Unused Saving in Child Development Account
The Child Development Account will be closed in January in the year when your child turns 13. Any unused balance in your child's CDA will then be transferred to your child's Post-Secondary Education Account (PSEA).
If parents have not contributed up to the CDA's contribution cap, parents can continue to contribute to your child's PSEA and receive the government's matching contribution until the contribution cap is reached or when the child turns 18.
The funds in the PSEA can be used to pay fees for post-secondary education in Singapore for the child and his or her siblings. For more information on the PSEA, you may refer to the MOE website for more information: http://www.moe.gov.sg/initiatives/post-secondary-education-account/eligibility-and-usage/
It takes a village to raise a child !
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