The arrival of a new baby is a joyous occasion, and in Singapore, it comes with an added bonus—the Baby Bonus Scheme. This initiative aims to support parents financially during their child's early years. If you're wondering how to sign up for this beneficial program, you’re in the right place.
First things first: if your child was born in Singapore and holds Singaporean citizenship, applying for the Baby Bonus is integrated into your child’s birth registration through LifeSG. It’s as simple as that! However, if your little one has already been registered or is newly adopted or naturalized as a citizen, you'll need to take a different route by directly accessing the 'Apply for Baby Bonus' service on LifeSG.
Once you've initiated your application process, you’ll be prompted to select a bank—your options include POSB/DBS, OCBC, or UOB—to open two essential accounts: the Child Development Account (CDA) and Child Savings Account (CSA). These accounts are crucial not just for managing funds but also for receiving government grants designed specifically for young families.
After successfully enrolling in the scheme via LifeSG, expect an email along with notifications through the app detailing how to set up these accounts at your chosen bank. The parent who registers their child's birth will act as both CDA trustee and CSA joint account holder; any changes can only occur post-account opening.
So why should you consider setting up these accounts? The CDA offers dollar-for-dollar government co-matching on deposits made into it—meaning every dollar you save gets matched by the government up until certain limits based on your child's birth order. Plus, interest rates can reach 2.40% per annum after surpassing S$10k!
On top of that excitement lies another gem—the CSA allows automatic linking via PayNow using your child’s birth certificate number which simplifies future monetary gifts from governmental sources while earning some interest too!
But wait! There are perks when signing up too! New parents can receive complimentary items like Hegen feeding bottles alongside e-vouchers upon account creation—a sweet deal indeed!
In summary:
- Apply through LifeSG during childbirth registration or separately if needed.
- Choose between banks like DBS/POSB or OCBC/UOB.
- Open both CDA and CSA once enrolled—and enjoy all those benefits while easing financial burdens during those precious early years.