CENTRAL Provident Fund members will continue to receive interest of 2.5 per cent per annum on their Ordinary Accounts from July 1 to Sept 30 this year.
The interest rate is derived from major local banks' savings and 12-month deposit rates from Feb 1 to April 30 this year.
The rate for that period worked out to 0.41 per cent per annum.
However, those with CPF accounts receive the minimum rate of 2.5 per cent, which is mandated in the CPF Act.
For home buyers, the concessionary interest rate for Housing Board mortgage loans will remain at 2.6 per cent per annum from July 1 to Sept 30.
The rate is pegged at 0.1 percentage point above the CPF interest rate for Ordinary Accounts.
Source: Straits Times, 13 May 2010
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