Opening an SRS account can help Singaporeans, PRs, and Foreigners save on income tax — the biggest appeal of the SRS account.

It comprises the (i) Baby Bonus Cash Gift (BBCG) and (ii) Child Development Account (CDA) benefits comprising First Step Grant and Government co-matching of parents’ savings.

Thankfully, there are many tax relief schemes that you can qualify for.

By being a mother or signing up for a course to upskill, you are entitled to relief schemes that can help to subtract your taxable income by up to S$80,000. 

Full List of Items - IRAS | Tax reliefs, rebates and deductions

In case you were wondering why your child has an Edusave Account, it is actually opened automatically for every Singapore Citizen,

With funds consisting of the balance from their Child Development Account (CDA) as well as annual contributions from the government.