All retail banks with a full banking licence and finance companies are required by law to be DI Scheme members and their contributions to the DI Fund, administered by SDIC, will be used to compensate depositors should a Scheme member fail.
Singapore’s deposit insurance limit has been raised to $100,000 from the previous cap of $75,000, following the Monetary Authority of Singapore’s (MAS) announcement in September 2023.
With the increase, effective April 1, depositors in Singapore retail banks and finance companies will enjoy enhanced protection, says the Singapore Deposit Insurance Corporation (SDIC), which administers the Deposit Insurance (DI) Scheme. The DI Scheme now fully covers 91% of depositors, up from 89% previously.
