CPF Ordinary Account interest rates stay at 2.5%

Central Provident Fund (CPF) members' Ordinary Account (OA) interest rates of 2.5 per cent will remain from 1 October 2011 to 31 December 2011, the CPF board announced on Monday.

This is despite the computed CPF interest rate working out to 0.36 per cent per annum. the computed rate is calculated from major local banks' interest rate from 1 May 2011 to 31 July,

According to Channel NewsAsia, CPF members will also continue to receive an extra 1 per cent interest on the first $60,000 of their combined balances, with up to $20,000 from the OA.

This extra interest will go to the member's Special or Retirement Account.