Club 2005 Kids

[Tokidoki]

Daddy

Kissgurami:

Can I withdraw the remaining Credit from my child's CDA when his CDA is closed (the year he turns 6 years old)?

You can opt to withdraw the monies in your child's CDA when your child's CDA is closed if your child is born in 2005 to 2007. If your child is born after 2007, the balance of the Credit top-up in the CDA will be transferred directly into his Post-Secondary Education Account.

TQ!
More EXTRA than I thought...
so I open the CDA now... then CDA will be closed by end 2011 (turn 6yrs)...
Am I missing something here?

:stupid: :stupid: :stupid: :stupid:

extra work for parents and banks! why can't MCYS send us cheque instead?

[Kissgurami]

bigsnoopy:

:scratchhead: I am clueless with wat u all r saying about the CDC account. The letter still in front of me and I too engross in P1 reg to read it.

CDC = Child Development Credit
CDA = Child Development Account

CDC:-
The government will give Child Development Credits from time to time to share surpluses.

CDA:-
The CDA is a special savings account that you open at any OCBC Bank or Standard Chartered Bank branch for your child who is eligible for CDA. You can save in the CDA any time until 31 December in the year your child turns 6 years of age.

so CDC will be banked in to CDA

[Castle House]

Kissgurami:

bigsnoopy:

:scratchhead: I am clueless with wat u all r saying about the CDC account. The letter still in front of me and I too engross in P1 reg to read it.

CDC = Child Development Credit
CDA = Child Development Account

CDC:-
The government will give Child Development Credits from time to time to share surpluses.

CDA:-
The CDA is a special savings account that you open at any OCBC Bank or Standard Chartered Bank branch for your child who is eligible for CDA. You can save in the CDA any time until 31 December in the year your child turns 6 years of age.

so CDC will be banked in to CDA

jia you.. reaching Master soon.. :rahrah:

[bigsnoopy]

:thankyou: Now I am clear. But my DD turning 6 this year alrdy. Y still ask me to open account? :siao: open in July n close in dec. Think I am so free?

[Tokidoki]

bigsnoopy:

:thankyou: Now I am clear. But my DD turning 6 this year alrdy. Y still ask me to open account? :siao: open in July n close in dec. Think I am so free?

exactly! :stompfeet:

[Daddy D]

bigsnoopy:

:thankyou: Now I am clear. But my DD turning 6 this year alrdy. Y still ask me to open account? :siao: open in July n close in dec. Think I am so free?

Exactly... :slapshead: :siao:
Kill more trees with all these paperwork...

So now what? We don't open the CDA?

[Castle House]

You have to open this account in order for the $$ to credit in…


You can treat it as saving account … or cashout… no choice…

[Daddy D]

Castle House:

You have to open this account in order for the $$ to credit in..


You can treat it as saving account .. or cashout.. no choice..

Orhh... stay in this thread... no need run around :razz:
If never open CDA by the dateline how ah? $400 forefeited ah?
Or go to the simi Secondary thingy... which is like 6 YEARS later?

:stupid: :stupid: :stupid:

[Kissgurami]

Tokidoki:

bigsnoopy:

:thankyou: Now I am clear. But my DD turning 6 this year alrdy. Y still ask me to open account? :siao: open in July n close in dec. Think I am so free?

exactly! :stompfeet:

exactly :stupid: :stupid:

was trying hard not to voice my displeasure towards the lady on the phone coz it is not her fault at all..
hmmm maybe time to Facebook people's party

[Kissgurami]

Daddy

Orhh... stay in this thread... no need run around :razz:
If never open CDA by the dateline how ah? $400 forefeited ah?
Or go to the simi Secondary thingy... which is like 6 YEARS later?

:stupid: :stupid: :stupid:

Yup forfeited...

Must open the account to recv it for withdrawal or go to post secondary which is 10 years later and can only be used for Poly, ITE and local Uni