CPF SA

[reddevil0728]

Why would people want to do it? Can't they just withdraw it after it has been returned to CPF?

Cause withdraw from SA first which ppl want to avoid

 

[highsulphur]

The bank allows you to close the CPFIS account when there are instruments inside?

 

[reddevil0728]

The bank allows you to close the CPFIS account when there are instruments inside?

Can transfer to CDP

 

[henrylbh]

The bank allows you to close the CPFIS account when there are instruments inside?

Yes. Once you apply to close your CPFIS account. CPF will inform the Agent Bank and from there it's between you and Agent Bank, if there is any instruments held by Agent Bank. Up to you to liquidate the instrument to get cash or transfer it to your name

 

[highsulphur]

Yes. Once you apply to close your CPFIS account. CPF will inform the Agent Bank and from there it's between you and Agent Bank, if there is any instruments held by Agent Bank. Up to you to liquidate the instrument to get cash or transfer it to your name

This is for people past withdrawal age?

 

[henrylbh]

This is for people past withdrawal age?

Yes for those passed 55. Those below need to liquidate before thy can close the account.

 

[zumaba]

Yes. Once you apply to close your CPFIS account. CPF will inform the Agent Bank and from there it's between you and Agent Bank, if there is any instruments held by Agent Bank. Up to you to liquidate the instrument to get cash or transfer it to your name

Where to apply to close CPFIS account? CPF online?
Is it okay if to re-apply to open CPFIS later on?

 

[a4973]

Where to apply to close CPFIS account? CPF online?
Is it okay if to re-apply to open CPFIS later on?

CPFIS is opened at Bank side so I believe each application will be subjected to the Bank's approval.

 

[cmanz81]

There is discussion on using OA to buy T-Bills (or other safe investment) then close down the CPFIS account. the T-Bills once expired should then return to your Cash Account, does anyone tried this if that work? This way we can withdraw OA with the amount you needed, just need to arranged in advance for the investment horizon needed.

Haha creative. Alternatively your money could be lost in the Void...

 

[CaptainWu]

Haha creative. Alternatively your money could be lost in the Void...

No la, surely money will still be there with as its between Bank and CPF unlikely gone in the air, just that if something happended it may take more time to recover. Let's wait for good news from vsv24.

 

[doratch]

I am thinking of investing using CPF SA.

The main purpose is to transfer some of the money out so that my SA balance will drop below the FRS (I have already hit FRS). Then I can pump in more money into SA to reach the FRS (the yearly limit of 37,740 does not apply to SA a/c topup, right?)
When my investment matures, the money will be transferred back to SA, which means that I will have even more money in the SA a/c.

Is this doable?

 

[reddevil0728]

I am thinking of investing using CPF SA.

The main purpose is to transfer some of the money out so that my SA balance will drop below the FRS (I have already hit FRS). Then I can pump in more money into SA to reach the FRS (the yearly limit of 37,740 does not apply to SA a/c topup, right?)
When my investment matures, the money will be transferred back to SA, which means that I will have even more money in the SA a/c.

Is this doable?

https://www.cpf.gov.sg/member/faq/g...t-is-the-maximum-amt-of-top-ups-i-can-receive

 

[highsulphur]

I am thinking of investing using CPF SA.

The main purpose is to transfer some of the money out so that my SA balance will drop below the FRS (I have already hit FRS). Then I can pump in more money into SA to reach the FRS (the yearly limit of 37,740 does not apply to SA a/c topup, right?)
When my investment matures, the money will be transferred back to SA, which means that I will have even more money in the SA a/c.

Is this doable?

nope

cos even if you invest using SA, you can't top up once you hit FRS.

once again, CPF is not stupid to close such possible loopholes

 

[henrylbh]

Where to apply to close CPFIS account? CPF online?
Is it okay if to re-apply to open CPFIS later on?

Log in to my cpf digital services with your Singpass.
Select My Requests > Investment > Apply to withdraw my CPFIS investments upon meeting CPF withdrawal condition

Once your withdrawal application is approved, your CPFIS investments will be transferred to you. The withdrawal will not result in liquidation of your investment holdings.

Can re-apply to open CPFIS later on.

 

[henrylbh]

The bank allows you to close the CPFIS account when there are instruments inside?

Yes CPF will approve if the member above 55 meets FRS. For those below 55, all instruments must be liquidated and returned to CPF before closing CPFIS.

You will have to sell all your investments first before instructing your agent bank to close your CPF Investment Account.

 

[zumaba]

Log in to my cpf digital services with your Singpass.
Select My Requests > Investment > Apply to withdraw my CPFIS investments upon meeting CPF withdrawal condition

Once your withdrawal application is approved, your CPFIS investments will be transferred to you. The withdrawal will not result in liquidation of your investment holdings.

Can re-apply to open CPFIS later on.

Thanks. Can close it at any time? Just using my CPA-OA bought T-bill.

After closure of my CPFIS, I have to call or write (or have to go down to the branch) to my agent bank DBS to instruct them to deposit my T-bill into my CDP account, right?

 

[TehSi99]

nope

cos even if you invest using SA, you can't top up once you hit FRS.

once again, CPF is not stupid to close such possible loopholes

Yes.

If you managed to read up enough all the details of CPF, you will be impressed and amazed by the way it is structured and organized. It is like zero loopholes.

 

[TehSi99]

No way to withdraw interest on OA unless u wipe out your SA!

No loopholes.

 

[royalmix]

Yes.

If you managed to read up enough all the details of CPF, you will be impressed and amazed by the way it is structured and organized. It is like zero loopholes.

There are plenty of loopholes, biggest is SA shield!

 

[royalmix]

No loopholes.

There is, for you to explore and discover!