Traditional Deposits enjoy Deposit Insurance and/or Government Guarantee

Date: August 10, 2017

Deposit Insurance

From 1 April 2006, deposit accounts held by individuals and charities are insured by the Singapore Deposit Insurance Corporation (SDIC) for up to $20,000 in aggregate across specified accounts in each bank for each depositor under the Deposit Insurance Act. Central Provident Fund Investment Scheme accounts are separately insured for up to $20,000 in aggregate for each depositor.

Foreign currency deposits, structured deposits and accounts earmarked or held as collateral are excluded from insurance coverage.

Government Guarante

From 16 Oct 2008, all Singapore Dollar and foreign currency deposits of individual and non-bank customers in banks, finance companies and merchant banks licensed by the MAS are fully guaranteed by the Singapore government until 31 Dec 2010.

Structured deposits do not enjoy Government Guarantee.