Short, Simple and Interesting FAQs
The Child Development Account (CDA) is a special savings account in Singapore designed to help parents save for their child’s future educational and developmental needs. It’s part of the Singapore government’s Baby Bonus Scheme, aimed at assisting parents in defraying the costs of raising children. Key features of the Child Development Account (CDA) include: Government … Read more
Once a child reaches 12 years old in Singapore, certain changes occur regarding the utilization of funds in the Child Development Account (CDA): CDA Account Closure: The CDA remains open, but parents or guardians will no longer be able to make additional contributions to the account after the child turns 12 years old. Account Accessibility: … Read more
It’s recommended to open a Child Development Account (CDA) in Singapore as soon as possible after the child’s birth or after you receive the child’s citizenship or permanent residency status in Singapore. The CDA is a savings account intended to help parents save for their child’s future educational and developmental needs. Opening the CDA early … Read more