CPF keeps 2.5% Ordinary Account interest rate

CPF keeps 2.5% Ordinary Account interest rate
By Mustafa Shafawi

SINGAPORE: The CPF Board will continue paying members 2.5 per cent annual interest on their Ordinary Account (OA) savings between January and March next year.

The computed CPF interest rate derived from the major local banks' interest rates for the three-month period from August to October this year, worked out to be 0.4 per cent a year.

However, the higher rate of 2.5 per cent will be paid as the CPF Act provides for a minimum CPF interest rate of 2.5 per cent a year.

The concessionary interest rate for HDB home loan is unchanged at 2.6 per cent a year for the first three months of next year.

-CNA/wk

- wong chee tat :)