Thinking about putting the current savings allocated for future housing into CPF, since it pays more than the bank interest rate and is risk free, plus saving a small amount on income tax.
Just wondering if there are any major problems/opportunities that I might have missed out.
(I presume you are working at a regular job I.e. you are not self employed)
You can't top up CPF OA directly, only via 3-account Voluntary contributions, and even so, some monies will end up in MA and SA.
You don't get income tax relief on 3 account contributions either. Only contributions to MA or to SA (via RSTU) will confer tax reliefs.
So topping up your OA might not be a good move in view of your requirements.
Also, do keep some cash on the side. Buying a resale flat comes with various types of costs, some of which cannot be paid by CPF OA monies.
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