Slight decline in CPF SMRA interest rate, while OA and HDB housing loan rates remain stable
Central Provident Fund (CPF) members will see a slight dip in interest rates for their Special, MediSave, and Retirement (SMRA) accounts, which will earn 4.05% per annum in the second quarter of 2024, down from 4.08% in the first quarter.
The CPF Ordinary Account (OA) interest rate remains unchanged at 2.5% per annum, as it continues to be supported by the floor rate. Consequently, the Housing and Development Board (HDB) housing loan concessionary interest rate will also remain stable at 2.6% per annum.
CPF members under 55 years old will still receive an additional 1% interest on the first S$60,000 of their combined balances, with a cap of S$20,000 for the OA. Those aged 55 and above will continue earning an extra 2% on the first S$30,000 and an extra 1% on the next S$30,000, subject to the same OA cap.
The changes reflect CPF’s pegging of SMRA interest rates to the 12-month average yield of 10-year Singapore Government Securities plus 1%, with a minimum floor rate of 4%.
