Asked 3w ago
For instance, I plan to top up my CPF OA account $300 monthly.
Top Contributor (Jun)
Top ups to CPF via cash can be done via AXS machine or even online. As the others have mentioned, you cannot target OA directly. So you either contribute $300 to all your 3 accounts, or you work backwards to see how much contribution is needed to have $300 deposited into your OA. As an example, if you are below 35, a $485 contribution will result in $300 being allocated to your OA.
If you are topping up for the purposes of retirement/tax savings, the retirement sum topping up scheme might suit you better, since voluntary contributions in excess of your compulsory contributions do not give you any tax relief.
You can't do that for OA specifically. Probably a follow up question is why do you want to do so? To secure the interest at 2.5% or 3.5% (if you have less than 20k), and use it for home purchase?
If you intend to use it for retirement, then I would suggest doing a cash top up to SA instead. That way, you can maximize interest at 4% or 5% (up to $60k depending how much you have in OA). That way you get tax rebate as well which is great to have (because why not?). Only downside is that amount gets locked till you are 55/65 depending if you have hit basic retirement sum.
Anyway my point is the reason for you putting money in OA will provide direction and further recommendation on what you should do with the $300.
Hi as far as I know, its not possible to just top up OA.
When you make voluntary contributions to CPF using CASH you can only choose either to contribute to ALL 3 accounts OR MA OR SA ONLY.
Link below lets you calculate the ratio if you choose to top up all 3 accounts. Including OA