What you want to discuss about ?
This is a discussion on Baby Bonus within the General Parenting Discussion forum, part of the Growing Up & Parenting category; Any of the mum applied for this baby bonus? Read it from this link Ministry of Community Development, Youth and ...
Any of the mum applied for this baby bonus? Read it from this link
Ministry of Community Development, Youth and Sports
Any mum wanna talk about this scheme?
What you want to discuss about ?
i think all of us who's eligible will apply for it..
cuz govt give $, hu dont want?
Basically there are two types - Recently delivered mummies please correct me if i am wrong, because this is based on my experience in sep 2005.
1) Baby Bonus is a lump sum cash gift of $4000 (in sep 2005 was only $3000), given to you in stages, aka 4 instalments (newborn, 6months, 1 year old till 18months) - which is credited into your hubby or your own bank account - you specify in the form which account to credit in. you can use it in whatever ways you liked - food, delivery expenses, baby stuff, household or emergency cash laid out.
2) CDA Account - govt gives $ to $ match whereby you need to open an account with designated banks to handle the $$ inside. And for this you can only use it for educational expenses. I donx have experience in this CDA thing but this is how i understand. Basically CDA account is eligible for first child also. (Was not in 2005)
ya, i guess the next difference is POSB/DBS no longer manage CDA. i've heard hav to go to bank to Q to open CDA?
my bad experience is that OCBC bank guy who posted at Kandang Kerbau Hospital never submit my Baby Bonus and CDA forms..i was so frusted..
i went to Kandang Kerbau Hospital on 12/02/09 to do my baby gal birth cert and i submit also the forms for the baby n CDA..after everything done,the ocbc guy pass me the acknowledgement slip n ask me to wait aleast 3 weeks for the approval letter..n i waited for a month plus..there no ltr at all..so i decide to cal MCYS and enquiry why they taking so long,to my shock..they dont have my record!!!!!WTFish..i was so angry with the OCBC guy!!!so i call the OCBC hotline to inqiry..the operator kept apologising to me..i told them,i dont want their sorry..i want explanation frm the guy who process my forms..so the operator told me that he will investigate..at the end.the guy who process my forms call up and apologised to me saying that he only submit my form on 04/03/09!!!!!!!!!!OMG...i questioned him,what he be doin to my form till he lagged it so long..he told me bla.bla.bla..and the end to finish the story..i told him to process my case asap..cos the fault doesnt liase with me but him..
and i told him also that i m not hardup about the$$$$..but the procedure state so clear..so who care rite!!!
am rather confused here...
so the baby bonus cash is $$ from govt which we can choose where to deposit and use at our discretion
and the CDA is $ per $ match from govt which is deposited into either OCBC or Standchart,
Last edited by mandymtb; 24-03-2009 at 10:26 PM.
the CDA $ can be use for not only childcare/ education.. it can also be use at any Approved Institutes.. list can be found at babybonus website..
no.. there's actually one stop service at hospitals.. but most from OCBC ppl.. if want to open at standard charter, i think have to send in the application by mail.. alternatively, think can go standard charter to Q...ya, i guess the next difference is POSB/DBS no longer manage CDA. i've heard hav to go to bank to Q to open CDA?
Thanx all for the kind explanation. I was very blur about this entire baby bonus thing, hence decide to ask the mums here. Fortunately you all have been of great help.
I'm sure no one will disagree that we're all SUPER DUPER FRIENDLY (to d extend of being very K-PO also) mummies (n daddies)... lol..
I heard that the baby bonus can be withdrawn in cash from bank when my child reaches 6 year old. Am I right?
These are the information that I search from the following website:
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.
Anyone withdraw the cash before?
Any mummies know when the govt will match the amount of money in the CDA?
If I were to deposit on 16 May, the govt will match on 16 June or start of June?
i dont understand so just to clarify... The amount in the CDA account can be withdrawn? When can it be done?
Expect 30-50 days later before you see the matched amount in your CDA account ... think they have a fixed day to effect the transfer every month.Originally Posted by Hui Min
So, if you nice nice deposit near to that day, you get it 30 days later ... if you deposit just after that day, then you get it about 50 days later.
If my understanding is correct, you can withdraw ... but it's only worth doing so if you have already matched your entitlement by then.Originally Posted by HKGSIN
Using a specific example, let's assume we are talking about a 2nd child here ... where we can get $6k from govt if we put in $6k.
Suppose by the time this child reaches 6, you have only deposited $4k into the CDA account ... so, total amount in your CDA account will be $8k, with govt matching the other $4k.
If you choose to withdraw the $8k, you give up the right to pursue your remaining $2k from the govt ... but if you dont withdraw, then you have another 12 years (ie, until the child reaches 18) to deposit that last $2k to the govt's matching.
Administratively speaking, whatever is in the CDA account can be used to make direct payment (via the ATM card) to the "approved institutions" which cater to children up to 6 years old. Examples are kindergarten, special medical needs (like autism, I think).
On the other hand, the "approved institutions" under the PSEA account deals with children needs of an older age. Examples are primary school fees, etc.
It can be withdrawn to make payments to any of the "approved institutions" ... exact details, check out the MCYS website.Originally Posted by infinity88
If you're talking about withdrawing the entire sum in cash, then the option can be exercised when your child turns 6 ... but whether it is the most appropriate to do so, go read what I said in the posting before this one: Baby Bonus
yahoo .... dear daughter had got her full withdrawal of babybonus at StanCht.
a bit regret cos she's a special needs kid so if had converted/left the $$ at StanCht, dear daughter would have a savings acc. Now she cant have any acc cos mummy doesnt want to pay for a court order cost ±$2000 - required by bank to open a saviings trust acc.
Just being nosey here ... but what kind of special needs you referrring to?Originally Posted by Angelmum
You can easily get your problems solved by opening a trust account wth POSBank ... keeping such an account with StanChart has no extra benefits anyways.
In addition, POSBank has some promotion until Sep this year ... a $1k deposit gets the child a gift of an art set.
Last edited by VroomVroomBoys; 24-05-2009 at 10:22 AM.