From July 1 to Sept 30, CPF members below 55 years old will earn up to 5% interest – an extra 1% interest – per annum on the first $60,000 of their SMA from July 1 to Sept 30 this year. They will continue to earn up to 3.5% interest per annum on their Ordinary Account (OA).
CPF members aged 55 years and above will earn up to 6% interest – an extra 2% – on the first $30,000 of their combined CPF balances, and up to 5% on the next $30,000. For CPF LIFE users aged 55 years and above, the extra interest will still be earned on his or her combined balances, which includes the savings used for the scheme.
The additional interest rates are part of the government’s efforts to enhance the retirement savings for CPF members.
Meanwhile, the OA interest rate and HDB mortgage loans will be maintained at 2.5% and 2.6% per respectively, for the same period.
