Gov't extends 4% floor rate for SMRA interest until 2023
The extension will allow CPF members to further grow their savings.
The government has extended the 4% floor rate for interest earned on all Special, MediSave, and Retirement Account (SMRA) monies until 31 December 2023.
In an announcement, the Central Provident Fund (CPF) Board said it extended the floor rate for another year to help its members grow their savings consistently.
"Since 1 January 2008, CPF interest rates have been pegged to market instruments of comparable risk and duration to ensure that members receive fair and reasonable returns. While the recent rise in interest
rates have led to an increase in the pegged SMRA rates, they remain below the floor rate of 4%," the CPF Board said.
Meanwhile, CPF members below 55 years old can continue to earn an interest rate of up to 5% per annum on their SMA monies in the last quarter of 2022, whilst Ordinary Account (OA) monies can earn interest rates of up to 3.5% per annum.
These rates include an extra 1% interest on the first $60,000 of their