Child Development Account (CDA)
Government-matching
dollar-for-dollar savings account
Why choose OCBC?
- Earn up to 0.8% interest a year
Eligibility
- Please refer to www.babybonus.gov.sg
How it works
Savings in the CDA until your child turns 12
You can make deposits in your child’s CDA until the end of the year he or she turns 12.
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| June 2012 Your child is born. You can open a CDA and start depositing money into the account. |
June 2024 Your child turns 12. You can still deposit and use money from your child's CDA until 31 December 2024. |
January 2025 The balance from your child's CDA is transferred to his Post-Secondary Education Account (PSEA) to pay for his or her tertiary education. |
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Post-Secondary Education Account (PSEA)
The PSEA scheme helps parents save for their children’s tertiary education. It is administered by the Ministry of Education (MOE) and is open to all eligible Singaporeans.
Visit the MOE website to find out more
Dollar-for-dollar matching
The Government will match every dollar you put in your child's CDA.
For an eligible child born on or after 17 August 2008:
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| *Every dollar you deposit is matched by the Government in the following month. For example: S$6,000 deposit (in June) + S$6,000 from government (in July) = S$12,000 Tip: Save in your CDA to maximise the co-savings from the Government. The savings can be used to for your expenses incurred at Approved Institutions (AIs). |
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 Have a monthly household income of less than S$3,500?Save S$50 into your CDA & receive additional S$250 from the dollar-for-dollar savings contributions when you apply for the OCBC CDA Starter Scheme. Find out more |
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Ways to use your child's CDA funds
Baby Bonus Card
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Pay Ministry of Social and Family Development (MSF) approved institutions
using funds from your child's CDA via NETS, or interbank GIRO check your balance at ATMs or deposit cash at any OCBC Cash Deposit Machine -
Enjoy discounts and privileges when you present your Baby Bonus card at participating merchants
Education
Pay fees for approved educational institutions registered with MSF under the Baby Bonus scheme.
Health
Pay for your child's medical-related expenses or purchase MediShield or MediSave-approved private integrated plans for your children.
You may use one child's CDA to pay for a sibling's expenses.
Interest rates
Access, track & manage your money easily
Online and Mobile Banking
Track your spending by category
Your spending is automatically sorted by category so you know exactly where your money is going with Money In$ights.
Online security guarantee
We guarantee a full refund of any money lost due to online banking fraud.
Sunday at OCBC
Open every day at 20 branches from 11am to 7pm
A new banking experience awaits you at our 20 full-service 'Sunday at OCBC' branches.
2 ways to apply
At a hospital or by post to MSF
Please visit the MSF website for application instructions
At a branch
Please bring along:
from MSF
or passport of a parent
or citizenship certificate
or passport
of child
Important notices
- Deposit Insurance Scheme
- Terms and Conditions Governing Deposit Accounts
- Terms and Conditions Governing OCBC CDA
- Insured Deposits Register
- Automatic Standing Instruction
Deposit Insurance Scheme
Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$50,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
