The Baby Bonus Scheme in a Nutshell!

We got some queries from friends and parents-to-be about the Baby Bonus Scheme in Singapore, so we at Embassy of Babies just wanted to share some information on it.

Let’s Summarize The Baby Bonus Scheme in a Nutshell!

Our Singapore Government introduced The Baby Bonus Scheme on 1 April 2001 and it was enhanced on 1 August 2004. The good news is that the latest enhancements on 17 August 2008 extended increased benefits to the first and second child and benefits to Singapore citizen children beyond the fourth child.

“All your children born on or after 17 August 2008 will also enjoy Government contributions in the form of a dollar-for-dollar matching for the amount of savings you contribute to your child’s Children Development Account (CDA). If your child is born before 17 August 2008, he or she will enjoy the Government matching contributions in the CDA if he or she is your second to fourth child.” Reference from source: https://www.babybonus.gov.sg/bbss/html/index.html

In a Nutshell, it is a cash gift of up to $4,000 each for your 1st and 2nd child and $6,000 each for your 3rd and 4th child. The point to note is that it will definitely help to lighten the financial costs of raising children for parents.

We had some feedback from overseas’ friends who shared with us that this is a great scheme and initiative from our Singapore Government and we do agree.

There you go, a Summary of The Baby Bonus Scheme in a Nutshell!

For your information, the CDA is a special savings account that you open at any OCBC Bank or Standard Chartered Bank Branch.

For more information, visit: https://www.babybonus.gov.sg/bbss/html/index.html

For FAQ on The Baby Bonus Scheme, visit: http://www.babybonus.gov.sg/bbss/html/faq.html

For OCBC Bank, visit: http://www.ocbc.com.sg/personal-banking/mightysavers/index.html

For Standard Chartered Bank, visit: http://www.standardchartered.com.sg/cda/scheme.html