Cut-off Timings to Top Up SRS and CPF

Topping up your Supplementary Retirement Scheme (SRS) or CPF for tax relief this year? Note that there are some cut-off timings you need to take note of.

SRS top-ups

If you wish to open an SRS account, take note that the 3 banks have different turnaround times to process your application:

BankProcessing TimeRemarks
DBSInstantIf you apply via digibank Online between 7AM to 10PM daily and 7AM to 7PM (last business day of the month), your account will be opened instantly.
OCBCInstantNew customers: use Singpass MyInfo for instant account opening
Existing OCBC deposit customers: open instantly via internet banking
UOB4 working days

For those who have already opened their SRS accounts, there are also cut-off timings to top up your SRS for tax relief for Year of Assessment 2024 (income earned in 2023):

BankCut-off Timing
DBSBy 7PM on 30th December 2023
OCBCBy 9PM on 30th December 2023
UOBNot specified

After topping up your SRS, remember that it only earns 0.05% p.a. interest so you should look at investing your SRS. I made a video on some ways you can do so previously and a recent post of StashAway as a good option. More SRS content is on the way so stay subscribed for that.

CPF top-ups

In order to get tax relief for this year (i.e. Year of Assessment 2024 for income earned in 2023), your CPF top-up and payment need to reach CPF by 31st December 2023.

For top-ups made via PayNow QR or OCBC Digital, the processing is stated by CPF to be done “almost instantly”. This means that you should be able to contribute via these two methods to your CPF on the final day of the year and still get tax relief for this year.

Remember, contributions made to your CPF do not generate interest in the month it enters your CPF. Instead, funds only start earning interest the following month. This means that there is no advantage in topping up your CPF on 1st December 2023 versus doing so on 31st December 2023 since the funds will only earn interest from January 2024 onwards. You should hence top up your CPF on the absolute last day so that your money can sit in your bank account to generate interest… just don’t forget to do it by the final day of the year.

Should you top up SRS or CPF first?

I did a video recently on the considerations you should take note of before topping up your SRS or CPF as well as which you should top up first. Article version is coming soon, so stay subscribed for that.

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