Central Provident Fund (CPF) members in Singapore can earn interest on their CPF savings, which is calculated based on the prevailing interest rates set by the government. Accrued interest is the amount of interest that has been earned but not yet credited to your CPF account.
How to Check Accrued Interest CPF
There are a few ways to check your accrued interest CPF:
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Online via CPF website or mobile app:
- Log in to your CPF account using your SingPass.
- Click on “Statements and Letters” tab.
- Select “Accrued Interest Details” under “Your Statements”.
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By mail:
- Write a letter to CPF Board requesting for your accrued interest details.
- Include your CPF account number and contact information.
- Mail the letter to:
Central Provident Fund Board
P.O. Box 360
Singapore 911130
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By phone:
- Call the CPF hotline at 1800-227-1188.
- Follow the instructions to speak to a customer service officer.
Interest Rates for CPF Savings
The interest rates for CPF savings are set by the government and are reviewed every quarter. The current interest rates for 2023 are as follows:
| Account Type | Interest Rate |
|---|---|
| Ordinary Account (OA) | 2.5% |
| Special Account (SA) | 4.0% |
| Medisave Account (MA) | 4.0% |
How Accrued Interest is Calculated
Accrued interest is calculated daily and credited to your CPF account on a monthly basis. The formula for calculating accrued interest is:
Accrued interest = Principal balance x Interest rate x Number of days in the month / 365
For example, if you have a balance of $10,000 in your OA and the interest rate is 2.5%, the accrued interest for the month of January (31 days) would be:
Accrued interest = $10,000 x 2.5% x 31 / 365
= $2.12
Benefits of Checking Your Accrued Interest CPF
There are several benefits to checking your accrued interest CPF regularly:
- Track your savings growth: Accrued interest is a significant component of your CPF savings growth. By tracking your accrued interest, you can monitor how your savings are growing over time.
- Plan for your future: Knowing how much accrued interest you have can help you plan for your financial future. For example, you can use this information to estimate how much CPF savings you will have when you retire.
- Identify potential errors: If you notice that your accrued interest is significantly lower than expected, it could be a sign of an error. By checking your accrued interest regularly, you can identify these errors and get them corrected promptly.
Conclusion
Checking your accrued interest CPF is a simple and important task that can help you track your savings growth and plan for your financial future. By following the steps outlined above, you can easily check your accrued interest CPF online, by mail, or by phone.
