To help CPF members grow their savings, the Government has extended the 4% interest rate floor for interest earned on all Special, MediSave and Retirement Account (SMRA) monies for another year from 1 January to 31 December 2023.

Since 1 January 2008, CPF interest rates have been pegged to market instruments of comparable risk and duration to ensure that members receive fair and reasonable returns. While the recent rise in interest rates have led to an increase in the pegged SMRA rates, they remain below the floor rate of 4%. To help members grow their savings consistently, the Government will be extending the 4% floor rate on SMRA interest. The SMRA rates will continue to be reviewed regularly and CPF members will earn the higher of the floor or pegged rate.

CPF Interest Rates for Ordinary, Special and MediSave Account Monies from 1 October 2022 to 31 December 2022

CPF members below 55 years old will continue to earn interest rates of up to 3.5% per annum on their Ordinary Account (OA) monies, and up to 5% per annum on their Special and MediSave Account (SMA) monies in the last quarter of 2022. These rates include an extra 1% interest on the first $60,000 of their combined balances (capped at $20,000 for OA). 

For members aged 55 and above, the Government pays an extra 2% interest on the first $30,000 of their combined balances (capped at $20,000 for OA), and an extra 1% interest on the next $30,000. This means that they will earn up to 6% interest per annum on their retirement balances. 

The extra interest paid to CPF members is part of the Government’s efforts to enhance the retirement savings for CPF members.

The extra interest received on the OA will go into the member’s Special Account (SA) or Retirement Account (RA). If a member is above 55 years old and participates in the CPF LIFE scheme, the extra interest will still be earned on his or her combined balances, which includes the savings used for CPF LIFE.

Interest Rate for CPF Ordinary Account and HDB Concessionary Interest Rate

The OA interest rate will be maintained at 2.5% per annum from 1 October 2022 to 31 December 2022.

Correspondingly, the concessionary interest rate for HDB housing loans, which is pegged at 0.1% above the OA interest rate, will remain unchanged at 2.6% per annum from 1 October 2022 to 31 December 2022.

Interest Rate for Special and MediSave Account

The SMA interest rate will be maintained at 4% per annum from 1 October 2022 to 31 December 2022.

Interest Rate for Retirement Account

The RA interest rate will be maintained at 4% per annum from 1 January 2022 to 31 December 2022.

Public Enquiries

For more information on CPF interest rates and their computation, please visit cpf.gov.sg/CPFInterestRates.

CPF members can visit cpf.gov.sg or contact CPF Board through cpf.gov.sg/writetous for enquiries.