SINGAPORE - Parents will have more choices and greater convenience under the Baby Bonus Scheme from mid 2015.
DBS Bank Limited (DBS) and United Overseas Bank (UOB) have been appointed as managing agents (MAs) for Child Development Accounts (CDAs) by the Ministry of Social and Family Development (MSF) under the scheme. They will start providing CDA services from the second quarter of 2015.
Existing MA Oversea-Chinese Banking Corporation Limited (OCBC) rounds up the three.
The Standard Chartered Bank (SCB), an existing MA, will continue to manage its existing CDAs until end 2018. Parents can continue to open CDAs with SCB until the second quarter of 2015 when DBS and UOB come on board, said MSF in a statement on Friday.
The MAs will publicise their CDA benefits and terms from the last quarter of 2014 onwards.
MSF will also introduce a Baby Bonus Online system in the second quarter of 2015 to make it more convenient for parents to join the Scheme and open a CDA for their child. With the online system, parents will no longer need to fill up hardcopy forms and make a trip to the bank to open CDAs. Parents-to-be can join the Scheme, as early as two months before the estimated delivery date of their child.
DBS customers can also link their CDAs to their iBanking account, the bank said in a statement.
Parents can expect to receive the cash gifts and have their CDAs set up within a shorter time of 7 to 10 working days of the child's birth registration. The government matching will be received within a shorter time of 2 weeks after making deposits. They can also review their choice of MA and make changes online at their convenience.
More details on the Baby Bonus Online will be announced in 2015.
For enquiries on the Baby Bonus Scheme:
Website: http://www.babybonus.gov.sg
Baby Bonus Toll-free hotline: 1800-2537707 during office hours (Monday to Friday: 8.30am - 6.00pm).