Deposit Insurance & Policy Owners' Protection Schemes Regulations 2011
The Monetary Authority of Singapore introduced the Deposit Insurance and Policy Owners' Protection Schemes (Deposit Insurance) Regulations 2011 recently.
In summary, with effect from 1st May 2011, Singapore dollar denominated deposits placed with a DI (Deposit Insurance) scheme member in Singapore are insured for up to $50,000.
The DI Scheme members are:
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED
BANGKOK BANK PUBLIC COMPANY LIMITED
BANK OF AMERICA, NATIONAL ASSOCIATION
BANK OF CHINA LIMITED
BANK OF EAST ASIA LTD
BANK OF INDIA
BANK OF TOKYO-MITSUBISHI UFJ, LTD
CIMB BANK BERHAD
CITIBANK SINGAPORE LIMITED
CREDIT AGRICOLE CORPORATE & INVESTMENT BANK
DBS BANK LTD
FAR EASTERN BANK LTD
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED
ICICI BANK LIMITED
INDIAN OVERSEAS BANK
JPMORGAN CHASE BANK, N.A.
MALAYAN BANKING BHD
MIZUHO CORPORATE BANK LTD
OVERSEA-CHINESE BANKING CORPN LTD
PT BANK NEGARA INDONESIA (PERSERO) TBK
RHB BANK BERHAD
SINGAPORE ISLAND BANK LIMITED
STANDARD CHARTERED BANK
STATE BANK OF INDIA
SUMITOMO MITSUI BANKING CORPORATION
UNITED OVERSEAS BANK LTD
HONG LEONG FINANCE LIMITED
SING INVESTMENTS & FINANCE LIMITED
SINGAPURA FINANCE LTD
Note: Full banks are licensed to transact the whole range of banking business which includes deposit taking, the provision of cheque services and lending. On the other hand, finance companies focus on providing small-scale financing, including instalment credit for motor vehicles. Both full banks and finance companies are permitted to take Singapore dollar retail deposits.
Deposit insurance scheme membership may change without notice.
Amount insured under the DI Scheme:
In the event a DI Scheme member fails, all insured deposits placed with that member, except for deposits under the CPF Investment Scheme and CPF Minimum Sum Scheme, are aggregated and insured up to S$50,000. If you are a sole proprietor, your personal eligible accounts will be aggregated with the eligible accounts of your sole proprietorship(s). Trust and client accounts held by non-bank depositors are insured up to S$50,000 per account, without aggregation.
Deposits are not insured separately in each branch office of a DI Scheme member i.e. all your eligible accounts maintained with different branches of a DI Scheme member are aggregated and insured up to S$50,000.
(source: Singapore Deposit Insurance Corporation)