No, you cannot directly withdraw money from the Child Development Account (CDA) in Singapore. The CDA is a special savings account meant for eligible children, primarily to cover expenses related to healthcare and educational needs. It’s part of the Baby Bonus Scheme and comes with government contributions and matching funds.
However, while you can’t withdraw cash directly from the CDA, you can use the funds in the CDA for approved expenses at approved institutions. These expenses typically include:
- Healthcare: Payments for medical and dental services at approved healthcare institutions.
- Childcare and Education: Payment of fees at approved childcare centers, kindergartens, schools, and educational institutions.
The funds in the CDA are meant to be used for the child’s well-being and development. They can’t be withdrawn as cash but can be utilized to cover various expenses related to healthcare and education at approved establishments.