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How are CPF interest rates determined?

Savings in the Ordinary Account 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 and MediSave accounts 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.

Savings in the Retirement Account earn the weighted average interest rate of the entire invested portfolio. New savings credited to RA each year earn the 12-month average yield of 10YSGS plus 1% computed for the year, subject to the current floor interest rate of 4% per annum. This is reviewed annually.

Please refer to the CPF interest rates and MOF website for more information.

Average banks' interest rate from May 2023 to July 2023 0.66% (see note)
CPF OA interest rate for October 2023 to December 2023  2.50% per annum (legislated minimum rate)
Plus: Fee to cover Cost of Loan Administration 0.10%
HDB mortgage rate for October 2023 to December 2023 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
31 May 2023 0.0500 0.1000 2.3000 0.0500 0.0500 0.0500 0.6633
30 Jun 2023 0.0500 0.1000 2.3000 0.0500 0.0500 0.0500 0.6633
31 Jul 2023 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)

Average yield of 10YSGS from August 2022 to July 2023 3.04%
Plus: 1.00%   1.00% per annum
Computed CPF SMA interest rate for October 2023 to December 2023  4.04%
CPF SMA interest rate floor for October 2023 to December 2023 4.04% per annum
A table displaying SMA interest floor rates versus SMA computed rates

Source: Yields of 10-Year Singapore Government Securities are obtained from www.mas.gov.sg/bonds-and-bills