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Savings, CPF

Guide to the CPF Investment Scheme (CPFIS): How to start investing using CPF

09 Feb 2023

Discover more about the CPF Investment Scheme (CPFIS) and learn how to maximize your savings for a secure financial future.

The CPF Investment Scheme (CPFIS) allows you to invest your CPF Ordinary Account (OA) and Special Account (SA) savings in a range of investments to enhance your retirement savings. 

If you are new to investing using your CPF savings, this guide will share how you can get started.  

What you need to start investing in the CPF Investment Scheme

You can invest under CPFIS if you meet the following eligibility criteria:

  1. You must be 18 years or older
  2. You must have a bank account
  3. You cannot be an undischarged bankrupt
  4. You have more than S$20,000 in your OA and/or
  5. You have more than S$40,000 in your SA

What is important to note here is that to start investing through the Central Provident Fund Investment Scheme (CPFIS), you must have have more than $20,000 in your Ordinary Account for CPFIS-Ordinary Account; and/or have more than $40,000 in your Special Account for CPFIS-Special Account

This amount serves as a requirement to ensure that you have sufficient savings to cover your basic needs and expenses, while also allowing you to take advantage of investment opportunities to grow your wealth. 

As all investments carry some form of risks, we should understand our investment goals, risk tolerance, investment time horizon, overall financial situation and opportunity costs before proceeding.

Step-by-Step Guide to Opening a CPF Investment Account:

Step 1: Complete the Self-Awareness Questionnaire (SAQ)

Before accessing your online banking to apply for a CPF Investment Account, you must first complete the CPF Investment Scheme Self-Awareness Questionnaire (SAQ) available at the CPF website.

The SAQ helps you to determine if CPFIS is suitable for you by checking your understanding of what you should consider before investing, as well as investment products and charges under CPFIS. 

It is estimated that completing the SAQ will take about 30 minutes. 

Step 2: Submit your application to open a CPF Investment Account with the chosen bank.

To invest your CPF OA savings, you will need to open a CPFIS-OA account with one of the authorised agent banks. 

This would include DBS, OCBC, and UOB. We will use DBS as an example to show how you can complete this part of the process.

By utilising the digital platform offered by digibot, you will have the convenience of completing the process of opening a Central Provident Fund Investment Scheme (CPFIS) account online, instead of having to visit a physical branch. 

This enables you to complete the application from the comfort of your own home or office, saving you time and effort.

Graphical user interface, text, application, chat or text message

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Graphical user interface, text, application, chat or text message

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Graphical user interface, text, application, chat or text message

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Source: DBS


Once your account has been approved and set up, you can start allocating your CPF savings into the desired investment options through the CPF Investment Scheme (CPFIS).

FAQ on CPF Investment Scheme (CPFIS)

What can you invest in using the CPFIS?

You can use the CPFIS to invest in the following products, subject to individual product eligibility:

  • Unit trusts
  • Investment-linked products (ILPS)
  • Annuities
  • Endowment policies
  • Singapore Government Bonds (SGBs)
  • Treasury Bills (T-bills)
  • Exchange Traded Funds (ETFs)
  • Fund Management Accounts
  • Fixed Deposits

The full list of eligible products can be found here.

Graphical user interface, application

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Source: CPF


You can also invest up to 35% and 10% of your investible savings in stocks and gold, also known as the stock and gold limits.

Investible savings is the sum of your OA balance and the amount of CPF you have withdrawn for investment and education.


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Source: CPF


Where can I check available OA and SA savings that can be used for CPFIS? 

You can determine the amount of your Ordinary Account (OA) and Special Account (SA) savings that you can invest through the following methods:

  • Logging in to the my cpf digital services with your Singpass, selecting "my cpf" > "My dashboards" > "Investment".
  • Logging in to the CPF Mobile app with your Singpass, and selecting "My Investment".
  • Visiting a CPF Service Centre and presenting your identity card.

Can I put my funds into fixed deposit using the CPFIS?

As seen from the list of products under CPFIS, your CPF OA funds can be used for fixed deposits.

However, the list of fixed deposit banks is limited only to DBS, OCBC and UOB. 

This is because CPF has considered several criteria for inclusion, including requiring the bank to be locally incorporated with minimum capital funds of S$1.5 billion and good credit rating. 

Where can I get more information on the CPFIS?

You can find additional information about the CPF Investment Scheme (CPFIS) on the CPF website.

Alternatively, you can ask one of the pros in the Beansprout Telegram group too. 

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