Standard Chartered CDA Product Features
Opening Of New CDAs
Operation Of CDAs
  • 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.

    Standard Chartered Child Development Account (CDA) Product Features

    1. What are the product features of the Standard Chartered CDA?
    Key Highlights
    High Interest Get 0.50% p.a.1 interest on your CDA savings

    Note
    • Standard Chartered Bank (Singapore) Limited ("the Bank") reserves the right to revise interest rates at any time without notice.

    • These interest rates also apply to Staff accounts.
    Child Development Singapore Dollar (SGD) Time Deposit Account Extra 0.30%p.a.3 interest above prevailing board rates on a minimum 12-month ‘Child Development Singapore Dollar (SGD) Time Deposit Account using CDA funds only, up to a maximum deposit balance of S$49,999. (available from 1 August 2008)
    Other account features
    Minimum initial deposit $0
    Minimum balance $0
    Fall-below fee $0
    Early account closure fee $0
    ATM card Yes, for:
    • balance enquiries at Standard Chartered ATMs & ATM5 machines

    • NETS payments at Approved Institutions

    Baby Bonus Card (ATM Card) may be used from 1 August 2008
    Statements Monthly, with link to hardcopy consolidated statements & eStatements.
    2. Interest rate
    1. What is the interest rate for the Standard Chartered CDA?
      The interest rate for the Standard Chartered CDA is 0.50% p.a1.

      Note:
      • The Bank reserves the right to revise interest rates at any time without notice.

      • These interest rates also apply to Staff accounts.

    2. How is the interest rate for the Standard Chartered CDA calculated?
      Interest is calculated daily as follows:

      Interest earned in a month = Daily Balance x Interest rate x No. of days in a month
        x365 days

    3. When will the interest be credited to my Standard Chartered CDA?
      Interest is credited monthly, at the end of every month.

    4. How can I find out the amount of interest credited to my Standard Chartered CDA each month?
      You can track the amount of interest credited via:
      • your monthly statements; and/or

      • logging on to our Internet Banking service at www.sc.com/sg

    3. Child Development SGD Time Deposit Account
    1. I understand that I can use my CDA funds to invest in principal protected instruments. What instruments does MSF allow now?
      MSF allows for CDA funds to be placed in SGD Time Deposits for now. At Standard Chartered, you can use your CDA funds to open a special Child Development SGD Time Deposit Account with us.

    2. What is the Child Development SGD Time Deposit Account about?
      A Trustee of a Standard Chartered CDA is able to use his Standard Chartered CDA funds to open a Child Development SGD Time Deposit Account with us and enjoy an extra 0.30%p.a.3 interest above prevailing board rates.

    3. Are there any conditions to be met?
      Yes, the Child Development SGD Time Deposit (TD) must meet these conditions:
      • Account operating conditions: SGD Time Deposit Account must be opened with the same mandate as the Standard Chartered CDA from which funds are to be debited from.

      • Deposit amount: Limited to S$5,000-S$49,999 per account and per Trustee-Beneficiary relationship.

      • Tenor: Minimum tenor of 12 months.

      • Maturity date: SGD Time Deposit cannot mature after 31 December of the year the Beneficiary turns 12 years old. In the event of an auto-renewal where the maturity date exceeds 31 December, the SGDTD will not be auto-renewed, and the principal and interest accrued will be credited back to the CDA.

      • Source of funds: From Standard Chartered CDA only.

      • Premature withdrawal/maturity: In the event of a premature withdrawal/maturity, the principal and any interest accrued must be returned to the Standard Chartered CDA from which funds were debited from originally.
    4. I am the Trustee of a Standard Chartered CDA. How many Child Development SGD Time Deposit Accounts can I open?
      You can open as many Child Development SGD Time Deposit Accounts as you wish. However, please note that the deposit amount is limited to S$5,000 - S$49,999 per account and per Trustee-Beneficiary relationship.

    5. How can I use my CDA funds to open a Children Development SGD Time Deposit Account with you?
      You can do so at any of our branches.

    6. I am an existing OCBC CDA customer. Can I use my CDA funds to invest in a Children Development SGD Time Deposit Account with you?
      No, OCBC CDA customers are not allowed to invest their CDA funds in Standard Chartered's Children Development SGD Time Deposit Accounts.

    7. What are the tenors available to me?
      The tenors available are 12 months, 15 months, 18 months, 24 months, 36 months, 48 months and 60 months.

    8. What is the minimum and maximum deposit allowed?
      Limited to S$5,000 - S$49,999 per Child Development SGD Time Deposit Account and per Trustee-Beneficiary relationship.

    9. Can I withdraw funds from the Children Development SGD Time Deposit Account?
      No.

    10. What happens to my Children Development SGD Time Deposit Account when it matures?
      Upon maturity, your SGD Time Deposit will either be auto-renewed for the same tenor or transferred to your Standard Chartered CDA. This would depend on the maturity instructions your provided at the time of opening the Children Development SGD Time Deposit Account.

      Please note that if you choose to auto-renew your SGD Time Deposit upon maturity, and if the new maturity date exceeds 31 December of the year the Beneficiary of your Standard Chartered CDA turns 12 years old, your SGD Time Deposit will not be auto-renewed. Instead, the principal and any interest earned will be credited back to your Standard Chartered CDA.

    11. In the event of a premature withdrawal, will I be liable for any premature withdrawal charges or penalties?
      In the event of a premature withdrawal, the charges for the uplift will be deducted from the interest accrued before the funds are credited back to the Standard Chartered CDA.

    12. Can I use cash to place a SGD Time Deposit with you?
      You may use cash to place a SGD Time Deposit but it will enjoy prevailing board rates and not the special rates for SGD Time Deposits placed with CDA funds. To open a Children Development SGD Time Deposit Account, only funds from your Standard Chartered CDA is allowed.

    13. Can I use a combination of cash and CDA funds to place a Children Development SGD Time Deposit with you?
      No, you cannot use a combination of cash and CDA funds to place a Children Development SGD Time Deposit.

    4. Miscellaneous
    1. Do I have to make a minimum initial deposit to open a Standard Chartered CDA?
      There is no minimum initial deposit required to open a Standard Chartered CDA.

    2. Do I have to maintain a minimum balance each month?
      You do not need to maintain a minimum balance each month.

    3. What are the fees and charges related to the account?
      There are no fees and charges related to the account.

    4. Do I receive a passbook or statement for this account?
      You will receive a statement every month for this account.

    5. Can I switch from the other CDA Bank and Standard Chartered?
      Yes, you may. You would need to inform MSF to close your Standard Chartered CDA. MSF will then instruct Standard Chartered to close your Standard Chartered CDA and to return the monies in your account to it. In addition, MSF will provide you with the necessary documents to apply for a CDA with the other CDA Bank.

    1Standard Chartered Bank (Singapore) Limited ("the Bank") reserves the right to revise interest rates at its sole and absolute discretion at any time without notice.

    2If our partners are Approved Institutions registered with MSF, you may use your Standard Chartered Baby Bonus Card to deduct funds from your Standard Chartered CDA via NETS to pay for your child and his/her siblings' expenses. Please note that payment with your Baby Bonus Card is only permitted if the merchant is an Approved Institution. If our partners are not Approved Institutions, please make payment with cash, Standard Chartered Credit/Debit Cards or your Standard Chartered ATM card.

    3The Bank reserves the right to revise interest rates or withdraw this offer at its sole and absolute discretion at any time without notice. Applies only to a maximum deposit of S$49,999 per specified Trustee-Beneficiary and for a tenor of minimum 12 months.

  • Opening of New Child Development Accounts (CDAs)

    1. Am I eligible to open a CDA?
      You are eligible to open a CDA if you meet these conditions:

      Trustee

      • Minimum 21 years old

      • Parent or 3rd Party nominated by parent

      • Singaporean, Permanent Resident (PR) or Foreigner

      • Not a bankrupt

      Child (i.e. Beneficiary)
      • Singapore Citizen

      • 2nd to 4th child born on or after 1 Aug 2004;

      • All children born on or after 17 Aug 2008

      • Mother is lawfully married to the child's father

      For more details or to confirm if you are eligible to open a CDA, please contact MSF.

    2. How can I open a Standard Chartered CDA?
    You may apply to open a Standard Chartered CDA via the following channels:
    • Baby Bonus One-Stop Service

      • Birth Registration Counter (BRC) at hospitals*

      • Immigration & Checkpoints Authority (ICA)

    • Any Standard Chartered branches

    * List of hospitals: East Shore Hospital, Gleneagles Hospital, KK Women's and Children's Hospital, Mount Alvernia Hospital, Mount Elizabeth Hospital, National University Hospital, Raffles Hospital, Singapore General Hospital, Thomson Medical Centre (as at 1 April 2008)

    In addition, please note the following requirements:
    Baby Bonus One Stop Service Any Standard Chartered branch
    Eligibility
    • Minimum 21 years old

    • Singapore Citizen/PR

    • Parents only

    • Only Trustee must be present
    • Minimum 21 years old

    • Singapore Citizen/PR/foreigner

    • 3rd party allowed (i.e. need not be parent)

    • Only Trustee must be present
    Documents Required
    • Original NRIC/Passport of Trustee

    • Original active bank book/bank statement (<3 months old) of Trustee

    • Original Birth Certificate / Certificate of Citizenship of Beneficiary

    • Original Completed CDA Application Form


    • Original MSF Letter of Authorisation

    • Original NRIC/Passport (for foreigners) of Trustee

    • Copy of Birth Certificate/Certificate of Citizenship/Passport of Beneficiary

    3. Where are your branches located?

    Our 18 branches are located island wide. To locate the branch nearest to you, please use our ATM/ Branch locater or call our 24-hour Phone Banking on 1800 747 7000.

    4. Must my child (i.e. the Beneficiary) be present at account opening?

    No, your child need not be present at account opening.

    5. Must I (i.e. the Trustee) be present at account opening?

    Yes, the Trustee must be present at account opening.

    6. What will I receive when I open a Standard Chartered CDA?

    You will receive the following items:

    • Welcome letter stating your Standard Chartered CDA number, and your Internet Banking and Phone Banking IDs,

    • Baby Bonus Card (ATM), and

    • Internet Banking, Phone Banking and ATM PIN mailers.

  • Operation Of Child Development Accounts (CDAs)

    1. Deposits
    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 : 7144

      Branch code: 0, followed by the first 2 digits of your Standard Chartered CDA number

      Your Standard Chartered CDA number can be found in your welcome letter.

    2. Withdrawals
    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.

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

    4. 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.

    3. Baby Bonus Card and NETS
    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.

    4. Change of Trustee
    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.

    5. Death of Trustee / Child (Beneficiary)
    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.

    6. Maturity of CDA
    1. 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).



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Speaking Up

Standard Chartered Bank (the “Bank”) is committed to maintaining a culture of the highest ethics and integrity, and in compliance with all applicable law, regulation and internal policy. As part of this commitment, the Bank has a ‘Speaking Up’ programme through which genuine concerns in this regard can be raised. Members of the public can securely raise Speaking Up concerns through this hyperlink, which is hosted on behalf of the Bank by a third party ‘InTouch’. Examples of concerns that can be raised through this website are concerns that relate to accounting, internal accounting controls or auditing matters and concerns relating to bribery or banking and financial crime. Concerns received will be forwarded to the Bank’s investigations team for review. Complaints relating to SCB banking services should not be raised through this site in the first instance, but through the SCB branch network, contact centres, Relationship Managers or the ‘Contact Us’ webpage.

Disclaimer

Please note that this hyperlink will bring to you to another website on the Internet, which is operated by InTouch, an independent company appointed by the Bank to support its Speaking Up programme. Please be mindful that when you click on the link and open a new window in your browser, you will be subject to the additional terms of use of the website that you are going to visit.

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