OCBC offers new option to customers to earn higher interest from CPF funds

The Straits Times2023-02-08

SINGAPORE – Central Provident Fund (CPF) members will now have another option to enjoy higher interest rates from their CPF Ordinary Account (OA) savings. OCBC is offering a promotional rate of 3.88 ...

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href=https://www.straitstimes.com/business/ocbc-offers-new-option-to-customers-to-earn-higher-interest-from-cpf-funds><strong>The Straits Times</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SINGAPORE – Central Provident Fund (CPF) members will now have another option to enjoy higher interest rates from their CPF Ordinary Account (OA) savings.\nOCBC is offering a promotional rate of 3.88 ...</p>\n\n<a href=\"https://www.straitstimes.com/business/ocbc-offers-new-option-to-customers-to-earn-higher-interest-from-cpf-funds\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SGXZ58947870.SGD","symbol_name":"LIONGLOBAL SINGAPORE DIVIDEND EQUITY (SGDHDG) 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from Wednesday.\nCPF members who do not bank at OCBC currently can also take up this offer at any OCBC branch.   \n\n\n\nAt 3.88 per cent, the fixed deposit offer is on a par with the latest six-month Treasury Bills (T-bills), which give a cut-off yield of 3.88 per cent.\nCPF members can also invest their OA savings in T-bills.\nOCBC’s offer of 3.4 per cent for CPF members to put their OA savings with the bank for 12 months remains on the table.\n\n\n\n\nThe current CPF OA rate remains at the legislated minimum of 2.5 per cent,  and CPF members have been looking for ways to grow the returns from their CPF savings.\n\nOn Tuesday, Manpower Minister Tan See Leng responded to a parliament question on whether there are plans to incentivise CPF members with high OA savings to tap alternative options for higher interest earnings.\nDr Tan said CPF members could put their CPF funds into short-term Singapore Government Securities products like T-bills. \nHe added that OCBC and UOB customers will be able to use their CPF savings to apply for T-bills online by the first quarter of 2023.\n\n\n\nOCBC confirmed to the Straits Times on Tuesday evening that its customers will be able to use their mobile apps and Internet banking accounts to invest their OA and Special Account (SA) funds in T-bills from March.\nMr Na Kok Peng, head of deposits at OCBC Bank, said OCBC is working with CPF to ensure customers have a seamless experience when they apply for T-bills online and on their mobile apps.\nFor instance, customers can view their CPF details, such as how much of their CPF funds they can invest, before they apply for the T-bills.\nMr Na added that this helps prevent transactional errors and allows customers to better plan the investments of their CPF funds.\n\n\n\n\n\nMore On This Topic\n\n \n\nWith T-bill yields at 3.88%, are fixed deposits looking more attractive? \n\n\n\n \n\nShould I go for T-bills, Singapore Savings Bonds or fixed deposits?\n\n\n\n\n\n\n\n\n\nDBS customers have been able to use their CPF OA savings to apply for T-bills online since late January.\nThe bank has said it is looking at extending the service to SA funds and will also allow mobile applications soon.\nThere have been calls to allow CPF members to submit applications for T-bills online following long queues at branches of the three local banks – DBS, OCBC and UOB. \nPreviously, investors who wanted to use their CPF funds to buy T-bills had to do so in person at the banks.\nBesides short-term Singapore Government Securities products like T-bills, Dr Tan said the CPF Investment Scheme (CPFIS) offers a range of investment products at different risk profiles.\nAlternatively, Dr Tan said, CPF members could consider transferring their OA savings to their SA or their retirement account (RA) to earn a higher risk-free interest of up to 6 per cent a year.\nThey can transfer up to the prevailing Full Retirement Sum of $198,800 to their SA if they are below 55, and up to the prevailing Enhanced Retirement Sum of $298,200 to their RA if they are 55 and above.\n\n\n\n\n\nMore On This Topic\n\n \n\nAs yields of Singapore Savings Bonds could be easing, make sure to put CPF funds to good use\n\n\n\n \n\n4 myths that stop some from enjoying CPF’s benefits","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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