OCBC Child Development Account

With a Child Development Account (CDA), your child will get a head start in life as the money will earn higher interests. The account gives a wide array of benefits. You will earn 2% p.a. interest on the initial sum of S$36,000 in the account and 0.05% p.a. on the amount higher than that.

Features and benefits of OCBC CDA

There are numerous features and benefits that your child will get with OCBC Child Development Account (CDA). Here is a list of some of them:

  • You will get a 3% cashback (up to S$80 in a month) on the OCBC 365 Card whenever you pay cord blood banking, dental and over-the-counter medical bills. There needs to be a monthly spend of at least S$600 to get this benefit.
  • You will get 40% discount on Personal Accident Protect that provides coverage for the parent and child against accidental death, medical expenses and disablement.
  • Your child’s CDA will be credited with an amount of S$108 if you purchase MaxMaternity Care that protects expectant mothers against complications arising during pregnancy.
  • With OCBC Baby Bonus Card, you will get a discount of up to 50% when you shop at select merchants.
  • If you are opening a joint monthly savings account and deposit S$50 each month with no withdrawals, you will earn an interest at the rate of 0.8% p.a.


The account will be credited with an amount of S$100 if you purchase an OCBC Endowment Plan or Protection Plan by 31 December 2018. The premiums should be between S$3,600 and S$11,999 per year.

How does the Child Development Account work?

CDA is a government scheme administered by OCBC, DBS and UOB. The OCBC CDA works in the following way:

  • You get to save until the time your child is 12 years old.
  • You will get a CDA First Step Grant amounting to S$3,000 if your baby is born on 24 March 2016 or later. This amount will be credited to the CDA as soon as the account is opened.
  • Your savings will be matched by the government, up to the maximum limit set. The limits (applicable for children who were born on 24 March 2016 or later) are –
    • For the first and second child – S$6,000
    • For the third and fourth child – S$12,000
    • For the fifth child and further – S$18,000
  • Once your child turns 13, the balance amount in the account will go to your child’s Post-Secondary Education Account (PSEA).

How to pre-register for OCBC Child Development Account

It is recommended to register for this account before the birth of your child. You can do the pre-registration up to eight weeks prior to the date of delivery on the Baby Bonus website. Your baby will join the Baby Bonus Scheme automatically upon his/her birth and his/her OCBC Child Development Account will be activated within 3-5 working days.

How to use the Child Development Account funds

You can use the funds in CDA to pay for the child’s education and healthcare. You could pay for your kid’s hospital expenses or buy Medisave-approved private integrated plans or MediShield Life. You can also pay for –

  • Providers of assistive technology devices.
  • Providers of early intervention programmes.
  • Child care centres, special education schools and kindergartens.

How to apply

To apply for this account, you will have to visit the Baby Bonus website.

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