CPF interest rates remain unchanged for second quarter of this year, Latest Singapore News - The New Paper

CPF interest rates remain unchanged for second quarter of this year

This article is more than 12 months old

Central Provident Fund (CPF) members will continue to earn annual interest rates of up to 3.5 per cent on their Ordinary Account (OA) monies, and up to 5 per cent on their Special and Medisave Accounts monies in the second quarter of 2017.

In a press release yesterday, CPF said members will also earn up to 5 per cent per annum on their Retirement Account monies this year.

It includes the extra per cent interest paid on the first $60,000 of a member's combined balances (with up to $20,000 from the OA), which is part of the Government's efforts to enhance members' retirement savings.

Those aged 55 and above will also earn an additional 1 per cent interest on the first $30,000 of their combined balances, which is over and above the current extra 1 per cent interest earned on the first $60,000 of their combined balances.

This takes the interest on their retirement balances to 6 per cent per year, CPF added.

CPF said the OA interest rate will be maintained at 2.5 per cent from April 1 to June 30, as the computed rate of 0.24 per cent, which is lower than the legislated minimum interest rate.

Meanwhile, the concessionary interest rate for HDB mortgage loans - pegged at 0.1 per cent above the OA interest rate - remains unchanged at 2.6 per cent per annum for the quarter.

CPF members with queries can visit cpf.gov.sg or call the CPF Call Centre on 1800-227-1188. - THE STRAITS TIMES.