Singapore

StanChart Child Development Accounts to close by end of year

Parents who hold Child Development Accounts for their children under Standard Chartered Bank will need to move the accounts to other banks before the end of the year.

At the end of the year, these accounts will close, said the Ministry of Social and Family Development (MSF) in a statement yesterday.

Parents can change their child's account to any of the banks appointed by the MSF using the Baby Bonus online portal (www.babybonus.msf.gov.sg).

The appointed banks are DBS Bank, United Overseas Bank, and OCBC Bank.

If an account is not changed by Oct 31, the MSF will automatically assign it to one of the banks, it said.

Parents whose children are turning 12 this year will not be affected by the closure, as their child's accounts will remain under StanChart until the end of the year .

After that, the account will be automatically closed and any remaining funds will be transferred to the child's Post-Secondary Education Account under the Ministry of Education in January next year. - CHARMAINE NG

BUSINESS & FINANCE