Most parents should be inform by MCYS that OCBC and Standard Chartered Bank will be taking over DBS Bank as the new managing agents for the Baby Bonus Scheme from 1 August 2008. The deadline to return the option form is 30 June 2008.
OCBC Bank has been successfully in attracting many parents to select them as the managing agent for their CDA account. Most of the children who has Mighty Saver accounts will definetly choose OCBC for their CDA account. Standard Chartered Bank will only secure less than 40% of the CDA accounts as OCBC will get more than 50% of the CDA accounts.
Currently, you can still use your current CDA funds with DBS Bank until 31 July 2008. The transfer of funds will take one week. You may start depositing money into the CDA account once your chosen bank has inform you the account details.