CPFB | Closing your account when you leave Singapore (2024)

FAQs

What happens to CPF if I leave Singapore? ›

You may close your CPF account and transfer your CPF savings to your bank account once your renunciation is completed. Otherwise, your CPF account will be automatically closed in the following month and any remaining savings will stop earning the prevailing CPF interest.

If you are not a Singapore Citizen or Permanent Resident before 1 April 2024. Your CPF account will be automatically closed in April 2024 and any remaining savings will stop earning the prevailing CPF interest.

Log in to your bank's internet/mobile banking application. Link your Singapore NRIC to your bank account at the PayNow registration screen. Make a CPF withdrawal by submitting an online application.

While you are unable to withdraw ALL your CPF savings at age 55, you have the flexibility to withdraw part of it for immediate needs. Your RA savings above your Basic Retirement Sum if you own a property in Singapore with a lease that lasts you until at least age 95.

Generally, when you turn 55, you can withdraw at least $5,000 or any amount in excess after setting aside your Full Retirement Sum (FRS). If you are born in 1958 and after, when you turn 65, you can withdraw an additional amount of up to 20% of your retirement savings.

CPF contributions are not payable for your employees posted to work overseas. As such, CPF contributions are not required on bonuses paid when your employee is posted overseas.

Yes, you can keep your bank account if you leave Singapore and no longer are a resident of Singapore. Do update your personal details and contact information via the DBS or POSB ibanking portal, digibank, or visit a DBS or POSB branch near you in person.

The average processing time is about 12 weeks from the point of form submission. The processing duration may be longer if additional supporting documents are required.

As discussed on this page, we would advise against closing unless it is absolutely necessary or unless there are large fees. In most situations, it best to keep accounts open and active - in particular, if you expect to return to the US in the future.

The Daily Withdrawal Limit applies to CPF lump sum withdrawals made under withdrawals for immediate needs for members aged 55 and above. A default online CPF withdrawal limit of $2,000 a day will be applied to all CPF members aged 55 and above.

How can I transfer money from my CPF account to my bank account? ›

They have up to 31 March 2024 to do this, failing which their CPF accounts will be automatically closed, and any remaining savings will cease to earn the prevailing CPF interest rate. The remaining savings can still be transferred to their bank accounts at any time after that.

If you are in Singapore

Make an appointment to visit the CPF Service Centre to close your CPF account and transfer your CPF savings to your bank account. Please note that no walk-ins are allowed without an appointment.

You can activate the CPF Withdrawal Lock to instantly disable your online CPF withdrawal. This activation sets the Daily Withdrawal Limit to $0. This information provided here is sourced from the CPF website.

1 Assumes male member under CPF LIFE Standard Plan, starting payouts at age 65. With these increases, the BRS payouts for male members turning age 55 in 2027 on the CPF LIFE Standard Plan will be close to $1,000 per month when they turn 65, up from about $850 per month for male members turning age 55 in 2022.

If you are selling your property, you will need to refund the CPF principal amount withdrawn plus the accrued interest ("P+I"). If you have reached 55 and have pledged the property to make up your retirement sum, you will need to refund the pledged amount on top of the P+I.

Renouncing or losing one's PR status without serving or completing full-time NS will have a serious adverse impact on applications to work or study in Singapore, or for any long-term immigration facilities in Singapore, whether now or in the future.

CPF members who purchase an HDB flat and take an HDB loan can choose to retain up to $20,000 in their Ordinary Account (OA), with the remainder going towards their housing loan payment. Buyers taking a bank loan can choose to retain any amount of their OA savings.