Members of the Central Provident Fund (CPF) will see an interest rate of 4.08% per annum for their Special, MediSave, and Retirement accounts (SMRA) for the third quarter of 2024. This marks an increase from the 4.05% rate in the previous quarter but remains unchanged from Q1.

The CPF attributed this rise to an increase in the 12-month average yield of 10-year Singapore Government Securities (10YSGS). The SMRA interest rate is pegged to this yield plus 1% and has a floor rate of 4%.

In contrast, the interest rate for the CPF Ordinary Account (OA) will stay at 2.5% per annum, as it remains below the floor rate of 2.5%. Consequently, the concessionary interest rate for HDB housing loans, set at 0.1% above the OA interest rate, will hold steady at 2.6% per annum.

Additionally, CPF members aged 55 and above will earn an extra 2% interest on the first S$30,000 of their combined CPF balances, capped at S$20,000 for the OA. They will also receive an additional 1% on the next S$30,000. For members under 55, an extra 1% will be applied to the first S$60,000 of their combined balances, also capped at S$20,000 for the OA.