Disclaimer

This is to inform that by clicking on the hyperlink, you will be leaving sc.com/sg and entering a website operated by other parties.

Such links are only provided on our website for the convenience of the Client and Standard Chartered Bank does not control or endorse such websites, and is not responsible for their contents.

The use of such website is also subject to the terms of use and other terms and guidelines, if any, contained within each such website. In the event that any of the terms contained herein conflict with the terms of use or other terms and guidelines contained within any such website, then the terms of use and other terms and guidelines for such website shall prevail.

Thank you for visiting www.sc.com/sg


Proceed
News and medias masthead

 

Important Information

Cessation of Child Development Account (CDA) services after December 2018

Please be informed that all CDAs managed by Standard Chartered Bank (Singapore) Limited (SCBSL) will be closed at the end of 2018. CDA trustees (mostly parents) whose child is below 12 years old and holds a CDA in SCBSL, are reminded to change your child’s account to the other banks appointed by the Ministry of Social and Family Development (MSF) by 31 October 2018. The change can be made on the Baby Bonus Online Portal (www.babybonus.msf.gov.sg).

Trustees with a child turning 12 years old in 2018 do not need to take any action. You may continue to use the CDA with SCBSL till the end of 2018. Your child’s CDA will then be automatically closed, and the CDA balance will be transferred to his/her Post-Secondary Education Account (PSEA) under the Ministry of Education in January 2019, when your child turns 13.

All affected trustees will receive a letter from MSF in February 2018 to remind and guide you on how to change your CDA banks. If you do not change your CDA to your preferred bank by 31 October 2018, MSF will automatically assign the CDA to one of the CDA banks, and inform you of the assigned bank.

For more details, please visit the Baby Bonus Online Portal (www.babybonus.msf.gov.sg) or contact MSF at 1800 253 7707 (Monday – Friday: 8.30am to 6.00pm, Sat: 8.30am to 1.00pm).