Slight rise in CPF interest rate to 4.08% for Special, MediSave and Retirement accounts in Q3
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The CPF Board and Housing Board said the slight rise is due to an increase in the 12-month average yield of 10-year Singapore Government Securities.
PHOTO: ST FILE
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SINGAPORE – The interest rate for the Special, MediSave and Retirement accounts of Central Provident Fund (CPF) members for the period between July 1 and Sept 30 has been set at 4.08 per cent a year. This is a slight increase from the 4.05 per cent for the previous quarter
The CPF Board and Housing Board, in a joint statement on May 29, said the slight rise is due to an increase in the 12-month average yield of 10-year Singapore Government Securities. The interest rate for these accounts is pegged to the average yield plus 1 per cent.
All interest rates are quoted on a per annum basis. The interest rate for Ordinary Account (OA) savings remains unchanged at 2.5 per cent for the third quarter of 2024, as its pegged rate remains below the floor rate of 2.5 per cent.
Correspondingly, the concessionary interest rate for HDB housing loans, which is pegged at 0.1 per cent above the OA interest rate, will remain unchanged at 2.6 per cent in the third quarter.
CPF members below 55 years old will continue to earn an extra 1 per cent interest on the first $60,000 of their combined account balances, capped at $20,000 for the OA.
Those aged 55 and above will continue to earn an extra 2 per cent interest on the first $30,000 of their combined balances, capped at $20,000 for the OA, and an extra 1 per cent on the next $30,000.
