All Central Provident Fund (CPF) members will continue to receive a risk-free interest rate of 2.5 per cent on their Ordinary Account (OA) savings from 1 April to 30 June this year.
In a joint statement on Wednesday, the CPF Board and the Housing and Development Board (HDB) announced that the computed CPF interest rate worked out to be 0.16 per cent per annum.
CPF members will continue to receive a risk-free interest rate of 2.5 per cent on their OA savings from 1 April to 30 June this year. (Yahoo! photo)
It is derived from the major local banks’ interest rates for the three-month period from 1 November 2011 to 31 January 2012.
However, members will receive the higher rate of 2.5 per cent as legislated by the CPF Act.
In addition, an extra one per cent interest will continue to be paid on the first S$60,000 of a member's combined balances, with up to $20,000 from the OA.
The extra interest from the OA will go into the member's Special or Retirement Account to enhance his retirement savings.
Meanwhile, the concessionary interest rate for HDB mortgage loans, which is pegged at 0.1 percentage point above the CPF interest rate for the OA, will remain unchanged at 2.6 per cent per annum from 1 April to 30 June 30 this year.
*back into the abyss of death*
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