16 Feb '11, 3am

CPF keeps 2.5% Ordinary Account interest rate

SINGAPORE: The CPF Board will continue to pay 2.5 per cent annual interest for members' Ordinary Account (OA) savings between April and June this year. The computed CPF interest rate derived from the major local banks' interest rates for the three-month period, November 1, 2010 to January 31, 2011, worked out to be 0.38% per annum. However, the higher rate of 2.5 per cent will be paid as the CPF Act provides for a minimum CPF interest rate of 2.5% per cent. 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 2.6 per cent a year for the same period.

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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