What happens when my CPF account is closed after my renunciation of Singapore Citizenship/ Permanent Residency and I have yet to transfer my CPF savings to my bank account?

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Accepted Answer

Once your CPF account is closed, any remaining savings in your account will stop earning the prevailing CPF interest.

As a transitory measure, these savings will earn interest based on the 3-month average of the three local banks’ savings account interest rates. This is because non-Singapore Citizens and non-Permanent Residents can transfer these monies to their bank account at any time. The applicable rate is 0.05% per annum from April 2024 and will be fixed for a 3-year period until 31 March 2027. From 1 April 2027, any remaining savings will no longer earn any interest.

You can still transfer the remaining savings to your bank account at any time.

Your participation in all the schemes administered by the CPF Board will also cease. Please refer to the section "Schemes' participation upon account closure" for more information regarding schemes’ participation when your CPF account is closed.

What happens when my CPF account is closed after my renunciation of Singapore Citizenship/ Permanent Residency and I have yet to transfer my CPF savings to my bank account?

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