Singapore Leaves CPF Ordinary Account Interest Rate Unchanged
CPF to pay 2.50% interest for Ordinary Account savings from 1 Jul to 30 Sep 2010.
Interest Rate For Ordinary Account (OA)
The Board will continue to pay 2.50% interest per annum for members’ CPF savings in their Ordinary Account (OA) from 1 July 2010 to 30 September 2010.
The computed CPF interest rate derived from the major local banks’ interest rates for the three-month period, 1 February 2010 to 30 April 2010, worked out to be 0.41 % per annum.
However, the higher rate of 2.50% will be paid as the CPF Act provides for a minimum CPF interest rate of 2.50% per annum.
HDB’s Mortgage Rate
The concessionary interest rate for HDB mortgage loan, which is pegged at 0.1 percentage point above the CPF interest rate for the OA, will remain unchanged at 2.60% per annum from 1 July 2010 to 30 September 2010.
The detailed computations of the CPF OA interest rate and the HDB mortgage loan interest rate are given below.
Extra Interest of 1%
In addition, an extra 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the OA.
The extra interest from the OA will go into the member’s Special or Retirement Account to enhance his retirement savings.
Topics: 2010, banks, business, CPF, economic development, Economy, Governance, government, HDB, housing, Housing Development Board, interest, interest rate, investment, moniter, monitor, mortgage, news, OA, Ordinary Account Interest Rate, real estate, savings, Singapore, society
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