Asked by: Yarey Kuqi
asked in category: General Last Updated: 3rd April, 2020

Is baby bonus and CDA the same?

Do you get confused with the Baby Bonus cash gift with the Child Development Account (CDA)? Cash Gift is a sum of money given to you by the government that does not require your contribution while the CDA is a matching contribution by the government for the amount that you save in the account.

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Considering this, how much is the baby bonus in Singapore?

The Baby Bonus Cash Gift is basically cash that is given to parents of newborn babies. How much parents receive depends on the birth order of their child. This ranges from $8,000 (1st and 2nd child) to $10,000 (3rd and subsequent children).

Beside above, what happens unused CDA? When the CDA is closed at the end of the year the child turns 12, any unused CDA balance will be transferred to the child's Post-Secondary Education Account (PSEA). Parents can continue to save in the PSEA if they have not saved up to the CDA cap for Government matching contributions.

Accordingly, can CDA be used for infant care?

Approved uses of the CDA The CDA can be used to offset baby expenses including, but are not limited to; Child Care Centres, Kindergartens, Special Education Schools, Providers of Early Intervention Programmes, Providers of Assistive Technological Devices, Medical-related Expenses (eg.

Which CDA Bank is better?

Previously in 2015, UOB did a tiering system for interest in CDA and thankfully it has been revised. POSB previously had a guarantee on the 2% rate for 5 years but they have removed it. In year 2011, Standard Chartered Bank had the best CDA interest rate offering at 1%/y only.

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