Inclusion of Other Qualifying Full Banks as Fixed Deposit Banks under CPFIS

Mr Chua Kheng Wee Louis asked the Minister for Manpower with regard to Fixed Deposit Banks under the CPF Investment Scheme (CPFIS) (a) whether CPF Board has considered including other banks in addition to the three local banks; (b) how many Qualifying Full Banks have applied to be a Fixed Deposit Bank under CPFIS; and (c) whether CPF Board has approached these Qualifying Full Banks that meet the criteria to offer such services under CPFIS.

In addition to the three local banks, one Qualifying Full Bank1 has applied for inclusion as a fixed deposit (FD) bank under the Central Provident Fund Investment Scheme (CPFIS). CPF Board welcomes interested banks to apply for inclusion as an FD bank under CPFIS. Relevant information on the inclusion criteria2 and application process is published on CPF Board's website.