The interest rate for Central Provident Fund (CPF) Special and Medisave accounts (SMA) will remain at 4 per cent from April 1 to June 30.

March 17, 201412:11 pm267 views
The interest rate for Central Provident Fund (CPF) Special and Medisave accounts (SMA) will remain at 4 per cent from April 1 to June 30.
The interest rate for Central Provident Fund (CPF) Special and Medisave accounts (SMA) will remain at 4 per cent from April 1 to June 30.

SINGAPORE: The interest rate for Central Provident Fund (CPF) Special and Medisave accounts (SMA) will remain at 4 per cent from April 1 to June 30.

In a statement on Monday, the CPF Board said the 12-month average yield of 10-year Singapore Government Securities plus 1 per cent, from March 2013 to February 2014, works out to be 3.19 per cent.

Accordingly, the SMA interest rate payable to CPF members from April 1 to June 30 will be kept at the current floor rate of 4 per cent.

Savings in the SMA currently earn either 4 per cent or the 12-month average yield of 10-year Singapore Government Securities plus 1 per cent, whichever is higher.

The interest rate on SMA savings is adjusted quarterly, based on interest rates on 10-year Singapore Government Securities over a preceding 12-month period.

The government announced in September 2013 that the 4 per cent per annum floor rate for interest earned on all SMA monies and Retirement Account (RA) monies will be maintained until December 31, 2014.

 

source: channelnewsasia.com

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