The interest rates for CPF savings will remain unchanged for the second quarter of 2023 as the pegged Ordinary Account and Special and MediSave Account (SMA) rates remain below the OA and SMA floor rates of 2.5% and 4%.

CPF members below 55 years old will continue to earn interest rates of up to 3.5% per annum on their OA savings and up to 5% per annum on their SMA savings. These interest rates include an extra 1% interest paid on the first $60,000 of a member’s 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. This means that they will earn up to 6% interest per year 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.

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.Interest Rate for CPF Ordinary Account and HDB Concessionary Interest Rate

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 April 2023 to 30 June 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 April 2023 to 30 June 2023.

Interest Rate for Special and MediSave Accounts

The SMA interest rate will be maintained at 4% per annum from 1 April 2023 to 30 June 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.

Joint Press Release by CPF Board and HDB - CPF Interest Rates from 1 April 2023 to 30 June 2023