BANDAR SERI BEGAWAN: Brunei Darussalam, through the Ministry of Finance and Economy (MoFE), has introduced a new initiative known as Skim Tabungan Anak Damit. Under this scheme, a one-time financial grant of BND240 will be provided for each eligible newborn, subject to citizenship status. The scheme will come into effect on March 1.
According to the MOFE, the scheme is a financial grant for newborn children with certain citizenship statuses. Among the objectives is to cultivate a culture of saving within the community from an early age.
The Skim Tabungan Anak Damit involves a financial grant through the opening of a Si Manja Khas Account at Perbadanan Tabung Amanah Islam Brunei (TAIB) where a one-time payment of BND240 will be granted for each newborn.
The Eligibility will depends on the citizenship status of the newborn at the time of birth namely The newborn is a Brunei citizen (whether born inside or outside the country), The newborn is a permanent resident who does not hold any other citizenship (stateless) (born in Brunei only), The newborn is a foreign citizen, but the mother is a Brunei citizen or holds a purple identity card (stateless) (born in Brunei only).
Meanwhile the Skim Tabungan Anak Damit may be claimed by the parents or guardian until the child reaches one year of age only.
TAIB will credit BND240 into the Si Manja Khas Account. Withdrawals may be made to purchase essential needs for the child, such as diapers, milk, and other necessities.
However, a minimum balance of BND20 must be maintained to ensure the account remains active and continues to function as a savings incentive.
Parents and guardians are strongly encouraged to continue to contribute saving for their children through the account. The account may only be closed after five years.
There will be no dormant fee or initial deposit imposed on the Si Manja Khas Account. Parents or guardians can manage the account until the child reaches 18 years of age.
Upon turning 18 years old, the account will automatically be converted into a personal savings account under the child’s sole name.
The financial savings will be credited into the infant’s bank account once the internal verification process has been completed.
With the Introduction of the new scheme, The Disposable Diaper and Breastfeeding Aid Assistance Scheme will be abolished effective March 1.
Any births prior to the enforcement date of the new scheme will continue to receive disposable diapers and breastfeeding aids until completion. - Borneo Bulletin/ANN
