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OCBC to grant $100 to new Child Development Accounts for low-income kids

Published on Dec 15, 2012 7:20 PM
 
Madam Zarinah Hasan, 41, a full time housewife and her husband, a technician have to balance their account carefully as they have to support eight children. They are receiving help as OCBC Bank is making a one-time contribution of $100 to new Child Development Accounts (CDA) started for children from low income families under a new plan. -- PHOTO: AZAHAR MOHAMED

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.

 
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