How do I withdraw money from PSEA?
For payment of approved fees and charges, you can withdraw the PSEA funds by establishing a Standing Order with us or by submitting ad hoc withdrawal applications as and when withdrawals are to be made. The form to use will depend on the approved institution you are in.
How do I know if I have a PSEA account?
You can call our 24-hour automated PSEA hotline at 62600777 to check your balance. Latest PSEA balance information will be updated every Wednesday. For any PSEA transaction that occurs in that month, a statement will be sent to you in the following month.
Will PSEA expire?
When will the PSEA be closed The PSEA will be closed around the middle of the year in which you turn 31. Any unused funds in the PSEA will be transferred to your CPF-OA. Once transferred to CPF-OA, it cannot be reversed to PSEA and will be subjected to CPF-OA usage rules.
Can I withdraw PSEA?
To withdraw money from your PSEA account, you have to first establish a Standing Order with MOE, or submit an ad-hoc withdrawal application. The form to use will depend on the approved institution you are in. Please consult the approved institution you are studying in on which form to use.
Is PSEA and Edusave the same?
If your child is below 16 years old, he will continue to keep his Edusave account. Once he reaches 16 years old and is not studying in a government secondary school or junior college, his Edusave balance will be transferred to his Post-Secondary Education Account (PSEA).
Can I transfer my PSEA to CPF before 30?
Answer: The Post-Secondary Education Account (PSEA) will be closed in the year you/ your child turns 31. Any remaining balance will be automatically transferred to your/ your child’s CPF-Ordinary Account. Hence, after age 30, the balance is transferred to CPF-OA for other uses.
Who will have PSEA account?
The Post-Secondary Education Account (PSEA) is part of the Post-Secondary Education Scheme to help parents save for their children’s post-secondary education. The PSEA is administered by MOE and is opened automatically for all eligible Singaporeans.
Can I transfer my PSEA to CPF?
Any unused funds in the PSEA will be transferred to your CPF-OA. Once transferred to CPF-OA, it cannot be reversed to PSEA and will be subjected to CPF-OA usage rules.
Can I use my sibling PSEA?
The scheme allows students to utilise their siblings’ PSEA funds, up to a maximum of three siblings. Consent for withdrawal of siblings’ PSEA funds must be sought for siblings above 21 years old and parents’ authorisation of usage is required if siblings are below 21 years old.
How do I top up my PSEA account?
AXS kiosk:
- Click on DBS or POSB icon.
- Select ‘Services’.
- Select ‘PSEA Services’.
- Select ‘Top Up PSEA Account’.
Can I use my siblings PSEA?
Can I use my PSEA for my child?
The PSEA balance earns an interest of 2.5% per annum interest, just like the Edusave funds. After the age of 30, any remaining funds are transferred to the person’s CPF OA, which can be used for housing, education, and investments. Alternatively, your child’s PSEA funds can be transferred to their siblings as well.
What is the post-secondary education account (PSEA)?
The Post-Secondary Education Account (PSEA) is part of the Post-Secondary Education Scheme to help pay for your post-secondary education. Find out more details about the PSEA and how you can use your unspent funds. The Post-Secondary Education Account (PSEA) is opened automatically for all eligible Singaporeans.
How do I check the balance on my PSEA account?
You can call our 24-hour automated PSEA hotline at 62600777 to check your balance. Latest PSEA balance information will be updated every Wednesday. For any PSEA transaction that occurs in that month, a statement will be sent to you in the following month.
What can I use my PSEA contributions for?
It can also be used to repay government education loans and financial schemes. Note: The PSEA cannot be used for junior college and Millenia Institute expenses. You may use your Edusave contributions for such expenses instead. If you need additional help, you can seek financial assistance or apply for awards and scholarships.
How do I withdraw my PSEA funds?
To withdraw your PSEA funds for the repayment of the government loans and approved financing schemes, you can submit your application online using your SingPass. A parent or legal guardian is required to submit the application on behalf of an account holder who is below 21 years old.