OCBC to grant $100 to new Child Development Accounts for low-income kids
OCBC Bank will make a one-time contribution of $100 to new Child Development Accounts (CDA) started for children from low income families under a new plan.
To qualify for the CDA Starter Scheme, families must have a monthly household income of less than $3,500, and make a deposit of $50 into a newly-opened account for their children over a six-month period.
And under the existing Baby Bonus scheme, the Government will match the bank's and parents' contributions in the CDA dollar for dollar. This means savings in the account would amount to at least $300 under this latest initiative.
Acting Minister for Social and Family Development, Mr Chan Chun Sing, who was at the launch of the new scheme on Saturday, urged families to develop the habit of saving.