Record number of Minimum Sum Top-Ups!

Record Number of Minimum Sum Topping-Up Applications in 2012

"With bank deposits earning such low interest rates these days, we were searching for a good place to deposit savings for our children. We realised that we could start a CPF account for our children by making a deposit via the Minimum Sum Topping-Up Scheme. The best part is that such deposits to the Special Account currently earn up to 5% interest, risk-free. At 5% interest annually, just one deposit of $3,000 in the year the child was born would grow to more than $46,000 by the time the child is 55! This is a good way of saving the $3,000 Baby Bonus, or any savings that are not needed for immediate use. The compounding effect of CPF interest is impressive in the long run. We've already done so for both our kids." - Li Wenqiang and Kang Chui Hsia, CPF members, Parents of two

In 2012, more than 44,000 top-ups were made by members for their loved ones and themselves. This is the largest number of top-ups received in a year since the Minimum Sum Topping-Up scheme was introduced in 1987. By topping up for your loved ones and/or yourself, you get to enjoy the following benefits: Build up retirement savings Earn good CPF interest Earn up to $14,000 tax relief (conditions apply) Why not put your year to a good start by making a top-up? You can make top-ups easily via GIRO - monthly deductions; AXS; e-Cashier at CPF website; or Internet Banking/ATM (currently available for OCBC).

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