Singaporeans urged to grow their nest egg through various techniques

The Central Provident Fund interest rates will remain the same until 30 June despite the increasing global climate for borrowing and savings rates.

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To grow their nest egg further, Singaporeans are urged to keep S$20,000 in their OA, and S$40,000 in their SA before investing the remaining funds.

For those below 55 years old, this money can earn them an extra 1% interest per annum. For those 55 years old and above, this earns them an extra 2% on their first S$30,000, and 1% on the remaining S$30,000.

Additionally, Singaporeans are urged to have a CPF investment account with UOB, DBS, or OCBC.

CPF members are urged to invest in T-bills. This investment instrument is issued every two weeks (for 6 months’ maturity), and every three months (for 1-year maturity).

Lastly, Singaporeans can consider purchasing fixed deposits in the bank of their choice.

More from OMY: A Comprehensive Guide to CPF in Singapore

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