Deposit Insurance Scheme, Singapore Launch

Deposit Insurance Scheme, Singapore Launch

Source: Monetary Authority Of Singapore

On 28 March 2006, the Monetary Authority of Singapore (MAS) and the Singapore Deposit Insurance Corporation (SDIC) announced that the deposit insurance scheme will commence on 1 April 2006. This follows the enactment of the Deposit Insurance Act in 2005.

2. From 1 April, the deposit insurance scheme will compensate individuals and charities for the first $20,000 of their Singapore dollar deposits in standard savings, current and fixed deposit accounts, net of liabilities, in the event that their bank or finance company fails.

3. The scheme compensates depositors through a fund built up from contributions by full banks and finance companies. Full banks and finance companies will pay their first premium contributions into the fund on 3 April 2006.

4. SDIC, a separate entity incorporated as a company limited by guarantee under the Companies Act, will administer the deposit insurance scheme and manage the deposit insurance fund.

5. SDIC Chief Executive Officer, Ooi Sin Teik, said: "The deposit insurance scheme is designed to safeguard the savings of small depositors. The scheme represents another layer of protection to complement the role of prudent bank management and MAS supervision."

"Although Singapore is well respected for the stability and robustness of its financial sector, experience elsewhere has shown that having an explicit guarantee in place will provide certainty and confidence to depositors."

Mr Ooi added that the SDIC is in the process of publishing a consumer guide on deposit insurance to be distributed through bank branches. It is also setting up a website to inform and educate the public on the scheme.

Current Highest Bank Deposits Interest Rates Remain Unchanged

Current Highest Bank Deposits Interest Rates Remain Unchanged July 12, 2008

12th July 2008

Summary: Bank savings deposits interest rates are unchanged from last week.

Thank you for visiting Singapore Savings Account Rates blog for the current highest Singapore bank deposits interest rates. Today on 7 July 2008 at Singapore Savings Account Rates blog, we present a summary of the current latest best and highest Singapore Bank deposits interest rates for DBS, OCBC, UOB, Maybank, HSBC, HLF and Citibank:

Bank Deposits Interest Rates = DBS Autosave (Personal)

First $3000 0.25%

Next $47000 0.35%

Next $50000 0.45%

Above $100K 0.60%


Bank Deposits Interest Rates = OCBC Bank Savings (With Debit Card)

First $10000 0.25%

From $10001 to $50000 0.35%

From $500001 to $250000 0.40%

Above $250K 0.65%


Bank Deposits Interest Rates = UOB FlexiDeposit Account

First $15000 0.35%

Next $85000 0.45%

Next $200K 0.65%

Above $300K 0.75%


Bank Deposits Interest Rates = Maybank iSAVvy Account

Less than $5000 0.25%

$5000 to below $50000 0.88%

$50000 and more 1.18%

Interest-on-interest every 6 months * 6.0%

average balance at least $50000


Bank Deposits Interest Rates = HSBC Premier Account

First $4999.99 0.15%

From $5000 to $14999.99 0.2%

From $15000 to $49999.99 0.35%

From $50000 to $99999.99 0.6%

From $100,000 and more 0.85%


Bank Deposits Interest Rates = HLF (Hong Leong Finance) Savers Plus

$500 to $49999 0.25%

$50000 to $2 million 0.375%


Bank Deposits Interest Rates = Citibank Singapore

(only time deposit rates available)

Stay tuned as we shall update this list of current highest Singapore Bank deposits interest rates for DBS, OCBC, UOB, Maybank, HSBC and HLF.

Tags: Current Highest Singapore Bank Deposits Interest Rates