preferred bank partner.