OCBC will revise fee on CDP transactions from 2 April 2018. The planned revision was earlier scheduled to come into effect from 1 January 2018.
BankBazaar Singapore – January 16, 2018
Singapore: OCBC Bank announced that the change in CDP (Central Depository Account) transaction fee will take effect from 2 April 2018. The revision was earlier expected to be effective from 1 January 2018. Once the CDP transaction fee is revised, the bank charges for CPF Investment Account (CPFIA) will be updated as well.
Under the CPF Investment Scheme, CPF account holders are allowed to invest their CPF savings to earn higher returns. The scheme allows investment in a wide range of securities, such as Singapore government bonds, Singapore government treasury bills, statutory board bonds, bonds guaranteed by the Singapore government, gold, fixed deposits, and many more.
The securities that you purchase through your CPF account are deposited with CDP, which acts as a custodian for your securities. For such transactions, CDP charges a fee that is paid by the account holder. Currently, the CDP settlement fee stands at S$0.50 for every transaction. In addition, there is a charge of S$10 per counter for share transfers. Other charges can be found here: https://www.ocbc.com/assets/pdf/investment/cpfia_schedule_of_charges_201112.pdf.