FAQ for Child Development Account
What is a Child Development Account (CDA)?
The CDA* is a special savings account for children to help build up the savings that can be spent on approved uses.
Your child’s CDA can be opened at any OCBC Bank, DBS Bank or UOB Bank branch.
You can deposit cash into the CDA any time until 31 December of the year your child turns 12 years of age.
For more information on CDA, please visit www.babybonus.msf.gov.sg or ask our friendly consultants today!
*A child is eligible to apply for a CDA if he/she is:
- Born on or after 17 August 2008
- A Singaporean citizen (or becomes a citizen before the age of 12)
- The parents are legally married
How does the Child Development Account (CDA) work?
The CDA has two components: the CDA First Step Grant and the Government Dollar-for-Dollar Matching.
Under the CDA First Step Grant, parents will receive an initial amount of $3,000 (from the Government’s existing contribution caps) which will be deposited into your child’s account.
Parents who continue to save beyond this initial amount will enjoy the Government Dollar-for- Dollar Matching as follows:
| Child Order | CDA Benefits | Total CDA Benefits | |
| CDA First Step | Dollar-for-Dollar Matching | ||
| 1st Child |
$3,000 | Up to $3,000 | Up to $6,000 |
| 2nd Child |
Up to $6,000 | Up to $9,000 | |
| 3rd & 4th Child |
Up to $9,000 | Up to $12,000 | |
| 5th Child and higher |
Up to $15,000 | Up to $18,000 | |
The amount from the Government Dollar-for-Dollar Matching will be deposited into your child’s CDA account the following month.
What is CDA First Step Grant?
The CDA First Step Grant is new grant of $3,000 for eligible Singaporean children born from 24 March 2016. It is paid into the child’s CDA and forms part of the existing overall Government contribution cap.
Singaporean children born from 24 March 2016 who are Singaporean Citizens (or become a citizen before turning 12 years old) and have lawfully married parents, are eligible for the CDA benefits.
How will the CDA First Step Grant affect the Government Dollar-for-Dollar Matching for my child?
The CDA First Step Grant is part of the current government cap.
Beyond this grant, parents who contribute to the child’s CDA will continue to receive dollar-for-dollar matching from the Government, up to the existing Government co-matching contribution caps as follows:
Child Order |
CDA Benefits | Total CDA Benefits |
|
|---|---|---|---|
| CDA First Step | Dollar-for-Dollar matching |
||
| 1st & 2nd child | S$3,000 |
Up to S$3,000 | Up to S$6,000 |
| 3rd & 4th child | Up to S$9,000 | Up to S$12,000 | |
| 5th child and higher | Up to S$15,000 | Up to S$18,000 | |
FoFor more information on CDA, please visit www.babybonus.msf.gov.sg or ask our friendly consultants today!
Who is eligible for the Child Development Account (CDA)?
A child is eligible if he/she is:
- Born on or after 17 August 2008
- A Singaporean citizen (or becomes a citizen before he/she turns 12 years old)
- The parents are legally married
Why should I choose to use Child Development Account (CDA) to pay for my child's cord blood banking service?
You may utilise your child’s CDA First Step Grant of an initial amount of $3,000 (which comes from the Government’s existing contribution caps) and the Government Dollar-for-Dollar Matching (for parents who continue to save beyond the initial amount) to subsidise both your initial one-time enrolment fee, and subsequent annual feels till your child turns 12 years old*.
*Terms and conditions apply
What should I do if I want to use Child Development Account (CDA) to pay for my child's cord blood banking service?
Upon enrolment with Cordlife, you will be given different payment options to choose from. If you would like to use your child’s CDA to pay for Cordlife’s cord blood banking service, please kindly indicate that option.
In the application form, you may choose to sign up with either:
Along with your application form, you will need to fill up an Authorisation Letter to authorise Cordlife to deduct the payment from your child’s CDA.
This is to be done only once for each CDA. You need not resubmit the forms to Cordlife for your subsequent billing.
What are the required documents to provide when I apply for my inter-bank GIRO Application?
You will be required to submit a copy of your child’s birth certificate, the Trustee’s name and your child’s Child Development Account (CDA) number to Cordlife.
Do I need to pay an enrolment fee when I opt to use my child’s Child Development Account (CDA) to pay for Cordlife’s cord blood banking service?
No, you are not required to pay upon enrolment. However, we will request for your credit card details.
In the event that your child’s CDA application is not approved by the bank within two (2) months from your child’s date of birth, Cordlife will charge the payable fees to the credit card provided.
Is there a limit on the amount that I can use for my Cordlife’s cord blood banking service through my child’s Child Development Account (CDA)?
No, there is no limit. You can use your child’s CDA which includes the CDA First Step Grant of $3,000 as well as the Government Dollar-for-Dollar Matching to subsidise your child’s cord blood banking service with Cordlife.
How long can I make use of the amount in my child’s Child Development Account (CDA)?
You can utilise the cash in the CDA until 31 December of the year your child turns 12 years of age.
After which, the account will be automatically converted into a Post-Secondary Education Account (PSEA) for your child.
I am an existing client of Cordlife. Can I use my child’s Child Development Account (CDA) to pay for subsequent annual fees?
Yes, you may. You may choose to open an account with either OCBC Bank, DBS Bank or UOB Bank.
Kindly download and fill up any of the following application forms:
In addition, you will need to fill up an Authorisation Letter to authorise Cordlife to deduct the payment from your child’s CDA.
Please send both the original completed and signed forms to Cordlife at the address below for processing:
Cordlife Group Limited
Finance Department (CDA Payment)
1 Yishun Industrial Street 1
A'Posh Bizhub
#06-01/09
Singapore 768160
Can I use my child's Child Developement Account (CDA) to pay for his/her sibling's cord blood banking service?
Yes, you can use your child's CDA to pay for his/her sibling's cord blood banking service. Kindly provide the birth certificate of his/her sibling for verification.
What do I need to do if I wish to terminate my inter-bank GIRO used for my child’s Child Development Account (CDA) with Cordlife?
If you wish to terminate your inter-bank GIRO used for your child’s CDA with us, please contact the bank which you opened the CDA with, and inform Cordlife at 6238 0808 or email customercare@cordlife.com.
Where can I download the inter-bank GIRO and Authorisation form for my child’s Child Development Account (CDA) with Cordlife?
You may download the inter-bank GIRO and Authorisation Form by clicking on one of the links below: