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SINGAPORE: The interest rate for Central Provident Fund ( CPF ) Special, MediSave and Retirement accounts will rise to 4.08 per cent in the third quarter of 2024.
It dipped to , 4.05 per share in the previous third, the second increases after three consecutive increases.
The CPF Board and Housing Board ( HDB) stated in a joint news release on Wednesday ( May 29 ) that the higher interest rate is being caused by an increase in the 12 month average yield of 10- year Singapore Government Securities.
These accounts have an interest rate that is based on the produce on average, plus 1 %.
For the third quarter, the Ordinary Account ( OA ) interest rate will remain at 2.5 %.  ,
During the same time frame, the concessionary interest rate for HDB housing loans will remain unchanged at 2.6 %, which is pegged at 0.1 % above the OA interest rate.  ,  ,
Members may continue to receive more attention on their CPF savings in accordance with the administration’s efforts to increase pension savings for CPF members.  ,
Those below 55 years old will earn an extra 1 per cent interest on the first S$ 60, 000 ( US$ 44, 460 ) of their combined balances. This fascination is capped at S$ 20, 000 for the OA.  ,
People aged 55 and above may receive an additional 2 per cent interest on the first S$ 30, 000 of their combined accounts, capped at S$ 20, 000 for the OA, and an additional 1 per share on the next S$ 30, 000.  ,
A person’s Special Account or Retirement Account will receive the additional interest earned on the OA accounts.  ,
The CPF Board and HDB stated that “if a member is over 55 years old and joins CPF LIFE, the additional interest will be earned on their combined Pension accounts, which includes the saving used for CPF LIFE.”  ,