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Please note that from 23rd June 2015 onwards, we no longer open new CDA accounts. There will be no impact to existing Child Development Account-holders.
The Baby Bonus Scheme supports parents’ decision to have more children by helping to lighten the financial costs of raising children.
It was introduced on 1 April 2001 and enhanced on 1 August 2004 and 17 Aug 2008. The latest enhancements include the expansion of the categories of Approved Institutions (AIs) with effect from 1 July 2012 and the extension of the Child Development Account (CDA) until 31 December in the year the child turns 12, with effect from 1 January 2013.
As part of the enhanced Marriage and Parenthood package announced on 21 January 2013, there will be an enhanced Baby Bonus Cash Gift of $6,000 per child for the first two births and $8,000 per child for the third and fourth births.
Here’s a simple breakdown of the Enhanced Scheme’s benefits from 21 Jan 2013:
|
Birth Order
|
Cash Gift
|
Matching Government Contribution in the CDA
|
Total Benefit
|
|---|---|---|---|
| 1st child | $6,000 | Up to $6,000 | Up to $12,000 |
| 2nd child | $6,000 | Up to $6,000 | Up to $12,000 |
| 3rd child | $8,000 | Up to $12,000 | Up to $20,000 |
| 4th child | $8,000 | Up to $12,000 | Up to $20,000 |
| 5th child and beyond | Not applicable | Up to $18,000 for each child | Up to $18,000 |
Scheme’s benefits after 17 Aug 2008:
| Birth Order | Cash Gift | Matching Government Contribution in the CDA | Total Benefit |
|---|---|---|---|
| 1st child | $4,000 | Up to $6,000 | Up to $10,000 |
| 2nd child | $4,000 | Up to $6,000 | Up to $10,000 |
| 3rd child | $6,000 | Up to $12,000 | Up to $18,000 |
| 4th child | $6,000 | Up to $12,000 | Up to $18,000 |
| 5th child and beyond | Not applicable | Up to $18,000 for each child | Up to $18,000 |
Scheme’s benefits before 17 Aug 2008:
| Birth Order | Cash Gift | Matching Government Contribution in the CDA | Total Benefit |
|---|---|---|---|
| 1st child | $3,000 | Not Applicable | $3,000 |
| 2nd child | $3,000 | Up to $6,000 | Up to $9,000 |
| 3rd child | $6,000 | Up to $12,000 | Up to $18,000 |
| 4th child | $6,000 | Up to $12,000 | Up to $18,000 |
Disclaimer
Standard Chartered Bank (Singapore) Limited (the “Bank”) has prepared the above solely for your general information. The information has been derived from sources which the Bank believes to be reliable. While all reasonable care has been taken in preparing the above, the Bank does not represent or warrant that the information contained herein is accurate or complete and accepts no responsibility for any errors of fact or for any opinion expressed herein. The above information should not be used as a basis for making business or investment decisions. You should obtain professional advice before relying on any information contained herein. The Bank accepts no liability whatsoever for any reliance placed by you on the contents herein and will not be liable for any loss, damage or expense incurred by you whether arising directly or indirectly from your reliance on the above information.