CPF, HDB mortgage interest rates unchanged for second quarter 2019

CPF, HDB mortgage interest rates unchanged for second quarter 2019

CPF building
File photo of the CPF Building.

SINGAPORE: Central Provident Fund (CPF) members will continue to earn interest rates of 2.5 per cent per annum on their Ordinary Account (OA), and 4 per cent per annum on their Special and Medisave accounts (SMA) between Apr 1 and Jun 30.

The interest rate for HDB mortgage loans - pegged at 0.1 per cent above the OA interest rate - will therefore remain unchanged at 2.6 per cent per annum for the same period.

The CPF Board and the Housing and Development Board announced the rates in a joint release on Wednesday (Feb 20).

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Additional 1 per cent interest will continue to be paid on the first S$60,000 of their combined balances, earning CPF members up to 3.5 per cent on their OA and 5 per cent per annum on their SMA.

CPF members aged 55 and above will also continue to get 1 per cent extra interest on the first S$30,000 of their combined balances, giving them up to 6 per cent interest per year on their retirement balances.

As announced last September, the interest rate for the Retirement Account in 2019 is 4 per cent.

As part of the Bicentennial Bonus this year, the Government will make a one-off top-up of up to S$1,000 for Singaporeans aged 50 to 64 with CPF balances below S$60,000.

Finance Minister Heng Swee Kweat announced this in his Budget speech in Parliament on Monday.

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Those aged 50 to 54 with up to S$30,000 in their accounts will get S$500. If they have more than S$30,000 but less than S$60,000, they get S$300.

The amounts are double - S$1,000 and S$600 - for those aged 55 to 64.

Source: CNA/jt(hm)