From 1 Jan 2008, you can top up your and your relatives' Special, Medisave and Retirement accounta in the CFP (i.e. SMRA accounts). Relatives include parents, grandparents, spouse and siblings (brothers and sisters).
Last year, top-ups was allowed only for spouses and has to be made by cash.
Two new rules:
(i) You can now top-up using CPF money
(ii) if you use cash, you can usually claim tax relief.
My view: If you make the top up with cash, your relative can earn 4% plus 1% interest. This is the best "risk free" rate that can be earned today.
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