Monetary Authority of Singapore Annual Report 2010/2011
Our Work

Review of Deposit Insurance Scheme in Singapore

As part of our regular review, MAS, together with the Singapore Deposit Insurance Corporation (SDIC), reviewed the deposit insurance scheme in Singapore to enhance depositor protection. The enhanced scheme was implemented on 1 May 2011. The key changes to the Scheme were the increase in coverage limit from S$20,000 to S$50,000 and the expanded scope of coverage from insuring individuals and charities to include other non-bank depositors such as sole proprietorships, partnerships, companies and unincorporated entities. CPF monies placed by an individual depositor with a Scheme member are also insured under a separate S$50,000 coverage limit.