CPF interest stays at 2.5%
Board says computed interest rate works out to 0.74% per annum, but it will pay higher rate due to CPF Act. -ST
Mon, Nov 17, 2008
The Straits Times
By Li Xueying
CENTRAL Provident Fund Board (CPF) members will continue to get interest of 2.5 per cent per annum on their savings in their Ordinary Accounts (OAs) from Jan 1 to March 31.
In a statement on Monday, CPF said that its computed interest rate, derived from the rates of major local banks for the period Aug 1 to Oct 31, works out to 0.74 per cent per annum.
But the higher rate of 2.5 per cent will be paid because that is the minimum specified under the CPF Act.
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