Post-Secondary Education Account (PSEA) Scheme: Eligibility and Usage
Who is eligible for a PSEA?
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If he has CDA balance to be transferred
If a Singaporean is eligible for a Children Development Account (CDA), a PSEA will be opened for him in the year the child turns 7 years old to receive the balance from the CDA. If a child is eligible for CDA and has unspent balance in his CDA, the balance will be transferred to his PSEA in the year when he is 7 years old.
If the parents have not saved up to the CDA contribution cap, they can continue to contribute to PSEA and receive the government’s matching grant until the contribution cap is reached, or when the child turns 18 years old, whichever is earlier. MOE will send a letter to inform the parents of the amount transferred, how much more they can co-save and how to make further contributions, if applicable.
As a transitional arrangement, parents of children who were born between 2001 and 2007 and had opened CDA before 1 Jan 2008 would be given Options to either transfer the CDA balance to PSEA or to withdraw the unspent balance in cash in December of the year the child is 6 years old. If they opt to withdraw in cash, they will not be eligible to continue to contribute to PSEA even if they have not saved up to the CDA contribution cap. Details of the CDA Scheme are available at the MCYS babybonus website.
How Do Parents Contribute to PSEA?
If the CDA balance is transferred to PSEA and the contribution cap is not reached, parents can continue to contribute to PSEA through the following payment channels:
- Via OCBC ATM
- Via Standard Chartered Internet Banking
- Via Funds transfer at any OCBC or Standard Chartered Bank Branch
- Via Cash at any OCBC or Standard Chartered Bank Branch
- Via Cheque at any OCBC or Standard Chartered cheque drop boxes or send the cheque to MOEHQ
Instructions on how to contribute
- Via OCBC ATM (For OCBC Account holders ONLY)
- Insert your OCBC ATM card in the card slot, select “Language” and enter your PIN.
- Select “More Services”, then “Bill Payment” option.
- Select “Pay to Govt/Stat Board” option
- Select “OCBC account type” to pay from and enter the amount to contribute.
- Select your OCBC account to pay from
- Key in the Bill Code 6001 for “MOE PSEA Contribution” based on selection from the list.
- At the “Enter 7-digit Birth Cert No”. prompt, enter only the numeric portion of your child’s/ward’s Birth Certificate (BC) or Certificate of Singapore Citizenship Number. (without the alphabets)
- Confirm transaction details
- Via Standard Chartered Internet Banking (For StanChart account holders ONLY)
- Login to Standard Chartered Internet Banking.
- Select “Payment and Transfers” at the left navigation panel.
- Click on “3rd Party Fund Transfers/Bill Payment”.
- Select “Transfer to MOE – Post Secondary Education Account”.
- Select the account to be transferred from and enter your child’s/ward’s Birth Certificate (BC) or Certificate of Singapore Citizenship Number at the “Child's Identity Number” input field.
- Enter your contribution amount.
- Confirm the Transfer Date which is defaulted to the current date.
- Via Over the Counter Funds Transfer at any OCBC (For OCBC Account holders ONLY) or Standard Chartered Bank (For StanChart account holders ONLY) Branches
- Verbally inform the counter staff that you would like to make a contribution to your child’s PSEA via fund transfer and provide the counter staff your bank account number and your child’s/ward’s Birth Certificate (BC) or Certificate of Singapore Citizenship Number
- Via Cash (At any OCBC or Standard Chartered Bank Branches)
- Verbally inform the counter staff that you would like to make a contribution to your child’s PSEA and provide the counter staff your child’s/ward’s Birth Certificate (BC) or Certificate of Singapore Citizenship Number
- Via Cheque
- The cheque must be crossed and made payable to: MINISTRY OF EDUCATION (PSEA)
- Please write your name and contact information and your child’s/ward’s Birth Certificate (BC) or Certificate of Singapore Citizenship Number and name on the reverse of the cheque.
- Deposit your cheque at any OCBC or Standard Chartered Bank Cheque Drop Boxes or send the cheque to:
Attn: Head, Pupil Financial Services
Ministry of Education
9th Floor, 1 North Buona Vista Drive
Singapore 138675
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If he is eligible for government top-up
If a Singaporean is eligible for Government top-up to PSEA, a PSEA will be opened for him if he does not have one yet. In good years, the Government will top-up the PSEA of eligible Singaporeans.
In Budget 2007, the Government announced that it would top up the PSEA in March 2008 and March 2009 for every Singaporean child aged from 7 to 20 in the year of payout.
In Budget 2008, it announced that an additional top-up would be given in the second half of 2008. The amount a Singaporean receives each year will depend on his age and Annual Value of Home (AVH). For the payout in 2008, the amounts are as shown in the table below:
Age of Child in 2008 Annual Value of Home $10,000 or less Annual Value of Home more than $10,000 1st top-up Additional top-up Total 1st top-up Additional top-up Total 7 to 12 $200 $300 $500 $100 $150 $250 13 to 20 $400 $600 $1,000 $200 $300 $500 For the payout in March 2009, the amounts are as shown in the table below:
Age of Child in 2009 Annual Value of Home $11,000 or less Annual Value of Home more than $11,000 7 to 12 $200 $100 13 to 20 $400 $200 MOE will automatically open a PSEA for each Singaporean who is between 7 and 20 years old, and send a letter to inform him of the top-up amount. PSEA will also be opened automatically for all who become Singapore citizens in 2008 or 2009 if they are between 7 and 20 years of age.
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If He Has Edusave Balance To Be Transferred
If a Singaporean has an Edusave account, the balance will be transferred to PSEA when he is 16 years old or when he leaves Secondary School / Junior College / Centralised Institute or Vocational Training Centre, whichever occurs later.
Children with Edusave accounts will have the balances transferred to PSEA when they are 16 years old or above and are not studying in a government or government-aided school, independent school, junior college or centralised institute or a Vocational Training Centre. MOE will send a letter to inform the account-holder when the transfer is effected. The balance transfer for the first batch of Edusave accounts will be carried out in Apr 08.
What can the PSEA funds be used for?
From May 08, a child can use his PSEA funds to pay for his own or his siblings' approved fees and charges for approved programmes conducted by the institutions indicated in the table below.
| Approved Institutions | Approved Programmes |
|---|---|
Autonomous Universities
|
Undergraduate and postgraduate programmes |
| SIM University (UniSIM) | Undergraduate and postgraduate programmes |
| Singapore Institute of Technology (SIT) | Undergraduate programmes |
Polytechnics
|
Diploma and Poly-FSI degree programmes |
| Institute Of Technical Education (ITE) | Nitec, Higher Nitec and ITE-FSI diploma programmes |
| LaSalle College of the Arts Nanyang Academy of Fine Arts (NAFA) |
MOE-funded diploma programmes |
Singapore Workforce Skills Qualification (WSQ)
|
Singapore Workforce Skills Qualification (WSQ) courses from July 2008 (include WSQ Statement of Attainments (SOAs) and full qualification programmes) |
| Government supported Special Education (SPED) Schools | Students’ own fees and charges in SPED Schools from Jul 2008 |
How do we apply to withdraw the PSEA funds?
You can withdraw the PSEA funds by establishing a Standing Order with MOE or by submitting ad hoc withdrawal applications as and when withdrawals are to be made. The form to use would depend on the approved institution you are in.
Establish a Standing Order with MOE
The Standing Order (SO) is a one-time application and the SO instructions will apply to all future withdrawals until the SO is terminated or replaced, regardless of which approved institution you attend.
Please download the PSEA Standing Order form (154kb .doc)and submit the completed application form to your institution. We will inform you of the outcome of your application in writing.
Please download the PSEA Standing Order Termination form (90kb .doc) if you wish to terminate the current SO instruction with MOE
Ad Hoc Withdrawal Application
The ad hoc withdrawal application is an application for a withdrawal for a specific purpose. You will have to submit the ad hoc withdrawal application forms for each specific withdrawal.
Please consult your respective institutions on which form is to be used. Please download the PSEA Ad Hoc Withdrawal form (145kb .doc) and submit the completed application form to your respective institutions. Your institution will inform you of the outcome of your application.