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CPF interest rates, HDB mortgage rates unchanged in 3Q

Jude Chan Published on Wed, May 18, 2016 / 4:56 PM GMT+8

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SINGAPORE (May 18): Central Provident Fund (CPF) members will continue to earn at least 2.5% interest on their Ordinary Account (OA) and 4% interest on their Special and Medisave Accounts (SMA) in 3Q ending 30 September 2016, Singapore’s CPF Board announced on Wednesday.

CPF OA interest rates are computed quarterly, with members earning either the legislated minimum interest rate of 2.5%, or the 3-month average interest rates of major local banks, whichever is higher. OA interest rate will be kept at 2.5% as the computed interest rate was 0.24%.

This means that the concessionary interest rate for HDB mortgage loans, pegged at 0.1% above the OA interest rate, will also remain unchanged in 3Q.