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From 1st August 2008, OCBC Bank partnered the Ministry of Community Development, Youth and Sports (MCYS) to be a Managing Agent of the Baby Bonus Children Development Accounts.
We know that when it comes to providing your children with the best in life, every little bit of help counts. The Baby Bonus Scheme aims to give you a head-start with cash gifts as well as the Children Development Account (CDA) dollar-for-dollar matching Government contribution.
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| Baby Bonus Scheme
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The Baby Bonus Scheme supports parents’ decision to have more children by helping to lighten the financial costs of raising children. It was introduced on 1 April 2001 and enhanced on 1 August 2004. The latest enhancements on 17 August 2008 extended increased benefits to the first and second child and benefits to Singapore citizen children beyond the fourth child.
You will get a cash gift of up to $4,000 each for your 1st and 2nd child and $6,000 each for your 3rd and 4th child. All your children born on or after 17 August 2008 will also enjoy Government contributions in the form of a dollar-for-dollar matching for the amount of savings you contribute to your child’s Children Development Account (CDA). If your child is born before 17 August 2008, he or she will enjoy the Government matching contributions in the CDA if he or she is your second to fourth child. |
| Children Development Account |
The Children Development Account (CDA) is a special savings account that you open at any OCBC Bank branch for your child who is eligible for CDA. You can save in the CDA any time until 31 December in the year your child turns 6 years of age. The savings will be matched up to the cap of $6,000 each for the 1st and 2nd child, $12,000 each for the 3rd and 4th child and $18,000 each for the fifth and subsequent child. The Government will match your savings in the following month.
The savings in the CDA may be used to pay fees for all your children who are attending Approved Institutions registered with MCYS under the Baby Bonus Scheme. These include child care centres, kindergartens & special education schools registered with the Ministry of Education, and early intervention programmes registered with the National Council of Social Service. The CDA savings can also be used to purchase MediShield or Medisave-approved private integrated plans for all your children and pay for all your children’s medical-related expenses. These would include consultation fees, treatment fees and prescription costs incurred at healthcare institutions.
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For further information on the Baby Bonus Scheme, please call MCYS at the Baby Bonus hotline at 1800 253 7707. Alternatively, you can contact OCBC at 1800 438 6088 or email ContactUs@ocbc.com.
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What will you receive with your first and second child?
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What will you receive with three or more children?
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