CPF ORDINARY ACCOUNT INTEREST RATE FROM 1 APRIL 2010 TO 30 JUNE 2010
	Joint News Release by: Central Provident Fund Board Housing & Development Board 11 February 2010 --
	Interest Rate For Ordinary Account (OA)
	The Board will continue to pay 2.50% interest per annum for members’ CPF savings in their Ordinary Account (OA) from 1 April 2010 to 30 June 2010. The computed CPF interest rate derived from the major local banks’ interest rates for the three-month period, 1 November 2009 to 31 January 2010, worked out to be 0.42 % per annum. However, the higher rate of 2.50% will be paid as the CPF Act provides for a minimum CPF interest rate of 2.50% per annum.
	HDB’s Mortgage Rate
	The concessionary interest rate for HDB mortgage loan, which is pegged at 0.1 percentage point above the CPF interest rate for the OA, will remain unchanged at 2.60% per annum from 1 April 2010 to 30 June 2010. The detailed computations of the CPF OA interest rate and the HDB mortgage loan interest rate are given in the Annex.
	Extra Interest of 1%
	In addition, an extra 1% interest will continue to be paid on the first $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.
	PUBLIC ENQUIRIES
	Members with enquiries may call the CPF Call Centre on 1800-227 1188.
	ANNEX :
	COMPUTATION OF CPF ORDINARY ACCOUNT (OA) INTEREST RATE AND HDB MORTGAGE RATE FOR APRIL 2010 TO JUNE 2010 12-MONTH DEPOSIT RATE (% PA)       SAVINGS RATE (% PA) AVERAGE 80FD:20SD (% PA) MONTH / YEAR DBS (1) OCBC (2) UOB (3) DBS (4) OCBC (5) UOB (6) 30 Nov 09 0.4500 0.5500 0.4500 0.1250 0.1750 0.1750 0.4183 31 Dec 09 0.4500 0.5500 0.4500 0.1250 0.1750 0.1000 0.4133 31 Jan 10 0.4500 0.5500 0.4500 0.1250 0.1750 0.1000 0.4133 (A) NORMAL CPF OA INTEREST RATE               Average for 3 months (November 2009 to January 2010) (Using the 80 FD : 20 SD formula) 0.42% (computed interest rate)           CPF OA Interest Rate for April 2010 to June 2010 2.50% (legislated minimum rate)         (B) HDB MORTGAGE RATE               CPF OA Interest Rate for April 2010 to June 2010 2.50%     Plus: Fee to cover Cost of Loan Administration 0.10%               -------     HDB Mortgage Rate for April 2010 to June 2010 2.60%       -------           NOTES: (1) Balances of $20,000 to < $50,000 (2) Balances > $20,000 to $50,000 (3) Balances < $50,000 (4) Balances > $3,000 to $50,000 (AUTO-SAVE Account) (5) Balances > $10,000 to $50,000 (EASI-SAVE Account) (6) Balances > $3,000 to $50,000 (UNIPLUS Account)         The CPF OA interest rate at 2.5% per annum remains higher than the 12-month fixed deposit and savings rates of major local banks for the three-month period of 1 Nov 2009 to 31 Jan 2010.