Singapore consumers enjoy the benefits of a sound banking system. Banks and finance companies licensed in Singapore are supervised by the Monetary Authority of Singapore (MAS). It is MAS’ aim to ensure the stability of the banking system in Singapore and to require financial institutions to have sound risk management systems and adequate internal controls.

However, MAS does not guarantee the soundness of individual financial institutions. Therefore, a Deposit Insurance Scheme has been set up to protect the core savings of small depositors in Singapore in the event a full bank or finance company fails.

In the event a Scheme member bank or finance company fails, all of your eligible accounts with that member are aggregated and insured up to S$20,000, net of your liabilities to the member.

Moneys held in bank deposits under the CPF Investment Scheme are separately insured up to S$20,000.

All full banks and finance companies in Singapore are members of the Deposit Insurance Scheme (Scheme members), except those exempted by the Monetary Authority of Singapore, which is THE ISLAMIC BANK OF ASIA LIMITED

Scope of Coverage 

Types of depositors covered

Individuals and the charities with insured deposits in full banks and finance companies in Singapore are insured by the SDIC. Business deposits by companies, partnerships and sole proprietors are not insured by the SDIC.

Types of deposit products covered

SDIC insures Singapore dollar denominated deposits including accrued interest, placed with a full bank or finance company in any of its branches in Singapore. These include deposits held in

• Savings accounts
• Fixed deposit accounts
• Current accounts
• Deposits under the CPF Investment Scheme

Each Scheme member maintains a register of insured deposits it offers. To find out if a deposit account offered by your bank or finance company is insured, you can refer to the institution’s register of insured deposits.

Types of deposit products not covered

The SDIC does not insure any financial product except those listed above. Products that are not insured include

• foreign currency deposits
• structured deposits
• deposits placed as collateral
• investment products such as unit trusts, shares and other securities