Thursday, May 22, 2008

OCBC and StandChart Emerge Winners to Take Care of Children Development Accounts

Ministry of Community Development, Youth and Sports (MCYS) has appointed OCBC Bank and Standard Chartered Bank as the two banks to host Children Development Accounts (CDA). Existing CDAs will be transferred from DBS Bank to one of the 2 newly appointed banks by parents. This is a very lucrative new business for OCBC and StandChart and it totals up to $400 million. It seems DBS is going to lose $400 million deposit.

Started by the government in 2001 to encourage couples to have children, the baby bonus scheme has two components: an outright cash gift and matching contributions to the CDA. For the third and fourth child, the total bonus from the government can go up to a maximum of $18,000.

Parents to choose OCBC or StandChart by 30 June 2008
http://app.sprinter.gov.sg/data/pr/20080521995.pdf

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