How does CPF work? A bank's relationship manager told me if I passed away before 65 years old, the amount in my CPF will be returned but the interests are confiscated by government. Is that true? - Seedly
Seedly logo
Seedly logo
 

Savings

CPF

Anonymous

Asked on 05 May 2019

How does CPF work? A bank's relationship manager told me if I passed away before 65 years old, the amount in my CPF will be returned but the interests are confiscated by government. Is that true?

0 comments

3 answers

Answer Now

Answers (3)

Sort By

Gabriel Tham
Gabriel Tham, Kenichi Tag Team Member at Tag Team
Level 9. God of Wisdom
Answered on 06 May 2019

Your RM trying really hard to get sales from you!

CPF is your money, including interest earned. If you did not nominate who to get the money, they will distribute according to the law.

0 comments

ūüĎć 0
Alan Kor
Alan Kor
Level 6. Master
Answered on 05 May 2019

Lmao can sue your rm for fake news

0 comments

ūüĎć 0

What.

No that's not true. Your interest is deposited into your CPF accounts and thus distributed according to your nominations done.

The only scenario that this is semi true, is in the event that you have paid the premium for CPF Life.

Interest earned on your premium is paid to the lifelong fund and not paid to you upon your demise but instead paid to you when you outlive your CPF Life premiums paid.

0 comments

ūüĎć 0