CPF Investment Scheme (CPFIS) Calculator
Calculate how much of your CPF Ordinary Account is investable under CPFIS-OA — accounting for the first SGD 20,000 reservation and asset-class sub-limits.
What Is CPFIS?
The CPF Investment Scheme (CPFIS) lets you invest your CPF Ordinary Account (CPFIS-OA) and Special Account (CPFIS-SA) balances in a curated list of approved investments. The intent: opportunity for higher returns than the guaranteed CPF rate (currently 2.5% on OA, 4% on SA). The trade-off: you bear investment risk and may underperform.
CPFIS-OA allows investment of OA balance above SGD 20,000 (the first SGD 20K must stay in OA earning 2.5%). Asset-class sub-limits apply: 35% maximum in individual stocks, 10% maximum in gold. Unit trusts, ETFs, and bonds have no sub-limit. Source: cpf.gov.sg CPFIS guidelines 2026. Last updated: May 2026.
Should You Use CPFIS?
The historical record is sobering. Studies by MAS and CPF Board (1996-2018) found that nearly 80% of CPFIS-OA investors underperformed the guaranteed 2.5% OA rate after fees. Two main reasons: (1) high management fees (1.5-2.5% per year for unit trusts), and (2) poor timing / behavior (buying high, selling low).
CPFIS makes sense if you have (1) a 10+ year horizon, (2) discipline to buy and hold low-cost index funds (Lion Phillip S-REIT ETF, Phillip ETF Track Sigma, Nikko AM SGD Investment Grade Corporate Bond), and (3) belief that equities will outperform 2.5% over the period. Otherwise, leave OA in the CPF default and capture the guaranteed 2.5%.
CPFIS-SA — More Restrictive
CPFIS-SA is even more conservative — only certain low-cost funds (mostly bonds) are SA-investable. The SA guaranteed rate is 4% (plus 1% bonus on first SGD 60K), which is hard to beat with bonds. Few investors should use CPFIS-SA — the math rarely works out. Source: cpf.gov.sg CPFIS-SA approved fund list 2026.
Withdrawing CPFIS Investments
CPFIS investments must remain inside CPF — you can buy and sell within CPFIS-OA freely, but proceeds return to OA (or back to other approved investments). You cannot withdraw CPFIS proceeds in cash until normal CPF withdrawal age (65 currently). When you do withdraw at retirement, sale proceeds flow to your Retirement Account first to meet your Full Retirement Sum requirement, then become withdrawable.
Frequently Asked Questions
What is the minimum CPF OA balance to use CPFIS?
You must keep SGD 20,000 in your OA. Anything above SGD 20,000 is investable. Example: SGD 45,000 OA balance = SGD 25,000 available for CPFIS investment, subject to asset-class sub-limits.
What CPFIS investments earn the best returns?
Historically, low-cost broad-market ETFs and index funds outperform actively managed unit trusts. Popular choices: STI ETF (SGX:ES3), Nikko AM Singapore STI ETF, broad global ETFs (limited to approved CPFIS list). The 35% stock limit constrains pure equity exposure \u2014 bonds and unit trusts complete the allocation.
Can I invest CPFIS in US stocks?
No. CPFIS-approved investments are limited to SGX-listed stocks, approved Singapore-domiciled unit trusts (which may have US exposure), and approved gold/bond products. Direct US stock investment requires moving funds OUT of CPF (impossible until retirement) and into a regular brokerage account.
Are CPFIS fees high?
Yes for unit trusts (1.5-2.5% per year management fee). ETFs are cheaper (0.3-0.7%). Stock investments have transaction fees only. The fee differential is critical \u2014 over 30 years, a 1% extra fee reduces final balance by 25-30%. Always prefer low-cost ETFs over unit trusts.
How do I open a CPFIS account?
Apply through any CPFIS Agent Bank: DBS, UOB, or OCBC. Online application takes minutes. After approval, you can buy and sell within CPFIS through their online platform. Investment transactions are credited/debited automatically from your OA.
What happens to CPFIS if I emigrate?
You can continue holding CPFIS investments until normal withdrawal age. At age 65 (currently), you can withdraw from OA (after meeting Full Retirement Sum). Emigration to certain countries with Singapore tax treaties may have different withholding implications \u2014 consult cpf.gov.sg for specifics.