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How Do I Make a CPF Transfer or Cash Top-Up?

16 Nov 2018 
SOURCE: CPF Board

So you’re already making monthly contributions to your CPF accounts, but you’d like to do more to boost your retirement savings. What’s your next step?

By making a CPF transfer or cash top-up1​ to your Special Account (SA) or Retirement Account (RA)2​, you can ensure that you’ll have a head start on your golden years!

Here are the various ways to make a CPF transfer or cash top-up.

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CPF transfer

You can choose to transfer your savings to enjoy attractive risk-free interest rates. If you are below 55 years old, you can make a transfer from your Ordinary Account (OA) to your Special Account (SA) and earn up to 5% p.a.3​ interest. If you are age 55 and above, you can transfer4 from your SA and OA to your Retirement Account (RA) and earn up to 6% p.a.​5 interest.  

Via my cpf:

  1. Go to the CPF website and login to my cpf with your SingPass.
  2. Submit an online application via My Requests > Building Up My / My Recipien​t's CPF Savings.


Cash top-up

Aside from a CPF transfer, you can also make cash top-ups to your SA or RA and enjoy tax relief 6.


Via PayNow QR:

  1. Go to the CPF website and login to my cpf with your SingPass.
  2. Submit an online application via My Requests > Building Up My / My Recipient's CPF Savings.
  3. Login to your bank’s mobile app.
  4. Scan the QR code generated with your bank’s mobile app to make payment.


Via E-cashier:

  1. Go to e-Cashier and select payment for top up my own/recipient's RA/SA under the Retirement Sum Topping-Up Scheme (RSTU).
  2. Make your payment immediately via E-cashier’s mode of payment (eNETS Debit only).


Via OCBC Personal Internet Banking:

  1. Go to the CPF website and login to my cpf with your SingPass.
  2. Submit an online application via My Requests > Building Up My / My Recipient's CPF Savings.
  3. Make your payment directly via OCBC’s Internet Banking/Mobile Banking/ATM.


Via AXS machine:

  1. Go to any AXS station and select payment for top up my own/recipient's RA/SA under the Retirement Sum Topping-Up Scheme (RSTU).
  2. Make your payment immediately via the AXS machine.


Via Cheque:

  1. Download and fill up FORM RSS-TP_Cash - Top Up Retirement Sum Using Cash (For Members) (PDF, 1.0MB).
  2. Mail it to:  CPF Board, Robinson Road P.O. Box 3060 Singapore 905060


Via GIRO:

  1. Download and fill up Top Up Retirement Sum Using GIRO (PDF, 1.4MB).
  2. Mail it to: CPF Board, Robinson Road P.O. Box 3060 Singapore 905060


To enable us to process your application within the service standards, do ensure that your applications are completed with necessary documents. 


 

While you’re growing your own savings, you can also enhance your loved ones’ SA/RA savings7 through a CPF transfer or a cash top-up under the RSTU Scheme. To find out more about boosting your loved ones’ savings, head here for details.

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1​ ​CPF transfers and top-ups under the Retirement Sum Topping-Up Scheme are irreversible and irrevocable.

2​ Members below 55 can top up their Special Account to the current Full Retirement Sum. Members 55 and above can top up their Retirement Account up to the current Enhanced Retirement Sum.

3​ Including an extra 1% interest paid on the first $60,000 of a member’s combined CPF balances, with up to $20,000 from the OA.

4​ Special Account balance will be transferred first, followed by Ordinary Account balance.

5​ Retirement Account currently earns interest rates of 4% per year. On top of the extra 1% interest paid on the first $60,000 of a member’s combined CPF balances, since 2016, an additional 1% interest will be paid on the first $30,000 of combined CPF balances for all members aged 55 and above.

6​ Up to $7,000 per calendar year and applicable only for cash top-ups up to the current Full Retirement Sum (FRS). Cash top-ups beyond the current FRS will not be eligible for tax relief. In total, you can enjoy tax relief of up to $14,000 per calendar year (maximum $7,000 for self and maximum $7,000 for loved ones). Overall personal income tax relief cap of $80,000 applies for cash top-ups and voluntary contributions to CPF accounts.

7​ You can make a CPF transfer or cash top-up to your loved ones’ Special Account if they are below 55, or to their Retirement Account if they are 55 and above.


 

Information accurate as at 16/11/2018

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