CHILD DEVELOPMENT ACCOUNT (CDA)

It’s the little milestones that we celebrate

Why you will love this

Earn up to 2.40% a year

Enjoy up to 50% discount at more than 15 merchants

Who can apply

Lawfully married couples with Singaporean children

Children of unwed parents can enjoy CDA benefits if they were born on, or after 1 September 2016

As part of the Baby Bonus Scheme, OCBC CDA lightens the cost of raising your child with dollar-for-dollar matching from the government.

BENEFITS

up to 2.40%

a year

Interest

Enjoy 1.2% a year on the first S$10,000 saved in your child’s CDA and 2.4% a year when you save above S$10,000.

Enjoy 1.2% a year on the first S$10,000 saved in your child’s CDA and 2.4% a year when you save above S$10,000.

up to 0.30%

a year

Save

Set aside monetary gifts your child has received into their Mighty Savers® Account and let them grow together.

Set aside monetary gifts your child has received into their Mighty Savers® Account and let them grow together.

Learn more

how cda works

From your child's birth right up till the end of their 12th year, enjoy savings matched dollar-to-dollar from the government, so you get to earn the most for your child.

Child Order Government First
Step Grant
1st S$3,000
2nd* S$3,000
3rd & 4th S$3,000
5th & beyond S$3,000
+
Government dollar-for-dollar matching
S$3,000
S$6,000
S$9,000
S$15,000
=
Maximum CDA Benefit
S$6,000
S$9,000
S$12,000
S$18,000

Child Order

S$3,000

Government First Step Grant

+

S$3,000

Government dollar-for-dollar matching

=

S$6,000

Maximum CDA Benefit

S$3,000

Government First Step Grant

+

S$6,000

Government dollar-for-dollar matching

=

S$9,000

Maximum CDA Benefit

S$3,000

Government First Step Grant

+

S$12,000

Government dollar-for-dollar matching
=

S$15,000

Maximum CDA Benefit

S$3,000

Government First Step Grant

+

S$15,000

Government dollar-for-dollar matching
=

S$18,000

Maximum CDA Benefit

CDA funds can only be used at approved institutions. When your child turns 13, the unspent balance goes to their Post Secondary Education Account (PSEA), making it easier to pay education fees.

*The Government will increase its dollar-for-dollar matching cap from S$3,000 to S$6,000 for all Singaporean children who are a second child and whose date of birth or estimated date of delivery is on or after 1 January 2021. This will take effect from 1 April 2021. Parents whose children qualify and had saved into their child’s CDA before 1 April 2021, will also receive the increased co-matching.

highlights for you

Raising a child is no piece of cake. Let OCBC assist your parenting journey with these products – specially curated for parents.

Baby Bonus Card Deals

Pamper both mother and child with wellness, educational, and shopping deals from over 15 merchants. Enjoy up to 50% discount with your OCBC Baby Bonus Card (free with your Child Development Account).

Dining

Enjoy more fuss-free dinners with 6% cashback on online food deliveries, local, and overseas dining using the OCBC 365 Credit Card.

BEFORE YOU APPLY

Eligibility requirements

Who it is suited for

Lawfully married couples with Singaporean children

Children of unwed parents can enjoy CDA benefits if they were born on, or after 1 September 2016


Letters

You will receive electronic versions of Letters for all your relationships/accounts.

 



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$75,000 in aggregate per depositor per Scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$75,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.


how to apply

Open your OCBC Child Development Account today

FAQs
Common questions
How can I use my child’s OCBC CDA funds for education-related and healthcare-related expenses?

You can use the funds at any Baby Bonus Approved Institution to pay for:

  • Child care centres, kindergartens and special education schools
  • Providers of early intervention programmes
  • Providers of assistive technology devices
  • Medical-related expenses or purchase MediShield or Medisave-approved private integrated plans
Can I apply for OCBC CDA prior to the birth of my child?

We know that you will have your hands full after your child is born; hence you can apply online via Baby Bonus Online 8 weeks before the estimated delivery date of your child. Your child will automatically join the Baby Bonus Scheme upon birth registration and his OCBC CDA will be opened within 3-5 working days.

I received a letter from the bank informing on the need for more information before they can update my signature for Child Development Account. Where can I find the form?

You can download a copy of the form and mail it back to us. Your signature should match that on our records.