Hi Mommies. Just wanna ask. When you applied for the baby bonus, is it a must to open a bank account and deposit of 3k? Thanks in advance.
When your baby bonus is approved, 3k will be deposited to either yours or your hubby’s account which you provide during the application (or whoever is the citizen, so ours was deposited to my hubby’s). The CDA can be applied together with the Baby Bonus. For this, you need to select the bank to open it from - OCBC, POSB or UOB. Once it is opened, the 3k will be AUTOMATICALLY credited to the CD Account after 3-5 biz days. After this, you can deposit ANY amount to the CDA. Of which, the gov’t will match UP TO 3k of whatever you deposited. Hope this helps... 😊Read more
When u open CDA account, govt will top up 3k for u. When u put in 3k, govt will match your contribution and put another 3k to tbe account. I.e. total 9k in the account. Not a must to put in the 3k but its free money, where else can u get a 100% return on investment?
If u top up 3k, government top up 3k then interest incur. U can use cda $ for seeing pd etc
Not a must. But if u open a CDA and put in 3000, u won't receive the 3000 from government
Thank you for the help mummies! 💖
No it’s not necessary.
Hi, It is not must