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Child Development Account

Choose us for your CDA to give the best to your child and family.

Please note that from 23rd June 2015 onwards, we no longer open new CDA accounts. There will be no impact to existing Child Development Account-holders.

MSF Baby Bonus Scheme

MSF Baby Bonus Scheme

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 and 17 Aug 2008. The latest enhancements include the expansion of the categories of Approved Institutions (AIs) with effect from 1 July 2012 and the extension of the Child Development Account (CDA) until 31 December in the year the child turns 12, with effect from 1 January 2013.

As part of the enhanced Marriage and Parenthood package announced on 21 January 2013, there will be an enhanced Baby Bonus Cash Gift of $6,000 per child for the first two births and $8,000 per child for the third and fourth births.

Here’s a simple breakdown of the Enhanced Scheme’s benefits from 21 Jan 2013:

Birth Order
Cash Gift
Matching Government Contribution in the CDA
Total Benefit
1st child $6,000 Up to $6,000 Up to $12,000
2nd child $6,000 Up to $6,000 Up to $12,000
3rd child $8,000 Up to $12,000 Up to $20,000
4th child $8,000 Up to $12,000 Up to $20,000
5th child and beyond Not applicable Up to $18,000 for each child Up to $18,000

Scheme’s benefits after 17 Aug 2008:

Birth Order Cash Gift Matching Government Contribution in the CDA Total Benefit
1st child $4,000 Up to $6,000 Up to $10,000
2nd child $4,000 Up to $6,000 Up to $10,000
3rd child $6,000 Up to $12,000 Up to $18,000
4th child $6,000 Up to $12,000 Up to $18,000
5th child and beyond Not applicable Up to $18,000 for each child Up to $18,000

Scheme’s benefits before 17 Aug 2008:

Birth Order Cash Gift Matching Government Contribution in the CDA Total Benefit
1st child $3,000 Not Applicable $3,000
2nd child $3,000 Up to $6,000 Up to $9,000
3rd child $6,000 Up to $12,000 Up to $18,000
4th child $6,000 Up to $12,000 Up to $18,000

 

Eligibility & Documents

Eligibility

  • A child is eligible for the Baby Bonus Scheme if he or she is:
    • a Singapore Citizen or becomes a Singapore Citizen*
    • born alive to the mother^; and
    • the mother is lawfully married to the child’s father.

FAQs

    1. Can I deposit funds into the CDA?
      Yes, deposits into the account can be made via the following 5 channels:

      • Cash deposit at Standard Chartered branches via:
        • Cash Deposit Machines (CDMs)
        • Over-the-counter
      • Cheque deposit via:
        • Cheque Deposit boxes
        • Over-the-counter
        • Mail in
      • Phone banking funds transfer (within Standard Chartered accounts only)
      • Internet Banking funds transfer (intra bank or inter bank)
    2. I want to set up internet banking funds transfer from my accounts in other banks into my Standard Chartered CDA. What should I do?
      To set up internet banking funds transfer from your accounts in other banks into your Standard Chartered CDA, please use these Standard Chartered codes:Bank code : 7144Branch code: 0, followed by the first 2 digits of your Standard Chartered CDA numberYour Standard Chartered CDA number can be found in your welcome letter.
      1. Can I withdraw funds from the CDA?
        Withdrawals from the account are allowed for 3 purposes only:

        • Payment of fees via GIRO / Standing Instructions to Approved Institutions (AI) specified by MSF
        • Payment of expenses via NETS at AIs
        • Investments in principal-protected plans within the same bank’s restricted to S$ Time Deposits
      2. Who are the Approved Institutions (AIs) specified by MSF?
        AIs can be identified by an Approval Letter displayed at their premises.The types of AIs specified by MSF are:

        • Child care centres;
        • Kindergartens and special education schools registered with the Ministry of Education (MOE);
        • Early intervention programmes registered with the National Council of Social Service (NCSS);
        • Healthcare institutions licensed under the Private Hospitals and Medical Clinics (PHMC) Act.

    For a detailed list of all MSF specified AIs, please visit
    https://www.babybonus.gov.sg

      1. How do I apply for GIRO/ Standing Instruction?
        GIRO forms are available at our public website, branches or you can call our Contact Centre for a form to be mailed to you. Alternatively, you may request for a form from the respective AI.
    1. Can I use my Baby Bonus Card to make NETS payments at any retail outlet?
      You can only use the Baby Bonus Card to make NETS payments at AIs specified by MSF.
    2. How would I know if I can use my Baby Bonus Card to make NETS payments at AIs?
      You can use the Baby Bonus Card to make NETS payments at AIs which have an Approval Letter and an Approved Institution decal displayed at their premises. The decal indicates that the AI provides the Baby Bonus NETS service.
    3. Where do I obtain the list of AIs?
      For a detailed list of all MSF specified AIs, please visit:
      https://www.babybonus.gov.sg/bbss/jsp/inst/InstInternetMaint.jsp
    4. I have lost my Baby Bonus Card. What should I do?
      If you lose your Baby Bonus Card, you should immediately call our 24-hour Phone Banking on 1800 747 7000 to report the loss and prevent any further access.There is no further liability once the loss of card is reported. Customers will be held liable for transactions conducted prior to reporting the loss to the Bank.
    5. I have lost my Baby Bonus Card. How can I get a replacement card?
      You may obtain a replacement card at any of our branches. You will have to reset your ATM PIN by entering a new PIN before receiving the replacement card. The card will be issued to you on-the-spot.
    6. I have lost my Baby Bonus Card. Will I be charged a replacement fee?
      No, there is no charge for replacement of the Baby Bonus Card.
    7. I am the Trustee of 2 Standard Chartered CDAs. Can I only have 1 Baby Bonus Card issued to me?
      No, each Standard Chartered CDA will have 1 Baby Bonus card issued to the Trustee.
    8. I am the Trustee of 2 Standard Chartered CDAs and thus have 2 Baby Bonus Cards issued to me. How would I know which Card belongs to each child (i.e. Beneficiary)?
      You will be able to differentiate the cards by the child’s (i.e. Beneficiary) name and ID number printed on the card.
    9. I am an existing Standard Chartered customer and have an existing ATM card. Can I link my new Standard Chartered CDA to my existing ATM card?
      No, you are not allowed to link your new Standard Chartered CDA to your existing ATM card
    10. I have a CDA and a savings/chequing account with Standard Chartered. Can I link my CDA and my savings/chequing account to my Baby Bonus Card?
      No, you are not allowed to link your existing Standard Chartered savings/chequing account to your Baby Bonus Card.
    1. How can I request for a change in Trustee?
      You will have first have to inform MSF of this change and wait for MSF to issue a letter authorising this change. This Change of Trustee Letter is required to effect the change in Trustee for your CDA at the bank.
    2. What are the documents required by Standard Chartered to effect the change in Trustee for the CDA?
      You will need the following:

      • Original MSF Authorisation Letter to change the Trustee; and
      • Original NRIC/Passport (for foreigners) of New Trustee
    3. Who needs to be present at the bank to effect this change?
      Only the new Trustee must visit the branch in person to effect this change. The existing Trustee need not be present.
    4. Will the CDA account number be changed?
      No, the CDA account number will not be changed.
    5. What will happen to the existing Trustee’s Internet Banking, Phone Banking and ATM card access then?
      If the existing Trustee has other Standard Chartered accounts, he/she will still have access to our Internet Banking and Phone Banking services, but will no longer be able to view the Standard Chartered CDA. In addition, his/her Baby Bonus Card will be cancelled.
    1. I am the next of kin / executor / administrator of a Trustee that has passed away. What should I do to gain access to the CDA?
      You should inform MSF and show proof of the existing Trustee’s death. MSF will then issue you an Authorisation Letter to change the Trustee.
    2. My child (i.e. Beneficiary) has unfortunately passed away. What should I do now?
      You will need to inform MSF and show proof of the child’s death. The co-savings will be stopped and the money in the CDA will be returned to the parents in equal amounts. MSF will then instruct the managing agent to close the CDA.
  • My child (i.e. Beneficiary) has reached the age of 12 years old. What happens now?
    On 31 December of the year of your child’s 12th birthday, your CDA will be closed and the funds will be transferred back to MSF. If your child was born from 2001 to 2007, MSF will write to you offering you the option to credit the CDA funds to any nominated account you may have with any bank. However, if your child was born from 2008 onwards, the CDA funds will be automatically credited into your child’s Post Secondary Education Account (PSEA) held with the Ministry of Education (MOE).

Terms & conditions

Disclaimer

Standard Chartered Bank (Singapore) Limited (the “Bank”) has prepared the above solely for your general information. The information has been derived from sources which the Bank believes to be reliable. While all reasonable care has been taken in preparing the above, the Bank does not represent or warrant that the information contained herein is accurate or complete and accepts no responsibility for any errors of fact or for any opinion expressed herein. The above information should not be used as a basis for making business or investment decisions. You should obtain professional advice before relying on any information contained herein. The Bank accepts no liability whatsoever for any reliance placed by you on the contents herein and will not be liable for any loss, damage or expense incurred by you whether arising directly or indirectly from your reliance on the above information.