4% CPF interest rate extended till end 2013

4% CPF interest rate extended till end 2013

SINGAPORE: The four per cent Central Provident Fund (CPF) interest rate on savings in Special, Medisave and Retirement Account (SMRA) will be extended till Dec 31, 2013.

This decision was made in view of the "continuing uncertainty in the global economy and low interest rate environment", said the CPF in a statement today.

SMRA monies which form the first $60,000 of a member's combined balances will therefore continue to earn a five per cent interest rate.

From January 1, 2014, SMRA rates will be pegged to the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus one per cent.

As an additional 1 per cent interest will continue to be paid on the first $60,000 of a CPF member's combined savings, this first $60,000 will continue to earn 5 per cent interest.

klim@sph.com.sg

 

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