How are CPF interest rates determined?
Savings in the Ordinary Account (OA) earn the 3-month average of major local banks’ interest rates, subject to the legislated minimum interest of 2.5% per annum. This is reviewed quarterly.
Savings in the Special, MediSave, and Retirement Accounts (SMRA) earn the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, subject to the current floor interest rate of 4% per annum. This is reviewed quarterly.
Please refer to the CPF interest rates and MOF website for more information.
Computation of CPF OA Interest Rate and HDB Mortgage Rate for 1 April 2024 to 30 June 2024
Average banks' interest rate from November 2023 to January 2024 |
0.66% (see note) |
CPF OA interest rate for April 2024 to June 2024 |
2.50% per annum (legislated minimum rate) |
Plus: Fee to cover Cost of Loan Administration |
0.10% |
HDB mortgage rate for April 2024 to June 2024 |
2.60% per annum |
Note:
|
12-month deposit rate
(% per annum)
|
Savings Rate
(% per annum)
|
Average
(% per annum)
|
Month / Year |
DBS1 |
OCBC2 |
UOB3 |
DBS4 |
OCBC5 |
UOB6 |
Using the 80FD:20SD formula |
30 Nov 2023 |
0.0500 |
0.1000 |
2.3000 |
0.0500 |
0.0500 |
0.0500 |
0.6633 |
31 Dec 2023 |
0.0500 |
0.1000 |
2.3000 |
0.0500 |
0.0500 |
0.0500 |
0.6633 |
31 Jan 2024 |
0.0500 |
0.1000 |
2.3000 |
0.0500 |
0.0500 |
0.0500 |
0.6633 |
1 Balances of $20,000 to < $50,000
2 Balances > $20,000 to $50,000
3 Balances < $50,000
4 Balances > $10,000 to $100,000 (AUTO-SAVE Account)
5 Balances ≤ $100,000 (EASI-SAVE Account)
6 Balances > $15,000 to $100,000 (UNIPLUS Account)
Computation of CPF SMRA Interest Rate for 1 April 2024 to 30 June 2024
Average yield of 10YSGS from February 2023 to January 2024 |
3.05% |
Plus: 1.00% |
1.00% |
Computed CPF SMRA interest rate for April 2024 to June 2024 |
4.05% |
CPF SMRA interest rate floor for April 2024 to June 2024 |
4.00% |
CPF SMRA interest rate for April 2024 to June 2024 |
4.05% per annum |
Source: Yields of 10-Year Singapore Government Securities are obtained from www.mas.gov.sg/bonds-and-bills
1 Please refer to the historical CPF interest rates (PDF, 0.15MB) for more information on past RA rates.