CPF Ordinary Account interest rate stays at 2.5% from July 1 to Sept 30

CPF Ordinary Account interest rate stays at 2.5% from July 1 to Sept 30
MPs have called for further raising CPF contribution rates for workers aged above 55.

SINGAPORE - Interest rates in the third quarter of 2015 for Central Provident Fund (CPF) members will remain unchanged at up to 3.5 per cent per annum on their Ordinary Account (OA) monies, and up to 5 per cent per annum on their Special and Medisave Accounts (SMA) monies.

The CPF Board said in a statement Wednesday that the rates include the additional 1 per cent interest paid on the first $60,000 of a member's combined balances (with up to $20,000 from the OA).

As the computed OA rate of 0.21 per cent is lower than the legislated minimum interest rate of 2.5 per cent per annum, it will remain unchanged.

The status quo also applies to the concessionary interest rate for HDB mortgage loans, which is pegged at 0.1 per cent above the OA interest rate.

Computed interest rates for SMA accounts were below the current floor interest rate too, and will be maintained at 4 per cent per annum from 1 July 2015 to 30 September 2015, the CPF Board said.

There are no changes to the Retirement Account, which is currently at 4 per cent.

grongloh@sph.com.sg

More about

Purchase this article for republication.

BRANDINSIDER

SPONSORED

Most Read

Your daily good stuff - AsiaOne stories delivered straight to your inbox
By signing up, you agree to our Privacy policy and Terms and Conditions.