CPF interest rate for Special, MediSave, Retirement accounts raised to 4.14%, HDB loan interest rate still at 2.6%

Central Provident Fund (CPF) members will earn 4.14 per cent interest for their Special, MediSave, and Retirement Account (SMRA) for the fourth quarter of 2024, which extends from Oct. 1 to Dec. 31, 2024.

In the previous quarter from July to September 2024, the rate was 4.08 per cent.

The Housing and Development Board (HDB) concessionary interest rate remained unchanged at 2.6 per cent.

CPF interest rates from Oct. 1 to Dec. 31, 2024

"The government has extended the 4 per cent interest rate floor for interest earned on all SMRA monies for another year from Jan. 1 to Dec. 31, 2025," said the CPF Board and the Housing and Development Board (HDB) in a joint press release on Sep. 20.

The SMRA interest rate is pegged to the 12-month average yield of 10-year Singapore Government Securities (10YSGS) plus 1 per cent.

The average yield of 10YSGS from August 2023 to July 2024 was 3.14 per cent.

"This extension of the floor rate will continue to provide CPF members with certainty on the returns of their CPF savings amidst the volatile interest rate environment," CPD and HDB said.

The interest rate for the CPF Ordinary Account (OA) remained unchanged at 2.5 per cent a year.

Those below the age of 55 can earn an extra 1 per cent interest on the first S$60,000 of their combined CPF balances.

Those aged 55 and above would earn an extra 2 per cent interest on the first S$30,000 of their combined CPF balances, while an extra 1 per cent will be earned on the next S$30,000.

The CPF interest rates from Oct. 1 to Dec. 31, 2024 can be seen here:

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