• What is Deposit Insurance?

    Singaporeans love to invest money on fixed deposit schemes as they find these schemes reliable. With the help of a fixed deposit scheme, you can easily save money and also earn interest on the amount you save. You will need to deposit a fixed sum of amount for a particular period of time and you can deposit as much as you want. Moreover, you will get a chance to choose from flexible terms and withdraw the money at your convenience. Given that the banking system in Singapore is well established and that the economy of the country is very stable, you can assume that your deposits will be safe and you can easily withdraw the money as per your need.

    However, the world economy is very volatile and so is the global banking system, making it possible that a banking failure might occur in Singapore. In such a scenario, the money saved by Singaporeans through their deposit accounts will be protected by Deposit Insurance offered by the Singapore Deposit Insurance Corporation (SDIC).

    What is the need of the Deposit Insurance Scheme?

    The economy of Singapore is undoubtedly very stable and the country is among the top economies in the world. Even though the overall financial or economic condition of the country is stable, the stability of individual financial institution cannot be guaranteed. Moreover, majority of the banks and financial institutions operating in Singapore are of foreign origin and their core financial assets are located in overseas locations. As a result, their performance can be independent of the economic performance of Singapore and they might go through financial troubles at times because of which they might not be able to secure the deposits and other assets of Singaporeans. The Deposit Insurance Scheme has been set up keeping in mind the above mentioned factors and it aims to protect small depositors from failures of banking and finance companies.

    Coverage Offered By Deposit Insurance Scheme

    The Singapore Deposit Insurance Corporation provides coverage to individuals and other non-bank depositors when the deposit amount is placed with a deposit scheme member. The non-bank depositors can include partnerships, companies, sole proprietorships etc. along with unincorporated entities such as societies and associations. Deposit Insurance coverage is provided by SDIC to insure Singapore Dollar deposits that are placed in any of the Singapore branches of the Deposit Insurance Scheme members and they include the following:

    • deposits placed in savings accounts
    • deposits placed in fixed deposit accounts
    • deposits placed in current accounts
    • amounts invested with the CPF Investment Scheme
    • amounts invested with the Supplementary Retirement Scheme
    • amounts invested with the CPF Minimum Sum Scheme
    • Murabaha, as per the guidelines given by the Authority

    Products Not Covered by the Deposit Insurance Scheme

    The following products are not covered by the Deposit Insurance Scheme:

    • structured deposits
    • deposits made in foreign currencies
    • unit trusts, shares, securities and all other types of investment products

    List of Deposit Insurance Scheme Members

    The following banks and financial institutions operating in Singapore are members of the Deposit Insurance Scheme:

    • BANK OF AMERICA
    • BANGKOK BANK
    • BANK OF CHINA
    • BANK OF INDIA
    • BANK OF EAST ASIA
    • BANK OF TOKYO-MITSUBISHI
    • BANK OF SINGAPORE
    • BNP PARIBAS
    • CIMB BANK BERHAD
    • CREDIT AGRICOLE CORPORATE & INVESTMENT BANK
    • CITIBANK SINGAPORE
    • DBS BANK
    • FAR EASTERN BANK
    • HL BANK
    • HSBC BANK
    • INDUSTRIAL AND COMMERCIAL BANK OF CHINA
    • ICICI BANK
    • INDIAN BANK
    • PT BANK NEGARA INDONESIA
    • JPMORGAN CHASE
    • INDIAN OVERSEAS BANK
    • MIZUHO BANK
    • MALAYAN BANKING BHD
    • OCBC BANK
    • RHB BANK
    • STANDARD CHARTERED BANK SINGAPORE
    • SBI
    • UCO BANK
    • SUMITOMO MITSUI BANKING CORPORATION
    • UOB
    • SING INVESTMENTS & FINANCE
    • HONG LEONG FINANCE
    • SINGAPURA FINANCE

    Payout of Deposit Insurance

    In case any of the banks or financial institutions that are members of the Deposit Insurance Scheme fail, all depositors that fulfil the criteria set by the Singapore Deposit Insurance Corporation (SDIC) will be entitled to receive compensation. The depositors will not have to file any claim for the same and instead SDIC will notify them about how they will receive their compensation and their details will be taken from the records kept by the bank or financial institution.

    Conditions for payout

    The Monetary Association of Singapore (MAS) may decide that payouts of deposit insurance should be made in case:

    • A court has ordered the closure of the member bank or financial institution, OR
    • It has determined that the member bank or institution will be unable to meet its monetary obligations or will not be able to meet its obligations, is insolvent, or is about to suspend all payments
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