SINGAPORE (May 22): The Central Provident Fund (CPF) Board will be maintaining its 4% interest rate per annum for Special and MediSave accounts (SMA) from July to September this year.
The announcement, which was made on Friday, also included an increase in interest rates for CPF members.
From July 1 to Sept 30, CPF members below 55 years old will earn up to 5% interest – an extra 1% interest – per annum on the first $60,000 of their SMA from July 1 to Sept 30 this year. They will continue to earn up to 3.5% interest per annum on their Ordinary Account (OA).
CPF members aged 55 years and above will earn up to 6% interest – an extra 2% – on the first $30,000 of their combined CPF balances, and up to 5% on the next $30,000. 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.
The additional interest rates are part of the government’s efforts to enhance the retirement savings for CPF members.
Meanwhile, the OA interest rate and HDB mortgage loans will be maintained at 2.5% and 2.6% per respectively, for the same period.
