Singaporean parents can open CDAs with DBS, OCBC, or UOB banks without having to go to the bank itself. They only need to fill an online form and the account will be opened within the form’s completion or 5 working days from birth registration, whichever is later.
Once opened, parents can use the CDA to save for up to 12 years and the government matching program will be valid within this period as long as the cap has not been reached. In addition, babies born from 24 March 2016 onwards will receive the First Step grant, which is $3,000 provided by the government without any savings required from the parents. When the child turns 13, any remaining balance will be automatically transferred to his/her’s Post-Secondary Education Account. If the government matching program’s cap has not been reached at this point, you may continue to obtain it until the child turns 18.
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