CHILD DEVELOPMENT ACCOUNT (CDA)

It’s the little milestones that we celebrate

Why you will love this

Earn up to 2% interest 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

 

Get a Welcome Bundle worth S$250 with OCBC CDALearn more

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%

interest rate a year

Interest

Enjoy 0.60% a year on the first S$10,000 saved in your child’s CDA, followed by 0.80% a year on the next S$10,000 and 2% a year thereafter.

Enjoy 0.60% a year on the first S$10,000 saved in your child’s CDA, followed by 0.80% a year on the next S$10,000 and 2% a year thereafter.

up to 50%

discount over 15 merchants

Perks

Enjoy discounts with the OCBC Baby Bonus Card at more than 15 merchants, from celebrations, education or entertainment for your child.

Enjoy discounts with the OCBC Baby Bonus Card at more than 15 merchants, from celebrations, education or entertainment for your child.

View offers

up to 0.20%

interest rate 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 & 2nd S$3,000
3rd & 4th S$3,000
5th & beyond S$3,000
+
Government dollar-for-dollar matching
S$3,000
S$9,000
S$15,000
=
Maximum CDA Benefit
S$6,000
S$12,000
S$18,000

Child Order

S$3,000

Government First Step Grant

Everyone enjoys this base interest

+

S$3,000

Government dollar-for-dollar matching

Everyone enjoys this base interest

=

S$6,000

Maximum CDA Benefit

Everyone enjoys this base interest

S$3,000

Government First Step Grant

Everyone enjoys this base interest

+

S$9,000

Government dollar-for-dollar matching

Everyone enjoys this base interest

=

S$12,000

Maximum CDA Benefit

Everyone enjoys this base interest

S$3,000

Government First Step Grant

Everyone enjoys this base interest

+

S$15,000

Government dollar-for-dollar matching

Everyone enjoys this base interest

=

S$18,000

Maximum CDA Benefit

Everyone enjoys this base interest

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.

Promotion

Get a Welcome Bundle worth S$250!

Becoming a parent is hugely rewarding, but it's also hard work. Let us help you celebrate your baby’s milestones with a Welcome Bundle filled with exciting gifts and discounts from our partners.

How to get your welcome bundle

To be eligible, you will have to fufil the following 2 criteria:

Register for the promotion

Register to reserve your OCBC CDA Welcome Bundle now.

Apply online for CDA

Apply online via Baby Bonus Online (up to 8 weeks before the estimated delivery date of your child) and choose OCBC CDA.

OCBC CDA must be opened between 15 June 2020 to 31 December 2020. Limited to one welcome bundle per child.
Terms and conditions apply.

WELCOME BUNDLE OFFERS

Eligible customers will receive an email, containing the promo codes for each of the following offers, within 45 days of account opening to the registered email address as reflected in OCBC Bank’s records.

highlights for you

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

Dining

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

Groceries

Prepare healthier meals at home and earn up to 12% rebates at FairPrice stores with the NTUC/OCBC Plus! Visa Card.

Wellness

Ensure that your baby is protected with GREAT SupremeHealth. Parents insured under GREAT SupremeHealth enjoy 15% off the first year premium for your child on additional private insurance coverage.

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



Important notices


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.


Policy Owners' Protection Scheme

This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Coverage for your policy is automatic and no further action is required from you. For more information on the types of benefits that are covered under the scheme as well as the limits of coverage, where applicable, please contact us or visit the Life Insurance Association (LIA) or SDIC websites (www.lia.org.sg or www.sdic.org.sg).


how to apply

Open your OCBC Child Development Account today

FAQs
Is it mandatory for me to register for the Welcome Bundle before I can receive it?

Yes. You will not be eligible to receive the Welcome Bundle if you did not register for it.

How do I know if I have successfully registered for the Welcome Bundle?

Upon submitting your registration, you will be provided a 15 digit alpha-numeric reference number, along with the date and time of your submission as confirmation of your successful registration.

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.

More questions and answers