This is a special savings account under the Government’s Baby Bonus Scheme where your savings are matched dollar-for-dollar.
With the OCBC CDA, you can start saving early for your child’s future and enjoy higher interest rates and exclusive benefits.
You can save in the CDA any time until your child turns 12 years old, right up to 31 December of that year.
The savings are matched dollar-for-dollar up to the cap for Government matching contributions.
Birth Order – Co-savings from the Government
- 1st and 2nd – Up to S$6,000 for each child
- 3rd and 4th – Up to S$12,000 for each child
- 5th and beyond – Up to S$18,000 for each child
In the year your child turns 13, the unspent balance in the CDA will be transferred to the Post Secondary Education Account (PSEA) opened for the child.
CDA funds can be used at Baby Bonus Approved Institutions to pay for Education and Health
2% p.a on the first S$36,000 in your OCBC CDA
Up to 0.8%p.a. with the OCBC Monthly Savings Account
S$108 Cash Gift in Your OCBC CDA with MaxMaternity Care pregnancy protection plan
S$100 Cash Gift in Your OCBC CDA for protection and endowment plans
40% Off Premiums for ShieldWise parent and child personal accident protection plan
3% Cashback on medical spend, on top of existing benefits with the OCBC 365 Credit Card
Other terms and conditions apply.
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