The OCBC Baby Bonus Package offers not just higher interest rate, great convenience
but also value added benefits such as $600 discounts on schools fees at the Little Skool-House
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The bank provides great value with higher interest rates, convenience and a full range of family-friendly solutions and benefits.
OCBC has unveiled details of its Baby Bonus Children Development Account (CDA) package which will be available to parents from 1st August 2008 who transfer their existing CDAs from DBS Bank Ltd or who open new ones with the bank.
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| Key Benefits of choosing the OCBC CDA |
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Higher interest rate than a regular savings account at 0.8% p.a. for CDA and 1% p.a. for CDA Extra |
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Insurance coverage of up to S$50,0001 |
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Convenient access to a wide network of 56 branches (including Sunday Banking branches3) and over 800 ATMs2 |
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Exclusive merchant benefits |
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The OCBC CDA gives an interest rate of 0.8% p.a. Parents can also earn higher interest rate of up to 1% p.a. if they commit to monthly savings of at least S$50 per month under the OCBC CDA Extra. In addition, OCBC CDA parents will also enjoy free insurance protection of up to S$50,0001.
Mr Nicholas Tan, OCBC’s Group Head of Wealth Management explained that the OCBC CDA provides great value with higher interest rates, convenience and a full range of family-friendly solutions and benefits.
As the only Singapore bank to manage the scheme, OCBC Bank is able to offer families convenient banking services with access to a wide network of 56 branches and over 800 ATMs2. The bank’s family-centric products and service innovations include the Mighty Savers™ Programme and Full-Service Sunday Banking at 10 convenient branches3.
The OCBC Baby Bonus package provides a full range of family-friendly solutions and benefits |
“Our appointment as the managing agent for the CDAs further reinforces our commitment to deliver greater value to help Singaporeans achieve their financial aspirations, especially for their children." Mr. Tan said.
"The OCBC CDA solutions will complete our suite of product offerings for this important group of young customers. Not only does it complement our popular Mighty Savers™ Programme, but it also allows OCBC Bank to serve our customers and their children literally from birth.”
Apart from banking benefits, Mr. Tan added that OCBC has also tied up with Approved Institutions4 registered with MCYS under the Baby Bonus Scheme to help OCBC CDA customers defray their childcare cost. For example, by flashing their OCBC Baby Bonus card at these merchants, OCBC customers can enjoy exclusive benefits such as a S$600 discount off 1st year fees at the Little Skool-House International. Other strategic partners include NTUC Childcare Co-operative Ltd, Mothercare (S) Pte Ltd, Abbott Nutrition and Growing Fun Pte Ltd.
Parents can enjoy the convenience of signing up at any of OCBC’s 56 branches. |
will be sending a pack containing details on the CDA transfers as well as the CDA Application Forms to parents with existing CDAs by mid-May. Parents who choose OCBC Bank can mail or submit their completed OCBC CDA Application Forms to any OCBC branch thereafter. Parents can also mail the completed forms to MCYS.
1. Insurance coverage on the Trustee for death or total permanent disability, as long as the CDA or CDA Extra is maintained with OCBC Bank.
2. Over 400 ATMs belong to OCBC and the remaining ATMs are under the shared ATM network (cash withdrawal only).
3. Full-Service Sunday Banking is available from 11am to 7pm at Ang Mo Kio Central, Bedok, Causeway Point, HarbourFront, Hougang Mall, Jurong Point, Katong, Northpoint, Toa Payoh Central and White Sands.
4. Log onto www.babybonus.gov.sg for the list of Approved Institutions.
Singapore dollar deposits held by or for an individual or a charity in accounts listed in OCBC Bank’s Insured Deposit Register (available at www.ocbc.com/policies) will be insured in accordance with and for up to the limits specified in the Deposit Insurance Act.
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