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Joint Press Release by CPF & HDB - CPF interest rates and HDB’s mortgage rate for Q3 2015
CPF INTEREST RATES FROM 1 JULY 2015 TO 30 SEPTEMBER 2015
HDB MORTGAGE RATE FROM 1 JULY 2015 TO 30 SEPTEMBER 2015
1 Central Provident Fund (CPF) members 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 Accounts (SMA) monies in the third quarter of 2015.
2 The above interest rates include an additional 1% interest paid on the first $60,000 of a member’s combined balances (with up to $20,000 from the OA) which is part of the Government’s efforts to enhance the retirement savings of CPF members.
3 The OA interest rate will be maintained at 2.5% per annum from 1 July 2015 to 30 September 2015, as the computed rate of 0.21% is lower than the legislated minimum interest rate.
4 Correspondingly, the concessionary interest rate for HDB mortgage loans, which is pegged at 0.1% above the OA interest rate, will remain unchanged at 2.6% per annum from 1 July 2015 to 30 September 2015.
Please refer to Annex A for the detailed computation of the OA interest rate and HDB mortgage rate.
5 The SMA interest rate will be maintained at 4% per annum from 1 July 2015 to 30 September 2015, as the computed rate of 3.27% is lower than the current floor interest rate.
Please refer to Annex B for the detailed computation of the SMA interest rate.
6 The RA interest rate will be maintained at 4% per annum from 1 January 2015 to 31 December 2015, as announced on 25 November 2014.
Please refer to Annex C for the detailed computation of the RA interest rate.
7 CPF members can visit http://www.cpf.gov.sg or call the CPF Call Centre at 1800-227-1188 for enquiries.
*This includes the additional 1% interest paid on the first $60,000 of a member’s combined balances, of which up to $20,000 comes from the Ordinary Account (OA). The additional interest earned on OA monies will go to the member’s Special Account or Retirement Account, to enhance their retirement adequacy. If a member is above 55 years old and participates in the CPF LIFE scheme, the additional 1% interest will still be earned on his combined balances, which includes the savings used for CPF LIFE.