CPF Interest Rates from 1 July 2023 to 30 September 2023

	Ordinary Account	Special and MediSave Account	Retirement Account
Interest Rate	2.5%	4.01%	4%

CPF members below 55 years old

Members earn an extra 1% interest on the first $60,000 of their combined CPF balances

CPF members aged 55 and above

Members earn an extra 2% interest on the first $30,000 of their combined CPF balances, and an extra 1% on the next $30,000

HDB Concessionary Interest Rate from 1 July 2023 to 30 September 2023

Remains unchanged at 2.6%

Note: All interest rates are quoted on a per annum basis.

With the Special and MediSave Account (SMA) pegged rate exceeding the floor rate of 4%, savings in the SMA will earn 4.01% in the third quarter of 2023. This is due to the increase in the 12-month average yield of 10-year Singapore Government Securities (10YSGS), which the SMA interest rate is pegged to.

The Ordinary Account (OA) interest rate will remain unchanged at 2.5% for the same period, as the pegged OA rate remains below the floor rate of 2.5%. The Government is watching the interest rate environment closely to ensure that the CPF interest rate pegs remain relevant in the prevailing operating environment while taking into consideration the longer-term outlook.

As part of the Government’s efforts to enhance the retirement savings for CPF members, CPF members will earn extra interest on their CPF savings. For members below 55 years old, they will earn 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% on the next $30,000.

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 July 2023 to 30 September 2023.

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 July 2023 to 30 September 2023.

Interest Rate for Special and MediSave Accounts

The SMA interest rate will be 4.01% per annum from 1 July 2023 to 30 September 2023.

Interest Rate for Retirement Account

The RA interest rate will be maintained at 4% per annum from 1 January 2023 to 31 December 2023, as announced on 29 November 2022.

Public Enquiries

For more information on CPF interest rates and their computation, please visit CPF Interest Rates.

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