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How are CPF interest rates determined?

Savings 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 July 2024 to 30 September 2024

Average banks' interest rate from February 2024 to April 2024 0.45% (see note)                                                 
CPF OA interest rate for July 2024 to September 2024 2.50% per annum (legislated minimum rate)
Plus: Fee to cover Cost of Loan Administration 0.10%
HDB mortgage rate for July 2024 to September 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
29 Feb 2024 0.0500 0.1000 1.5000 0.0500 0.0500 0.0500 0.4500
31 Mar 2024 0.0500 0.1000 1.5000 0.0500 0.0500 0.0500 0.4500
30 Apr 2024 0.0500 0.1000 1.5000 0.0500 0.0500 0.0500 0.4500

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 Entire Account Balance (EASI-SAVE Account)
6 Balances > $15,000 to $100,000 (UNIPLUS Account)

Computation of CPF SMRA Interest Rate for 1 July 2024 to 30 September 2024

Average yield of 10YSGS from May 2023 to April 2024 3.08%                        
Plus: 1.00%   1.00%
Computed CPF SMRA interest rate for July 2024 to September 2024  4.08%
CPF SMRA interest rate floor for July 2024 to September 2024 4.00%
CPF SMRA interest rate for July 2024 to September 2024 4.08% per annum

SMRA Floor Rates vs SMRA Computed Rates

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

Please refer to the historical CPF interest rates (PDF, 0.15MB) for more information on past RA rates.