We know that you will have your hands full after your child is born; hence you can apply online via Baby Bonus Online 8 weeks before the estimated delivery date of your child. Your child will automatically join the Baby Bonus Scheme upon birth registration and his OCBC CDA will be opened within 3-5 working days.
You can view the transactions made in your Child Development Account (CDA) in the monthly statement sent by your CDA bank, or through Internet Banking. You may also log in using Singpass via “Family View” on Baby Bonus Online, select 'View Statement ' to view the CDA payment details and remaining Cap amount.
Start saving in your Child Development Account via digibank Online, digibank Mobile, POSB/DBS Cash Machine, Cheque or by Standing Order. Perform a Local Funds Transfer via digibank Online. Log in to digibank Online with your User ID and PIN. Complete the Authentication Process.
Activate your Savings Account immediately via SMS Banking or a DBS/POSB ATM. To activate your Current Account simply visit any DBS/POSB Branch with your NRIC/Passport.
Baby Bonus Scheme. [Enhanced: For eligible children born on or after 14 February 2023] The Baby Bonus Scheme helps you manage the costs of raising a child. It comprises the Baby Bonus Cash Gift and a Child Development Account – a special co-savings scheme for your child.
PehlaKadam : Minor of any age. This account will be jointly opened with the parent/guardian. PehliUdaan : Minors above the age of 10 years and who can sign uniformly. This account will be opened in the sole name of the minor.
This is a lump sum payment of $595 per child. It's not taxable.
Currently, as taxpayers or their representatives, you request information about CDA balances from the CRA. You can also use the Submit Enquiry function in My Business Account to ask the CRA to confirm it received your CDA balance request.
Please quote 'OCBC CDA' to enjoy the privileges. For bookings and enquiries, please call 6659 0700 (Rochester Mall) or 6904 5448 (Ngee Ann City).
The capital dividend account (CDA) is a special corporate tax account that gives shareholders designated capital dividends, tax-free. When a company generates a capital gain from the sale or disposal of an asset, 50% of the gain is subject to a capital gains tax.
The Baby Bonus Scheme initially granted $2,500 in tax cuts per year for parents of newborns, an amount which was amended to lump-sum payments of $3,000 from 1 July 2004 and progressively rising to its current amount of $5,000 (now paid in 13 instalments).
A $5,000 superannuation baby bonus paid into the person's superannuation account would be equivalent to the amount that a person would receive from Super Guarantee (SG) contributions on a $60,000 wage for one year.
Types of payments include: Newborn Upfront Paymentlaunch – a lump sum payment per child. Newborn Supplementlaunch – up to 13 weeks per child. Parental Leave Paylaunch – up to 18 weeks while you take time off work to care for your newborn baby.
Parents can use the CDA to pay for approved products and services for the child or the child's sibling(s) at Baby Bonus AIs. Parents can find out more about the Baby Bonus Scheme, check their child's eligibility for the CDA and apply online at www.babybonus.msf.gov.sg.
You need to submit the child's birth certificate as age proof. The child must be below 18 years of age. As well as age proof, this is also required to establish your relationship with the minor. You need to submit your details, particularly PAN card information, as well.
ATMs in Singapore
Most banks will charge a foreign transaction fee if you're using your Australian debit card. And you might find there is an ATM access fee. This means that if you are withdrawing cash from ATMs, plan ahead if you can.
Enable your Card for overseas usage to transact and withdraw foreign currency overseas. Avoid foreign exchange and debit card fees by using a DBS Visa Debit Card linked to any of our multi-currency accounts (e.g. My Account or Multiplier).
Card services
As a security measure, you will be required to activate your card before usage.