Forum: Take the queueing pain out of SRS withdrawals
Forum: Take the queueing pain out of SRS withdrawals
I have consistently contributed to my Supplementary Retirement Scheme (SRS) account over the years, diligently setting aside funds in preparation for retirement.
Making contributions was always a straightforward process – essentially a regular bank transfer from my DBS Bank account to the SRS account.
However, now that I am retired and wish to begin withdrawing these funds, I have encountered a surprisingly outdated and frustrating system.
Unlike contributions, withdrawals cannot be made online. I was astonished to learn that I must physically visit a bank branch to carry out this simple transaction. Despite going on a weekday afternoon and trying two different branches, I ran into long lines extending outside.
It is baffling that while SRS contributions can be done digitally in an instant, withdrawals require physical waiting, potentially for hours. Why the discrepancy? Even Central Provident Fund withdrawals can be securely processed online.
This system seems misaligned with Singapore's push for digitalisation. A simple online process – secured via Singpass, secure messaging or even video calls – should suffice to safeguard against fraud.
As our population ages, more retirees will seek access to their SRS funds. Requiring them to queue for hours to manage their retirement savings is inefficient, inconvenient and, frankly, unnecessary.
I hope the banks or the relevant authorities can review this issue. Empowering retirees with secure digital access to their own savings is not just a convenience, it's a necessity.
Francis Yeoh
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