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Opening SRS account and considering how to use it

As this is almost end of year, after calculated my tax for this year, I decide to bring down my tax bracket.
so after last month I top up 7k to my SA account, I still need  to find another tax relief to bring down my tax bracket, so in the end I decide to open SRS account.

All 3 bank has promotion for SRS account.
DBS offer cash rebate between 30 to 50SGD depend on the top up amount.
UOB offer high tea buffet voucher
OCBC offer shopping voucher

But because I will only contribute 8k to my SRS, all of the promotion won't be applicable to me. so I decide to open my SRS account with OCBC because I'm thinking of using it for STI-ETF and because OCBC has BCIP plan, I thought it is easier just to open the SRS with OCBC too.
Actually there is one unit trust which I'm interested in LION-OCBC GLOBAL CORE FUND, this is fund of funds which use multiple iShare ETFs, so this 1 unit trust already contains diversified regions and asset class.
What make me a bit reluctant is the fee is quite high, 0.6% management fee, 0.1% trustee fee, 2% sales charge , the sub fund expense ratio itself, and maybe there is other fee like custodian fee etc, and from the prospectus the subfund ETFs domiciled in the United States, Ireland and Singapore so there maybe additional dividend witholding tax too.

So I'm still considering until now whether to buy STI or this fund.

The opening of SRS account itself from e-banking is very straightforward:
1. Choose open an account on the top panel.
2. Choose SRS
3. Just fill all the requirement information and your contribution amount.

That's it, and just wait for 3 working day for processing time
you may need to open BCIP plan if you want to use your SRS to buy STI-ETF under BCIP plan.



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