Introduction
The Central Provident Fund (CPF) is a mandatory savings scheme for working Singaporeans and Permanent Residents. It comprises three sub-accounts: the Ordinary Account (OA), the Special Account (SA), and the Medisave Account (MA). The OA is used for housing, education, and investment purposes, while the SA is for retirement savings and the MA is for medical expenses.
CPF members can invest their OA savings in a variety of investment products, such as unit trusts, shares, and bonds. However, if they need to access their CPF savings for other purposes, such as buying a house or paying for medical expenses, they may need to transfer their investments back to their CPF account.
Steps to Transfer CPF Investment Back to CPF
1. Gather the necessary documents:
- CPF investment statement or confirmation letter
- Copy of your NRIC or passport
- Proof of bank account ownership
2. Choose a withdrawal method:
- Online: You can transfer your CPF investment back to your CPF account online via the CPF website or the CPF mobile app.
- Mail: You can mail your CPF investment statement or confirmation letter along with a completed withdrawal form to the CPF Board.
- Branch: You can visit a CPF Service Centre to withdraw your CPF investment in person.
3. Complete the withdrawal form:
- If you are withdrawing your CPF investment online or by mail, you will need to complete a withdrawal form.
- The form will require you to specify the amount you want to withdraw, the withdrawal method, and the account you want to transfer the funds to.
4. Submit your withdrawal request:
- Once you have completed the withdrawal form, you can submit your request online, by mail, or in person at a CPF Service Centre.
- Your withdrawal request will be processed within 1-3 business days.
5. Receive your funds:
- Once your withdrawal request has been processed, the funds will be transferred to your CPF account or bank account, depending on the withdrawal method you selected.
Example
For example, let’s say you have invested $10,000 in a unit trust through your CPF OA account. You need to access your CPF savings to buy a house. You can transfer your $10,000 investment back to your OA account by following the steps above.
Transfer Fees
There is no charge to transfer CPF investment back to your CPF account. However, if you are transferring your CPF investment to a bank account, you may be charged a bank transfer fee.
Conclusion
Transferring your CPF investment back to your CPF account is a simple and straightforward process. You can do it online, by mail, or in person at a CPF Service Centre. The funds will be transferred to your CPF account or bank account within 1-3 business days.
