Interest rate for CPF Special and MediSave accounts rises to 4.04% in Q4

SINGAPORE: The interest rate for Central Provident Fund Special and MediSave Account money will increase to 4.04 per cent per annum in the fourth quarter of this year, the CPF Board and the Housing Board said on Thursday .rose to 4.01 per cent for the third quarter of this year"This is due to the increase in the 12-month average yield of 10-year Singapore Government Securities, which the SMA interest rate is pegged to," the CPF Board and HDB said in a joint news release.

"The government is watching the interest rate environment closely to ensure that the CPF interest rate pegs remain relevant in the prevailing operating environment while taking into consideration the longer-term outlook," the CPF Board and HDB said. For CPF members aged 55 and above, the government pays an extra 2 per cent interest on the first S$30,000 of their combined balances, also capped at S$20,000 for the OA, and an extra 1 per cent on the next S$30,000.

"If a member is above 55 years old and participates in the CPF LIFE scheme, the extra interest will still be earned on his or her combined balances, which includes the savings used for CPF LIFE."

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