http://business.asiaone.com/Business/News/My+Money/Story/A1Story20091116-180257.html
CPF OA interest rate remains at 2.5 per cent
Mon, Nov 16, 2009
AsiaOne
The Central Provident Fund (CPF) Board will continue to pay 2.5 per cent interest per annum for members' CPF savings in the Ordinary Account from January 1, 2010 to March 31, 2010.
While the computed CPF interest rate derived from the major local banks' interest rates for the three-month period, between August and October this year worked out to be 0.42 per cent per annum, the higher rate of 2.50 per cent will be paid.
This is in line with the CPF Act, which provides for a minimum CPF interest rate of 2.50% per annum.
Meanwhile, the concessionary interest rate for HDB mortgage loan, which is pegged at 0.1 percentage point above the CPF interest rate for the Ordinary Account, will remain unchanged at 2.60 per cent per annum for the same period next year.
The interest rates for the Special Medisave and Retirement Accounts for January to March 2010 will be announced in December 2009 after the average yield of the 10-year Singapore Government Security (10YSGS) is computed.
The prevailing (October to December 2009) CPF interest rate for the Special, Medisave & Retirement Accounts is 4%. To help members adjust to this floating rate, the 4% floor for the interest rates for the SMRA will be maintained till December 31 next year.
In addition, an extra 1 per cent interest will be paid on the first $60,000 of a member's combined balances, with up to $20,000 from the Ordinary Account (OA). The extra interest from the OA will go into the member's Special or Retirement Account to enhance his retirement savings.
The CPF interest rate will continue to be reviewed quarterly.
CPF OA interest rate remains at 2.5 per cent
Mon, Nov 16, 2009
AsiaOne
The Central Provident Fund (CPF) Board will continue to pay 2.5 per cent interest per annum for members' CPF savings in the Ordinary Account from January 1, 2010 to March 31, 2010.
While the computed CPF interest rate derived from the major local banks' interest rates for the three-month period, between August and October this year worked out to be 0.42 per cent per annum, the higher rate of 2.50 per cent will be paid.
This is in line with the CPF Act, which provides for a minimum CPF interest rate of 2.50% per annum.
Meanwhile, the concessionary interest rate for HDB mortgage loan, which is pegged at 0.1 percentage point above the CPF interest rate for the Ordinary Account, will remain unchanged at 2.60 per cent per annum for the same period next year.
The interest rates for the Special Medisave and Retirement Accounts for January to March 2010 will be announced in December 2009 after the average yield of the 10-year Singapore Government Security (10YSGS) is computed.
The prevailing (October to December 2009) CPF interest rate for the Special, Medisave & Retirement Accounts is 4%. To help members adjust to this floating rate, the 4% floor for the interest rates for the SMRA will be maintained till December 31 next year.
In addition, an extra 1 per cent interest will be paid on the first $60,000 of a member's combined balances, with up to $20,000 from the Ordinary Account (OA). The extra interest from the OA will go into the member's Special or Retirement Account to enhance his retirement savings.
The CPF interest rate will continue to be reviewed quarterly.
