This is a discussion on 2012 Baby Bonus within the Year 2012 Mummy forum, part of the Mummy Meeting Place category; any one has any idea if Baby Bonus is applicable for single mummy as well?...
any one has any idea if Baby Bonus is applicable for single mummy as well?
I read that you'll need to bring your latest bank statement to the hospital to register for the baby bonus (at birth reg counter). Anyone knows if the CDA will be done there as well? Or do we have to go down to OCBC / StanChart branches?
For the others gov will transfer the money to PSEA so you can use the money for next stage of education.
Mummy katsg if you are not clear, just search the web babybonus.gov.sg
What happens to unused savings in the CDA? The usused balance in your child's CDA will be transferred to his or her Post-Secondary Education Account (PSEA) in the year your child turns 7 years of age. You may continue to contribute to the PSEA until your child turns 18 years of age and receive the Government's matching contributions subject to the combined CDA/PSEA matching contribution cap of up to $6,000 each for the first and second child, $12,000 each for the third and fourth child and $18,000 each for the fifth and subsequent child. The funds in the PSEA can be used to pay fees for post-secondary education in Singapore for your child and his or her siblings. The PSEA is under the purview of the Ministry of Education (MOE). More information on the PSEA can be found at MOE's website at: http://www.moe.gov.sg.
For children born from 2001-2007, the trustees will receive an option at their official address (as maintained by the Ministry of Home Affairs) in November in the year the child turns 6 years of age to choose to transfer the CDA balance into the PSEA or to withdraw the amount in cash.
But in my case, I'm thinking to not submit the CDA account form because I want to open the account at nearest OCBC , so I'll wait the authorisation letter from MYCS.
I'm thinking about OCBC CDA extra account rather than OCBC CDA so better for me to go OCBC by myself.
can also use the money in the CDA account to pay for the stem cord storage fees, i believe.