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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, 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.

Average banks' interest rate from August 2023 to October 2023 0.66% (see note)
CPF OA interest rate for January 2024 to March 2024 2.50% per annum (legislated minimum rate)
Plus: Fee to cover Cost of Loan Administration 0.10%
HDB mortgage rate for January 2024 to March 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
31 Aug 2023 0.0500 0.1000 2.3000 0.0500 0.0500 0.0500 0.6633
30 Sep 2023 0.0500 0.1000 2.3000 0.0500 0.0500 0.0500 0.6633
31 Oct 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 November 2022 to October 2023 3.08%
Plus: 1.00%   1.00%
Computed CPF SMRA interest rate1 for January 2024 to March 2024  4.08%
CPF SMRA interest rate floor for January 2024 to March 2024 4.00%
CPF SMRA interest rate for January 2024 to March 2024 4.08% 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

From 1 January 2024, the Retirement Account (RA) interest rate peg will be aligned to that of the Special and MediSave Account (SMA) and computed quarterly instead of annually. This change will allow the RA interest rate to be more responsive to the prevailing interest rate environment. Correspondingly, the SMA computed rate will be applicable to the RA from 1 January 2024.

 

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