|
|
|
| |
|
| |
Joint News Release by:
Central Provident Fund Board
Housing & Development Board
16 February 2011 -- |
| |
|
| |
|
| |
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 2011 to 30 June 2011. The computed CPF interest rate derived from the major local banks’ interest rates for the three-month period, 1 November 2010 to 31 January 2011, worked out to be 0.38% 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 2011 to 30 June 2011.
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. |
| |
|
| |
|
| |
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 2011 to JUNE 2011 |
|
|
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-10 |
0.4500 |
0.4500 |
0.4500 |
0.1250 |
0.1500 |
0.1000 |
0.3850 |
|
31-Dec-10 |
0.4500 |
0.4500 |
0.4500 |
0.1250 |
0.1500 |
0.1000 |
0.3850 |
|
31-Jan-11 |
0.3500 |
0.4500 |
0.4500 |
0.1250 |
0.1500 |
0.1000 |
0.3583 |
| (A) |
NORMAL CPF OA INTEREST RATE |
|
|
| |
|
|
|
| |
Average for 3 months (Nov 2010 to Jan 2011)
(Using the 80 FD : 20 SD formula)
|
0.38% |
(computed interest rate) |
| |
|
|
|
| |
CPF OA Interest Rate for Apr 2011 to Jun 2011 |
2.50% |
(legislated minimum rate) |
| |
|
|
|
| (B) |
HDB MORTGAGE RATE |
|
|
| |
|
|
|
| |
CPF OA Interest Rate for Apr 2011 to Jun 2011 |
2.50% |
|
| |
Plus: Fee to cover Cost of Loan Administration |
0.10% |
|
| |
|
|
|
| |
|
------- |
|
| |
HDB Mortgage Rate for Apr 2011 to Jun 2011 |
2.60% |
|
| |
|
------- |
|
| |
|
|
|
|
NOTES:
(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 > $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 November 2010 to 31 January 2011. | |
| |
|
|