Open a POSB Smiley Child Development Account (CDA)
Open a POSB CDA account by selecting POSB/DBS Bank as your CDA Bank when you apply for Baby Bonus Scheme via LifeSG.
Singaporean/PR Trustee/Foreigner/Third Party Trustee
You can open a CDA account if you are the parent or nominated trustee of the child. When you log in to LifeSG to join the scheme, you will need to:
- Select POSB/DBS Bank and accept the Terms and Conditions of the selected CDA bank.
- Upon successful enrolment, you will be notified by LifeSG to proceed to the POSB CDA application page to complete the CDA opening.
- Login with your digibank credentials.
- Follow the steps for CDA opening.
- Check trustee and child’s information and submit the application.
Switch to a POSB CDA
If you are an existing CDA trustee from other banks, you can switch to POSB CDA by logging in via the POSB CDA official website with your digibank credentials.
- Existing CDA will be closed and the funds will be transferred to the new POSB CDA. A new CSA will be opened automatically with the new CDA.
- Any remaining Baby Bonus Cash Gift will be paid into the new CSA as scheduled. The request will take around 6 working days to complete.
Note
- A Child Savings Account (CSA), being a Joint-Alternate My Account (Kids) will be automatically opened with each opening of CDA (including CDA transferred from other banks).
- The CSA will receive Government disbursements like Baby Bonus Cash Gift, education awards and financial awards.
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