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MOF says SRS withdrawal process ‘can be improved’, will work with banks on this

But the ministry adds that the current face-to-face process enables operators to give advice tailored to the individual

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Low Youjin

Low Youjin

Published Fri, Jun 20, 2025 · 07:00 AM
    • A forum letter in ST says it is unnecessary to require retirees to queue for hours to seek access to their SRS funds, and called on the banks and authorities to review this process.
    • A forum letter in ST says it is unnecessary to require retirees to queue for hours to seek access to their SRS funds, and called on the banks and authorities to review this process. PHOTO: BT FILE

    [SINGAPORE] The government will work with Supplementary Retirement Scheme (SRS) bank operators to smoothen account holders’ process of withdrawing funds from their account.

    The response comes shortly after The Straits Times (ST) published a letter on its Forum page on Monday (Jun 16) by account holder Francis Yeoh, who described the current process as inconvenient, as it requires an individual to be physically present at a bank.

    The SRS is a voluntary scheme that was created to complement the Central Provident Fund (CPF), and to help Singaporeans save more for their retirement by allowing them to contribute up to a maximum of S$15,300 into accounts operated by DBS, OCBC and UOB.

    Supplementary Retirement SchemeDBSOCBCUOBMinistry of Finance

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