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Important Information

Cessation of Child Development Account (CDA) services after December 2018

Please be informed that all CDAs managed by Standard Chartered Bank (Singapore) Limited (SCBSL) will be closed at the end of 2018. CDA trustees (mostly parents) whose child is below 12 years old and holds a CDA in SCBSL, are reminded to change your child’s account to the other banks appointed by the Ministry of Social and Family Development (MSF) by 31 October 2018. The change can be made on the Baby Bonus Online Portal (www.babybonus.msf.gov.sg).

Trustees with a child turning 12 years old in 2018 do not need to take any action. You may continue to use the CDA with SCBSL till the end of 2018. Your child’s CDA will then be automatically closed, and the CDA balance will be transferred to his/her Post-Secondary Education Account (PSEA) under the Ministry of Education in January 2019, when your child turns 13.

All affected trustees will receive a letter from MSF in February 2018 to remind and guide you on how to change your CDA banks. If you do not change your CDA to your preferred bank by 31 October 2018, MSF will automatically assign the CDA to one of the CDA banks, and inform you of the assigned bank.

For more details, please visit the Baby Bonus Online Portal (www.babybonus.msf.gov.sg) or contact MSF at 1800 253 7707 (Monday – Friday: 8.30am to 6.00pm, Sat: 8.30am to 1.00pm).