CENTRAL Provident Fund (CPF) members will earn an interest rate of 4.08 per cent per annum for their Special, Medisave, and Retirement accounts (SMRA) for the third quarter of 2024.
This is higher than the comparable rate of 4.05 per cent per annum for Q2 , but unchanged from Q1.
CPF attributed the higher rate in Q3 to an increase in the 12-month average yield of 10-year Singapore Government Securities (10YSGS), it said in a joint statement with the Housing and Development Board (HDB) on Wednesday (May 29).
The SMRA interest rate is pegged to the 12-month average yield of the 10YSGS plus 1 per cent and subject to a floor rate of 4 per cent.
The interest rate for the CPF Ordinary Account (OA) will remain unchanged at 2.5 per cent per annum, as the pegged rate remains below the floor rate of 2.5 per cent.
The concessionary interest rate for HDB housing loans, pegged at 0.1 per cent above the OA interest rate, will remain stable at 2.6 per cent per annum.
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Like previous quarters, CPF members aged 55 and above will earn an extra 2 per cent interest on the first S$30,000 of their combined CPF balances, capped at S$20,000 for the OA, and an additional 1 per cent on the next S$30,000.
Those below 55 can expect to earn an extra 1 per cent on the first S$60,000 of their combined CPF balances, also capped at S$20,000 for the OA.
