MSF will notify you by letter in Feb if there is any excess Child Development Account (CDA) balance following the CDA closure.

Excess CDA balance (ECB) will be transferred via PayNow, to the bank account linked to your child’s birth certification number, or if unavailable, to the bank account linked to the CDA trustee’s NRIC in Feb of the year the child turns 13. MSF will inform the trustee after the ECB has been transferred.

To receive the ECB promptly, parents/trustees are encouraged to register for PayNow and link it to the child’s birth certificate number or the CDA trustee’s NRIC by 31 Dec of the year of CDA closure. If PayNow is not set up, MSF will send a letter to the CDA trustee in Feb of the following year after CDA closure with instructions to nominate a bank account to receive the ECB, and the transfer will take up to 6 weeks.