Established in 1999



Public Others Government Business Arts Community
Entertainment Lifestyle Services People Travel Internet Stuff



     FrontPage Edition: Fri 31 Mar 2006

Deposit Insurance Scheme launched in Singapore


Launch of Deposit Insurance Scheme in Singapore


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


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.
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.

Source: Press Release 28 Mar 2006

Important Notice

Our FrontPage Editions are a historical record of our Web site and reflect the changing of the times, and also of our Web site through time. We do not and will not update the links and stories on these FrontPages even if they have become obsolete.


If you have an event or some news to share with our readers, send the details, including picture(s), to us at 

We are now 10318 pages thick and growing.

Public Holidays GOOD FRIDAY is the next public holiday. It falls on 14 April 2006.