Development Account for Child

Savings account for your baby boy with dollar-for-dollar match from the government

Why choose Safra Bank?

Earn up to 4.5% interest per annum

Eligibility

Please refer to...

How it works

Saving the CDA until the child turns 12 You can make deposits in the CDA of the child until the end of the year he or she turns 12.

June 2012
Your baby is born. You can open
a CDA and start depositing
money in the account

June 2024
Your child turns 12 can still
store and use the money from your
CDA of the child up to December 31, 2024

January 2025
The balance of the CDA of your child is transferred to his account post-secondary education (PSEA) to pay for her tertiary education.

Dollar-for-dollar matching

The government will match every dollar you put in your child's CDA.

For a child born on or after 17 August 2008:

*Every dollar deposits was offset by the government in the next month. for example:

S$6,000 deposit (in June) + S$6,000 from government (in July) = S$12,000

Tip: Save in your CDA to maximize the co-savings from the government. The savings can be used for expenses incurred by authorized institutions (AIS).

Have a monthly household income of less than S$3,500?

Save S $ 50 into your CDA and receive an extra S $ 250 from contributions dollar-for-dollar savings when you apply for the OCBC CDA regime Starter.

Ways to use your child's CDA funds

Baby Bonus Card

Pay the Ministry of Social Development and the Family (MSF) has approved institutions with funds from the CDA of your baby via NETS, interbank GIRO or check your balance at an ATM or cash deposit at any OCBC cash deposit machine

Enjoy discounts and privileges when you present your card at merchants participating Bonus Baby

The new ATM Baby Bonus Card with EMV chip will be issued to new customers CDA from October 1, 2013.