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 the 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.

Dr Tan See Leng: In addition to the three local banks, one Qualifying Full Bank 1 has applied for inclusion as a fixed deposit (FD) bank under the CPF Investment Scheme (CPFIS). CPF Board welcomes interested banks to apply for inclusion as a FD bank under CPFIS. Relevant information on the inclusion criteria 2 and application process is published on the CPF Board website.

Note(s) to Question No(s) 21:

1 Qualifying Full Banks are foreign banks conducting a range of MAS-regulated activities, including retail deposit-taking, in Singapore. These banks may also offer Supplementary Retirement Scheme and CPF Investment Scheme accounts, and accept fixed deposits under the CPF Investment Scheme and CPF Retirement Sum Scheme.

2 Inclusion criteria as a FD Bank under the CPFIS: (a) locally-incorporated bank with capital fund size of at least S$1.5billion and has a good credit rating; or (b) subsidiary of a locally-incorporated bank which meets criteria (a); or (c) foreign banks with Qualifying Full Bank privileges.