The article “Tax savings from SRS can add up” (Nov 26) stated the advantage of having tax savings on Supplementary Retirement Scheme (SRS) contributions.

There’s a mention that early withdrawals are fully subject to tax and attract a 5 per cent penalty. But there are other limitations.

The SRS account is strictly an individual account, unlike savings accounts that can have joint names. The 10-year stipulated withdrawal period and closure of the SRS account is not automatically activated.

Internet, mobile banking and ATM facilities are not available to SRS accounts, except for investments, unlike savings accounts.

Many retirees have experienced the hassle of withdrawing monies from their SRS account as they need to be physically present at the banks.

Can an SRS account be converted into a normal savings account when an individual reaches the retirement age stipulated at the time of account opening?

Such a conversion will make it easier for the elderly to transact online with their SRS accounts without having to queue at the banks.

This will also attract more people to open SRS accounts.

Wan Chee Khoon