Excess CDA balance (ECB) will be refunded via PayNow to the bank account linked to the child’s NRIC in Jan/Feb of the following year after the CDA closure. If there is ECB to be refunded, MSF will send a letter to the CDA trustee to confirm once the PayNow refund is successful.

For a faster refund, we encourage CDA trustee to link their child’s bank account to PayNow before the CDA closure. If PayNow is not set up, MSF will send a letter to the CDA trustee in Jan of the following year after CDA closure with instructions to provide the nominated bank account to receive the refund, and the refund will take up to 14 days.