In a joint statement by the Central Provident Fund (CPF) Board and Housing and Development Board (HDB) on Feb. 14, CPF interest rates will remain the same in the second quarter of the year.

Interest Rate for CPF Ordinary Account and HDB Mortgage Rate

The Ordinary Account (OA) interest rate will be maintained at 2.5 per cent per year from April 1, 2020, to June 30, 2020.

For HDB mortgage loans, the concessionary interest rate will remain the same at 2.6 per cent per year in the second quarter of the year.

Interest Rate for Special and MediSave Accounts

The Special and MediSave Account (SMA) interest rate will remain at 4 per cent per year from April 1, 2020, to June 30, 2020.

Interest Rate for Retirement Account

The interest rate for the Retirement Account (RA) will remain unchanged at 4 per cent per year from Jan. 1, 2020, to Dec. 31, 2020.

Up to 6% for those aged 55 and above

In an effort to improve the retirement savings of those with CPF, those aged 55 and above will also earn an extra 1 per cent on the first S$30,000 of their combined balances.

This is in addition to the current 1 per cent that would be earned on the first S$60,000 of a CPF member's combined balances.

This additional interest will allow for those aged 55 and above to benefit from an interest of up to 6 per cent per year on their retirement balances.

Top photo by Mothership