Child Development Account (CDA)
The Baby Bonus Scheme consists of two components – a Cash Gift and a Child Development Account (CDA). The CDA is a special savings account that you apply online at any OCBC, DBS/POSB or UOB bank(Singapore) for your child who is eligible for CDA.
Under the Scheme, the savings you contribute to your child’s CDA will be matched dollar-for-dollar by the Government.
For more information, visit here
Paying for your Cord Blood Banking Plans with CDA
Child Development Account First Step and Government Contribution Caps
| Birth Order | Components of CDA | ||
|---|---|---|---|
| First Step Grant (no initial deposit from parents required) (a) |
Maximum Government Co-Matching (b) |
Total CDA Benefits (a)+(b) |
|
| 1st Child | $3,000 | Up to $3,000 | Up to $6,000 |
| 2nd Child | ENHANCED from 2021 Up to $6,000 (was $3,000) |
ENHANCED from 2021 Up to $9,000 (was $6,000) |
|
| 3rd Child | Up to $9,000 | Up to $12,000 | |
| 4th Child | |||
| 5th and Subsequent Child | Up to $15,000 | Up to $18,000 | |
The first step grant is automatically deposited after the CDA is opened.
The Government will match dollar for dollar when parents save in the CDA, up to the respective amounts stated in the table.
How to Set Up CDA?
Go to the Baby Bonus website to check your eligibility.
After the birth of your newborn, register the child’s birth.
Apply for a CDA account through an online form available on the various platforms (Baby Bonus MSF Website, Hospital, LifeSG App).
Choose a bank (OCBC, DBS/POSB or UOB) to open your Child Development Account.
Once the CDA has been set up, complete the CDA Giro Application Form along with the Billing Authorisation Letter and submit the original signed form to StemCord.
Frequently Asked Questions
The pro-rated amount will be refunded into your child’s CDA.
If you wish to terminate the interbank GIRO for CDA with StemCord, please email your termination request to billing@stemcord.com and our billing consultant will assist you.
Yes. You can visit our office during operating hours at Gleneagles Medical Centre or Mount Elizabeth Novena Hospital and pay via NETS using the Baby Bonus Card issued by your CDA Bank. Kindly note that there is a daily limit to the CDA Nets card that has been set by the managing bank.
There is no restriction on the amount that can be deducted from the CDA for StemCord’s Cord Blood Banking services.
Yes, you need to submit the interbank GIRO form if you want to use the CDA of a different child for Cord Banking Service.
If you are using your child’s CDA to pay for his/her sibling’s cord blood banking service, please provide the birth certificate of his/her sibling for verification.
No. We will require a credit card payment authorisation upon enrolment until the bank has approved your interbank GIRO application. In the event that your application is not approved by the bank two (2) months from the actual delivery date, we will bill all fees payable to StemCord to the credit card provided.
- Upon enrolment, inform us that you wish to use your CDA to pay for your Cord Blood Banking fees.
- Following the birth of your child, StemCord will send a copy of the Giro Application Form (DBS/POSB, UOB & OCBC) along with Billing Instruction Authorisation Letter to your mailing address. Alternatively, you can also download and print out the Forms here.
- Fill up the CDA InterBank GIRO Form. Submit the Form (original, not photocopy) either via post or in person at any of our offices, together with a copy of your child’s Birth Certificate within 1 (one) month after child’s birth.
- The managing bank will take at least 2 months to process upon receiving the completed Form.
