CPF ACCOUNT INTEREST RATE
Singapore Savings Account Rates presents latest CPF Account interest rates.
Rates are shown for your information. Before you consider investing cash in stocks, shares, bonds, unit trusts or other banking products, ensure that you re-confirm the savings account rates with bank concerned.
Savings Account rates are subject to change without notice at the absolute discretion of the respective bank.
CPF ORDINARY ACCOUNT INTEREST RATE FROM 1 JULY 2010 TO 30 SEPTEMBER 2010
Joint News Release by:
Central Provident Fund Board
Housing & Development Board
12 May 2010
Interest Rate For Ordinary Account (OA)
The Board will continue to pay 2.50% interest per annum for membersâ€™ CPF
savings in their Ordinary Account (OA) from 1 July 2010 to 30 September 2010.
The computed CPF interest rate derived from the major local banksâ€™ interest rates for the three-month period, 1 February 2010 to 30 April 2010, worked out to be 0.41 % per annum. However, the higher rate of 2.50% will be paid as the CPF Act provides for a minimum CPF interest rate of 2.50% per annum.
HDB's Mortgage Rate
The concessionary interest rate for HDB mortgage loan, which is pegged at 0.1 percentage point above the CPF interest rate for the OA, will remain unchanged at 2.60% per annum from 1 July 2010 to 30 September 2010.
The detailed computations of the CPF OA interest rate and the HDB mortgage loan interest rate are given in the Annex.
Extra Interest of 1%
In addition, an extra 1% interest will continue to be paid on the first $60,000 of a member's combined balances, with up to $20,000 from the OA. The extra interest from the OA will go into the memberâ€™s Special or Retirement Account to enhance his retirement savings.
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