CENTRAL Provident Fund (CPF) members will earn a slightly lower interest rate of 4.05 per cent per annum for their Special, MediSave and Retirement (SMRA) accounts for the second quarter of 2024.

The comparable rate for SMRA accounts in Q1 was 4.08 per cent per annum.

The SMRA interest rate is pegged to the 12-month average yield of 10-year Singapore Government Securities plus 1 per cent, subject to a floor of 4 per cent, said CPF and the Housing and Development Board (HDB) on Tuesday (Mar 12).

The CPF Ordinary Account (OA) interest rate, which is pegged to the three-month average fixed deposit and savings rates of the three major local banks, will remain unchanged at 2.5 per cent per annum, as the pegged rate remains below the floor rate of 2.5 per cent.

The concessionary interest rate for HDB housing loans, which is pegged at 0.1 per cent above the OA interest rate, will thus remain unchanged at 2.6 per cent per annum.

CPF members below 55 years old will continue to earn an extra 1 per cent interest on the first S$60,000 of their combined account balances, capped at S$20,000 for the OA.

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Those aged 55 and above will continue to earn an extra 2 per cent interest on the first S$30,000 of their combined balances, and an extra 1 per cent on the next S$30,000, capped at S$20,000 for the OA.