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MAS proposes increasing deposit insurance coverage to $75,000

PC Lee Published on Fri, Aug 04, 2017 / 3:04 PM GMT+8

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SINGAPORE (Aug 4): The Monetary Authority of Singapore (MAS) on Friday released a public consultation on its proposals to enhance the Deposit Insurance (DI) Scheme, which insures Singapore dollar deposits held at a full bank or finance company in Singapore.

A key proposal is to increase DI coverage from the current $50,000 to $75,000 per depositor. The DI coverage limit was last raised from $20,000 to $50,000 in 2011 which, at the time, fully covered more than 90% of insured depositors.

Since then, with the growth in deposit base, the percentage of fully-covered insured depositors has fallen to 87%. The proposed coverage limit of $75,000 will restore the percentage of fully insured depositors to above 90%, in line with international norms.