The National Service Housing, Medical and Education (NS HOME) Award is given by the Ministry of Defence and the Ministry of Home Affairs to recognise the contributions of Singapore Citizens who serve National Service.
On this page:

An eligible citizen National Serviceman will be awarded between $5,000 and $5,500 by the time he completes his Operationally Ready National Service training cycle. The awards disbursed to your Post-Secondary Education Account and CPF MediSave/Ordinary Account are tax-exempt.

New! From 1 Apr 2022, an additional $500/$1,000 is disbursed to National Servicemen in credits via the LifeSG mobile application. These LifeSG credits spent are taxable. LifeSG credits utilisation can be verified via the LifeSG mobile application.

Reporting NS HOME Award

You do not need to declare the taxable value of the LifeSG credits in your Income Tax Return as MINDEF will transmit the information to IRAS.