We checked the latest interest rates of the Central Provident Fund CPF Board for July 2008. The latest quote of CPF Board Singapore current interest rates July 2008 are here:
CPF Interest Rates (01 Jul 2008 to 30 Sep 2008)(reviewed quarterly)
- Ordinary account 2.50% p.a.
- Special, Medisave & Retirement accounts 4.00% p.a.
For CPF Board’s Ordinary Account (OA), interest rate is based on the 12-month fixed deposit and month-end savings rates of the major local banks.
Starting 1 January 2008, savings in the Special Account, Medisave Account and Retirement Account (SMRA) is pegged to the 12-month average yield of the 10-year Singapore Government Securities (10YSGS) plus 1%.
To help members adjust to the floating Special Account, Medisave Account and Retirement Account SMRA interest rate, a 4% floor for the SMRA rate will be maintained for the first two years (from 1 January 2008 to 31 December 2009).
Extra 1% of 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 Ordinary Account OA will go into the member's Special or Retirement Account to improve his retirement savings.
Under the CPF Act, the Board pays a minimum interest of 2.50% per annum.
CPF interest is computed monthly and, compounded and credited annually.
Link to CPF Interest Rate File in PDF format:
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Tags: CPF, Central Provident Board, Current Interest Rates, Ordinary Account, Special Account, Medisave Account, Retirement Account.
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