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Frequently Asked Questions
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Opening an SRS Account
1. How do I apply for an account?
2. What documents do I need to submit?
3. If I have more than one employer, do I need to submit a declaration form from each of my employers?
4. How can I deposit money into my SRS account?
5. If I submitted my application through the website, why do I still need to send in the hard copy?
6. What are the eligibility criteria for opening an SRS account with OCBC?
7. Can I open more than one SRS account?
8. Can I open a joint SRS account?
9. How many days does it take to open an SRS account?
10. How do I know whether my application has been received or approved?
11. Is there a service charge in opening an SRS account?
Question1: How do I apply for an account?
Answer:
Complete the online SRS account application form and click on the "Submit" button. Next, print the form, sign it and send it to finatiQ with the required supporting documents (see next question). If there is no access to a printer, just indicate this on the form and finatiQ will send you the form for your signature.
 
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Question2: What documents do I need to submit?
Answer:
Depending on the employment status, appropriate supporting documents will need to be submitted.
For employees, send in a signed application form with the following items:


For self-employed, send in a signed application form with the following items:

  • A photocopy of your NRIC (front and back) or relevant pages of your passport with work permit/student pass (for non-Singaporeans) with validity of at least 6 months
  • An initial minimum deposit of S$100 (see Question 4 for deposit options)
  • An original copy of your statement of accounts accompany your Annual Income Tax Return or the Notice of Assessment for income in preceding year issued by the Comptroller of Income Tax
  • A mandatory Account Declaration form
 
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Question3: If I have more than one employer, do I need to submit a declaration form from each of my employers?
Answer:
Yes, if the income from each of the employers is used in the calculation of the contribution cap. If the calculation of the contribution cap is based on income derived from only one employer, submit only the declaration form from that employer. Alternatively, it may be easier to use a single SRS Declaration Form in this situation.
 
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Question4: How can I deposit money into my SRS account?
Answer:
There are three ways of funding an SRS account:
  • Deposit a cheque payable to your name
  • Deposit using a cashier's order made payable to your name
  • Transfer funds from your finatiQ account (if applicable)

 
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Question5: If I submitted my application through the website, why do I still need to send in the hard copy?
Answer:
Due to regulatory requirements, finatiQ needs the applicant's signature and supporting documents to open an account.
 
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Question6: What are the eligibility criteria for opening an SRS account with OCBC?
Answer:
Applicant must meet the following criteria:
  • At least 21 years of age
  • Earned income in the previous year. Passive income such as rental and interest earned do not qualify
  • Cannot be an undischarged bankrupt or of unsound mind
  • Place an initial deposit of S$100 or more
 
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Question7: Can I open more than one SRS account?
Answer:
No. It is not possible to have more than one SRS account at any point in time.
 
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Question8: Can I open a joint SRS account?
Answer:
No. SRS account has to be an individual account.
 
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Question9: How many days does it take to open an SRS account?
Answer:
It takes approximately 5 to 7 working days upon receiving the completed application. OCBC Bank will mail the confirmation letter to you once the account is opened.
 
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Question10: How do I know whether my application has been received or approved?
Answer:
A notification email will be sent from finatiQ on the status of the application.
 
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Question11: Is there a service charge in opening an SRS account?
Answer:
finatiQ will not charge any fee for opening an OCBC SRS account through us. However, OCBC Bank may impose account maintenance and service charges.
 
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