SRS: Supplementary Retirement Scheme
A voluntary retirement account. Every dollar you put in by 31 Dec cuts your taxable income, up to $15,300 a year for citizens and PRs.
SRS is a voluntary retirement account you open at a bank. Money you put in reduces your taxable income dollar for dollar, up to $15,300 a year for citizens and PRs and $35,700 for foreigners.
It has to be in by 31 December to count for that year, which is why banks advertise it every November.
The catch: SRS money is for retirement. Take it out before the statutory retirement age and the whole amount is taxed, plus a 5% penalty. After that age, only half of each withdrawal is taxed, and you can spread withdrawals over 10 years.
SRS makes most sense if your income tax rate is high enough for the saving to matter. The calculator shows what it is worth for your salary.