The Central Provident Fund (CPF) Board will be maintaining its 4% interest rate per annum for Special, MediSave, and Retirement accounts till Dec 31, 2021.
The current 4% floor rate is due to expire on December 31 this year.
From October 1 to December 31, interest rates for CPF members below 55 years old are maintained at up to 5% – an extra 1% interest – on the first $60,000 of their combined CPF balances.
Members below 55 years old will continue to earn up to 3.5% interest per annum on their Ordinary Account (OA) and up to 5% per annum on their Special and MediSave accounts (SMA).
CPF members above 55 years old will continue to earn up to 6% interest – an extra 2% interest – on the first $30,000 of their combined balances, with up to $20,000 from the OA, as well as an extra 1% on the next $30,000.
The extra interest received on the OA will go into the member’s Special Account (SA) or Retirement Account (RA) to enhance his or her retirement savings.
For CPF LIFE users aged 55 years and above, the extra interest will still be earned on his or her combined balances, which includes the savings used for the scheme.
Meanwhile, the OA interest rate and HDB mortgage loans will be maintained at 2.5% and 2.6% per respectively, for the same period.
