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CPF MEMBERS RECEIVE 2.5% INTEREST RATE ON ORDINARY ACCOUNTS FROM 1 JANUARY 2014 TO 31 MARCH 2014

   
 

Joint News Release by:
Central Provident Fund Board
Housing & Development Board

18 November 2013 --

   
   
  Interest Rate For Ordinary Account (OA)
 

All CPF members will continue to enjoy a risk-free interest rate of 2.5% on their Ordinary Account savings from 1 January 2014 to 31 March 2014.

The computed CPF interest rate, derived from the major local banks’ interest rates for the three-month period, 1 August 2013 to 31 October 2013, worked out to be 0.21% per annum. As this is below the legislated minimum of 2.50% per annum, the OA interest rate for January 2014 to March 2014 will remain unchanged at 2.50% per annum.

   
  Extra Interest of 1%
 

As part of our efforts to enhance the retirement savings of CPF members, 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.

 
  HDB’s Mortgage Rate
 

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 2.60% per annum from 1 January 2014 to 31 March 2014.

The detailed computations of the CPF OA interest rate and the HDB mortgage loan interest rate are given in the Annex.

   
  PUBLIC ENQUIRIES
 

For more information, please visit www.cpf.gov.sg or call the CPF Call Centre at 1800-227 1188.

 
  ANNEX :
 
COMPUTATION OF CPF ORDINARY ACCOUNT (OA) INTEREST RATE AND HDB MORTGAGE RATE FOR JANUARY 2014 to MARCH 2014
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)
31-Aug-13
0.2500
0.2500
0.2500
0.0500
0.0500
0.0500
0.2100
30-Sep-13
0.2500
0.2500
0.2500
0.0500
0.0500
0.0500
0.2100
31-Oct-13
0.2500
0.2500
0.2500
0.0500
0.0500
0.0500
0.2100

(A) NORMAL CPF OA INTEREST RATE    
       
  Average for 3 months (Aug 2013 to Oct 2013)
(Using the 80 FD:20 SD formula)
0.21% (computed interest rate)
       
  CPF OA Interest Rate for Jan 2014 to Mar 2014 2.50% (legislated minimum rate)
       
(B) HDB MORTGAGE RATE    
       
  CPF OA Interest Rate for Jan 2014 to Mar 2014 2.50%  
  Plus: Fee to cover Cost of Loan Administration 0.10%  
       
    -------  
  HDB Mortgage Rate for Jan 2014 to Mar 2014 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 August 2013 to 31 October 2013.
   

 Last Updated on: Monday, November 18, 2013 at 5:22 PM
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