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How are CPF interest rates determined?
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Source: https://www.cpf.gov.sg/memberSavings in the Ordinary Account (OA) earn the 3-month average of major local banks’ interest rates, subject to the legislated minimum interest of 2.5% per annum. This is reviewed quarterly.
Savings in the Special, MediSave, and Retirement Accounts (SMRA) earn the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1%, subject to the current floor interest rate of 4% per annum. This is reviewed quarterly.
Please refer to the CPF interest rates and MOF website for more information.
Computation of CPF OA Interest Rate and HDB Mortgage Rate for 1 April 2024 to 30 June 2024
| Average banks' interest rate from November 2023 to January 2024 | 0.66% (see note) |
| CPF OA interest rate for April 2024 to June 2024 | 2.50% per annum (legislated minimum rate) |
| Plus: Fee to cover Cost of Loan Administration | 0.10% |
| HDB mortgage rate for April 2024 to June 2024 | 2.60% per annum |
Note:
12-month deposit rate (% per annum) | Savings Rate (% per annum) | Average (% per annum) | |||||
| Month / Year | DBS1 | OCBC2 | UOB3 | DBS4 | OCBC5 | UOB6 | Using the 80FD:20SD formula |
| 30 Nov 2023 | 0.0500 | 0.1000 | 2.3000 | 0.0500 | 0.0500 | 0.0500 | 0.6633 |
| 31 Dec 2023 | 0.0500 | 0.1000 | 2.3000 | 0.0500 | 0.0500 | 0.0500 | 0.6633 |
| 31 Jan 2024 | 0.0500 | 0.1000 | 2.3000 | 0.0500 | 0.0500 | 0.0500 | 0.6633 |
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 ≤ $100,000 (EASI-SAVE Account)
6 Balances > $15,000 to $100,000 (UNIPLUS Account)
Computation of CPF SMRA Interest Rate for 1 April 2024 to 30 June 2024
| Average yield of 10YSGS from February 2023 to January 2024 | 3.05% |
| Plus: 1.00% | 1.00% |
| Computed CPF SMRA interest rate for April 2024 to June 2024 | 4.05% |
| CPF SMRA interest rate floor for April 2024 to June 2024 | 4.00% |
| CPF SMRA interest rate for April 2024 to June 2024 | 4.05% per annum |
Source: Yields of 10-Year Singapore Government Securities are obtained from www.mas.gov.sg/bonds-and-bills
1 Please refer to the historical CPF interest rates (PDF, 0.15MB) for more information on past RA rates.
This information provided here is sourced from the CPF website.
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