Central Provident Fund members to get 'risk-free' 2.5% interest rate

That's from July to September.

According to a release, all Central Provident Fund (CPF) members will receive a risk-free interest rate of 2.5% on their Ordinary Account savings from 1 July 2013 to 30 September 2013.

The computed CPF interest rate, derived from the major local banks’ interest rates for the three-month period, 1 February 2013 to 30 April 2013, worked out to be 0.21% per annum. As this is below the legislated minimum of 2.50% per annum, the OA interest rate for July 2013 to September 2013 will remain unchanged at 2.50% per annum.

Extra Interest of 1%
As part of CPF's efforts to enhance the retirement savings of CPF members, an extra 1% interest will continue to be paid on the first $60,000 of a member’s combined balances, with up to $20,000 from the OA. The extra interest from the OA will go into the member’s Special or Retirement Account.

HDB’s Mortgage Rate
The concessionary interest rate for HDB mortgage loans, which is pegged at 0.1 percentage point above the CPF interest rate for the OA, will remain unchanged at 2.60% per annum from 1 July 2013 to 30 September 2013.

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