Singapore, May 2008

IT IS a better bonus for baby from 01-August-2008, when parents can pick from tow banks servicing the Baby Bonus Children Development Accounts (CDA).
 

The current sole provider, DBS Bank, used to offer a rate 0.25 per cent on CDA savings. But OCBank intends to woo parents by offering an annual rate of 2.05 percent on savings balances.
 

Meanwhile, standard Chartered Bank is dangling an annual rate of 2.05 per cent for savings for up to SGD$25,000, and 1% for larger amounts. The two banks are also offering free insurance and discounts on preschool fees. Money from the baby bonus can also be pit into fixed or time deposits with the banks.
 

The two banks were appointed after they won a tender held by the Ministry of Community Development, Youth and Sports (MCYS) in March. DBS also threw its hat in but lost to OCBank and StanChart. The baby bonus accounts, estimated to hold funds of about $400 million, were started by the Government in 2001 to encourage couples to have children.
 

The Scheme offers parents an outright cash gift, and matching contributions to the CDA. For the third and fourth child, the total bonus from Singapore Government can go up to as much as $18,000. MCYS has started sending out a package containing instructions and application forms to some 100,000 parents who have baby bonus accounts.
 

Parents can mail their application forms to MCYS. OCBank has also opened collection points at 12 community clubs in the heartland, in addition to its 56 branches, where parents can submit their forms.
MCYS will transfer the dunds in baby bonus accounts from DBS Bank to the parents’ chosen bank by Aug 7.
More information is available at www.scholardomain.com/babybonus.

Singapore Baby Bonus makes raising childres $18,000 easier. [To MainPage]

All enquiry are to be send to questionsandanswers@sands.com.sg

Thanks you, Singapore.