blessedmommy
Active Member
this is what i extracted from baby bonus website. oh yes, i think it mentioned there that the ability to withdraw outstanding balance in cash only applicable to children born in 2001-2007, so all of u here will not be able to do so.
Unused Savings in the Children Development Account (CDA)
1.
What happens to unused savings in the CDA?
The usused balance in your child's CDA will be transferred to his or her Post-Secondary Education Account (PSEA) in the year your child turns 7 years of age. You may continue to contribute to the PSEA until your child turns 18 years of age and receive the Government's matching contributions subject to the combined CDA/PSEA matching contribution cap of up to $6,000 each for the first and second child, $12,000 each for the third and fourth child and $18,000 each for the fifth and subsequent child. The funds in the PSEA can be used to pay fees for post-secondary education in Singapore for your child and his or her siblings. The PSEA is under the purview of the Ministry of Education (MOE). More information on the PSEA can be found at MOE's website at: http://www.moe.gov.sg.
For children born from 2001-2007, the trustees will receive an option by November in the year the child turns 6 years of age to choose to transfer the CDA balance into the PSEA or to withdraw the amount in cash.
Unused Savings in the Children Development Account (CDA)
1.
What happens to unused savings in the CDA?
The usused balance in your child's CDA will be transferred to his or her Post-Secondary Education Account (PSEA) in the year your child turns 7 years of age. You may continue to contribute to the PSEA until your child turns 18 years of age and receive the Government's matching contributions subject to the combined CDA/PSEA matching contribution cap of up to $6,000 each for the first and second child, $12,000 each for the third and fourth child and $18,000 each for the fifth and subsequent child. The funds in the PSEA can be used to pay fees for post-secondary education in Singapore for your child and his or her siblings. The PSEA is under the purview of the Ministry of Education (MOE). More information on the PSEA can be found at MOE's website at: http://www.moe.gov.sg.
For children born from 2001-2007, the trustees will receive an option by November in the year the child turns 6 years of age to choose to transfer the CDA balance into the PSEA or to withdraw the amount in cash.