Home      Introduction      Latest Bank Rates      Interest Calculator     
The latest on Singapore Savings Account Rates:

Recent Posts

Jan 27, 2010

CPF Rate: Special Medisave Retirement Account

CPF Rate: Special Medisave Retirement Account

Singapore Savings Account Rates presents CPF Rate: Special Medisave Retirement Account.

In your search for CPF Rate: Special Medisave Retirement Account, you have come to the right finance blog for the latest CPF rate updates.

So what are the latest CPF rates other than the Ordinary Account?

CPF Interest Rate for SMA Monies

Since 1 January 2008, savings in the SMA have been invested in Special Government Securities (SSGS) which earn an interest rate pegged to the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, adjusted quarterly.

The 12-month average yield of the 10YSGS plus 1% rate worked out to be 3.31% for the period 1 December 2008 to 30 November 2009. Since the interest rate peg for SMA monies is below 4%, the SMA CPF rate interest rate from 1 January 2010 to 31 March 2010 will be maintained at 4%.

CPF Interest Rate for RA Monies

From 1 January 2010, RA savings will be invested in SSGS which earn a fixed coupon equal to the 12-month average yield of the 10YSGS plus 1% at the point of issuance. The interest rate to be credited to the RA will be the weighted average interest of the entire portfolio of these SSGS, and adjusted yearly in January.

Since the interest rate peg for the fixed coupon is below 4%, existing RA savings will be invested in SSGS which earn a fixed coupon of 4% (floor rate). Hence, the CPF rate of RA interest rate from 1 January 2010 to 31 December 2010 will be 4%.

Additional CPF Interest of 1%

An additional 1%CPF rate interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the Ordinary Account (OA). The additional CPF rate interest received on the OA will go into the member’s SA or RA to enhance his retirement savings. If the member is above 55 years old and participates in the LIFE scheme, the additional CPF rate 1% interest will also apply to his annuity premium, less annuity payouts already made. The additional CPF rate interest earned on the member’s LIFE annuity monies will be paid into his RA.


Thanks for reading Singapore Savings Account Rates.

The Team
Singapore Savings Account Rates.

No comments:

Popular Posts

6% p.a. Singapore Retirement Savings Account Rates
----------------------------------------------------
Update: New OCBC 1-Year FD Rates
----------------------------------------------------
UOB Savings Promotion 2017
----------------------------------------------------
Invest in 2.75% Singapore Government Bonds
----------------------------------------------------
Safest Singapore Fixed Deposit Rate
----------------------------------------------------
BOC Fixed Deposit Promotion Rates
----------------------------------------------------
No hurdle 1.35% iSavings Account
----------------------------------------------------
Maybank iSavvy Savings Rate Update June-Aug 2017
----------------------------------------------------
New SCB Fixed Deposit Update June 2017