05 Dec 2020
Is it possible if I top up $7K to my CPF SA account?
It seems that you are confusing the two. The maximum topup amounts are completely seperate and independent of each other. $15.3K for SRS and $7K for your own SA, and $7K for the SA of your spouse, parents, parents-in-law, grandparents, grandparents-in-law and siblings.
SRS is different from CPF SA in that it has a floor interest rate based on bank deposit account's interest rates (0.05% p.a.). CPF SA gives 4% (reviewed yearly).
Also, CPF SA monies are pretty much locked up till 55. SRS can still be withdrawn in an emergency (with a 5% penalty).
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The tax relief limits for CPF top up and SRS contribution are entirely independent of each other. You can receive a tax relief of up to $7,000 by topping up your SA and get another tax relief of $15,300 on SRS contribution(s).
Hope this clarifies things for you!
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