CPF interest rates to remain unchanged for Q3 2018

INTEREST rates for Central Provident Fund (CPF) Ordinary, Special and Medisave Accounts will remain unchanged for the third quarter of this year.

From July 1 to Sept 30, CPF members will continue to earn interest rates of up to 3.5 per cent a year on their Ordinary Account and up to 5 per cent on their Special and Medisave accounts, said the CPF Board said in a statement on Wednesday.

Mortgage rates for Housing Board loans will also remain unchanged at 2.6 per cent a year.

Additionally, interest rates for the Retirement Account will continue at up to 5 per cent.

These interest rates include the extra 1 per cent interest paid on the first $60,000 of a member's combined balances (with up to S$20,000 from the OA), added the CPF Board.

On top of that, those 55 years old and above will also receive an additional 1 per cent extra interest on the first S$30,000 of their combined balances, the statement added.

This means that these CPF members will earn up to 6 per cent interest per year on their retirement balances.

The extra interest received on the Ordinary Account will go into the member's Special Account or Retirement Account.

Those who participate in the CPF Life scheme will still earn the extra interest on their combined balances, including the savings used for the scheme.

THE STRAITS TIMES