SINGAPORE - The interest rates for the Central Provident Fund (CPF) will remain the same from July 1 to Sept 30 this year.
The interest rate for the Ordinary Account is set at 2.5 per cent per annum, while the Special Account earns 4 per cent per annum.
The computed rate of 0.21 per cent for the Ordinary Account, derived from the major local banks' interest rates from February to April, is lower than the legislated minimum interest rate of 2.5 per cent, the CPF Board and the Housing Board said in a statement on Wednesday.
CPF members also earn an additional 1 per cent interest on the first $60,000 of their combined balances in their Medisave, Special, Retirement and Ordinary Accounts. Up to $20,000 of this can be from the Ordinary Account.
The concessionary interest rate for HDB mortgage loans will remain unchanged at 2.6 per cent per annum. It is pegged at 0.1 per cent above the CPF Ordinary Account interest rate.