SBI Multisweep Account Rates Singapore

SBI Multisweep Account Rates Singapore

State Bank of India SBI Multisweep Account Rates Singapore is presented by Singapore Savings Account Rates for your interest rate information. SBI stands for State Bank of India. State Bank of India SBI has a branch in Singapore that offers savings account rates. Residents and non-residents can utilize the savings account rates.

These SBI Multisweep account rates (Singapore) should not be used for investing cash, investing in stocks, shares, bonds, T-bills, hedge funds or other personal portfolio investment funds until you re-verify the interest rates with the bank concerned.

SBI Multisweep Account Rates Singapore is highlighted below.

SBI Multisweep Main Saving Account Rates = 0.55% p.a.

SBI Multisweep Sub-Account Rates = 0.90% p.a.

* 0.35% over interest over main saving account rising & falling therewith.

SBI Multisweep Account Rates Singapore is subject to revision without any advance notice.

Thanks for reading Singapore Savings Account Rates, where we bring you the latest and best Singapore savings account rates.

The Team
Singapore Savings Account Rates.

CPF LIFE Payout Rates

CPF LIFE Payout Rates

What is CPF LIFE? Is it an insurance scheme, a financial investment scheme, a savings deposit scheme or what?

CPF LIFE is the acronym for CPF Lifelong Income Scheme For The Elderly. It is a scheme that will provide monthly payout starting from your Draw Down Age (DDA), for as long as you live.

This CPF LIFE scheme was started because the current Minimum Sum Scheme is estimated to last for about 20 years, a period shorter than the expected life expectancy of many CPF account holders.

With the CPF LIFE Scheme, it is expected to help stretch CPF members savings to last through a longer period of retirement.

Details of CPF LIFE can be found at www.cpf.gov.sg and we will not go into details here.

Of interest to Singapore Savings Account Rates is: what will be the CPF LIFE payout rates?

CPF LIFE Payout Rates:

The CPF LIFE payout range used in the example as given in CPF LIFE brochure at the CPF website is based on CPF interest rates of between 3.75% and 4.25%.

These CPF LIFE Payout Rates do not represent the lower and upper limits of the payout.

The monthly payout may be adjusted every year to take into account factors such as CPF interest rate and mortality experience.

You can use the CPF LIFE Payout Estimator at www.cpf.gov.sg to find out how the monthly payout varies with different CPF Retirement Account (RA) balances.

How does this compare with the CPF Retirement Account rates?

As quoted from CPF site:
"From 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 SMRA interest rate, a 4% floor for the SMRA rate will be maintained for the first three years (2008 - 2010).

In addition, an 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 OA. The extra interest from the OA will go into the member's Special or Retirement Account to improve his retirement savings.

Under the CPF Act, the Board pays interest at a minimum rate of 2.50% per annum. CPF interest is computed monthly and, compounded and credited annually."

Thanks for reading Singapore Savings Account Rates, where we bring you the latest and best Singapore savings account and CPF account rates.

The Team
Singapore Savings Account Rates.