Tuesday, September 21, 2010

SMRA 4% Interest

So the news has reported that the SMRA interest rate will remain at 4% for another year till Dec 2011. That is good news for all to hear!

After pegging it to the SGS yield plus 1 per cent, interest rates seemed to have drop significantly such that the Government has to keep extending the 4% interest rate. The last time I blog about this was almost a year back! That is how fast time flies.

Now a new year is almost upon us.

Recently, I conducted a survey on how much money people have in their CPF Ordinary Account. Only 27% of the respondents had more than $100,000. Considering that the readers of this blogs span a wide age range, it is certainly not surprising that some people have accumulated more than $100,000 in their Ordinary Accounts.

For me, I belong to those who have hardly any money in my CPF-OA. Afterall, most of my contributions to CPF OA goes to paying off my monthly housing installments. Considering that there are more than 20 years of payment left, I wonder when my CPF OA will start to rise to that kind of amount.

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