CPF members’ Ordinary Account interest rate to remain at 2.5%

May 22, 20149:29 am246 views
CPF members’ Ordinary Account interest rate to remain at 2.5%
CPF members’ Ordinary Account interest rate to remain at 2.5%

SINGAPORE — All Central Provident Fund (CPF) members will continue to enjoy a risk-free interest rate of 2.5 per cent per annum on their Ordinary Account (OA) savings from July 1 to Sept 30 this year, according to a joint statement by the CPF Board and the Housing and Developent Board today (May 21).

The statement added that although the computed CPF interest rate — derived from the major local banks’ interest rates for the three-month period starting from February — worked out to be 0.21 per cent per annum, this was below the legislated minimum of 2.5 per cent per annum.

As such, the OA interest rate for July to September will remain unchanged at 2.5 per cent per annum.

 

source: todayonline.com

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