CENTRAL Provident Fund (CPF) members will earn an interest of 4.14 per cent a year for their Special, Medisave and Retirement Accounts (SMRA) for the fourth quarter of 2024.
This is higher than the comparable rate of 4.08 per cent a year for Q3.
The higher rate in Q4 comes as the SMRA pegged rate exceeds the floor rate of 4 per cent, said CPF in a joint statement with the Housing and Development Board (HDB) on Friday (Sep 20).
“The government had 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.
“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,” they added.
The SMRA interest rate is pegged to the 12-month average yield of the 10-year Singapore Government Securities plus 1 per cent and subject to a floor rate of 4 per cent.
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The interest rate for the CPF Ordinary Account (OA) will remain unchanged at 2.5 per cent a year, as the pegged rate remains below the floor rate of 2.5 per cent.
The concessionary interest rate for HDB housing loans, pegged at 0.1 per cent above the OA interest rate, will remain stable at 2.6 per cent a year.
Like previous quarters, CPF members aged 55 and above will earn an extra 2 per cent interest on the first S$30,000 of their combined CPF balances, capped at S$20,000 for the OA, and an additional 1 per cent on the next S$30,000.
Those below 55 can expect to earn an extra 1 per cent
