Soft subtitling in Premiere (with **srt** export in mind)

a. New Item > Captions > Open subtitling

b. drop that to timeline and use captions window to add/remove/edit stuff. Note that there is no font styling options.

c. To preview them in edit window, click on wrench icon and select
Closed Captions Display > Enable
and maybe change settings.

d. When done click on subtitling item in project window and choose
File > Export > Captions > srt

Example exported srt:

1
00:00:01,760 --> 00:00:08,600
First caption

2
00:00:10,348 --> 00:00:17,828
Second caption
this is

3
00:00:19,173 --> 00:00:25,505
Third caption
čšž ČŠŽ

Note: It appears that term caption and subtitle are interchangeable in Adobe world.

https://www.youtube.com/watch?v=zrioNxpDH-c