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 Bank1 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 criteria2 and application process is published on the CPF Board website.
Ministry of Manpower
21 March 2023
https://sprs.parl.gov.sg/search/#/sprs3topic?reportid=written-answer-13201
Office of the Leader of the Opposition 