Baby Bonus

CanCanMum

CanCanMum

Moderator
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 u in stages, aka 4 instalments (newborn, 6months, 1 year old till 18months) - which is credited into your hubby or your own bank account - u specify in the form which account to credit in. U can use it in whatever ways u liked - food, delivery expenses, baby stuff, household or emergency cash laid out.

2) CDA Account - govt gives $ to $ match whereby u need to open an account with designated banks to handle the $$ inside. And for this u 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 oso. (Was not in 2005)
 
BudgetMum

BudgetMum

Member
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?
 
hanipoise

hanipoise

Member
my bad experience is tat OCBC bank guy who posted at KKH never submit my Baby Bonus and CDA forms..i was so frusted..

i went to kkh on 12/02/09 to do my bb gal birth cert and i submit also the forms for the BB 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 mth plus..there no ltr at all..so i decide to cal MCYS and enquiry why they taking so long,to my shock..they dun hv 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 dun want their sorry..i want explanation frm the guy who process my forms..so the operator told me tat he will investigate..at the end.the guy who process my forms call up and apologised to me saying tat he only submit my form on 04/03/09!!!!!!!!!!OMG...i questioned him,wat 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 tat i m not hardup abt the$$$$..but the procedure state so clear..so who care rite!!!
 
M

mandymtb

Member
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,

correct?
 
Last edited:
Queenbabe

Queenbabe

Well-Known Member
mandymtb said:
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,

correct?
Click to expand...
Yup , correct :)
 
BbpHir3

BbpHir3

Active Member
the CDA $ can be use for not only childcare/ education.. it can oso be use at any Approved Institutes.. list can be found at babybonus website..

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?
Click to expand...
no.. there's actually one stop service at hospitals.. but most from OCBC ppl.. if wan to open at standard charter, i think haf to send in the application by mail.. alternatively, think can go standard charter to Q...
 
N

newbie2009

Active Member
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.
 
M

mandymtb

Member
newbie2009 said:
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.
Click to expand...
same here - thks to those who have replied with useful information.

there is a 1st time for everyone to learn new things frm those experienced ones, am glad that the mummies here are willing to share their knowledge.
 
BbpHir3

BbpHir3

Active Member
I'm sure no one will disagree that we're all SUPER DUPER FRIENDLY (to d extend of being very K-PO oso) mummies (n daddies)... lol..
 
HKGSIN

HKGSIN

Member
I heard that the baby bonus can be withdrawn in cash from bank when my child reaches 6 year old. Am I right? :nah:
 
HKGSIN

HKGSIN

Member
These are the information that I search from the following website:

Baby Bonus



Quote:


1.
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.


Unquote
 
J

jxmummy

Member
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?
 
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