Deposit Insurance Scheme
In the event a Deposit Insurance (DI) Scheme member bank or finance company fails, all of your insured deposits with that member are aggregated and insured up to S$100,000 by the Singapore Deposit Insurance Corporation Limited (SDIC). Insured deposits held in trust and client accounts held by non-bank depositors are insured up to S$100,000 per account.
Your monies placed with a Scheme member bank under the CPF Investment Scheme (CPFIS) and CPF Retirement Sum Scheme (CPFRS) are aggregated and separately insured up to S$100,000.
As your insured deposits are covered under the DI Scheme, SDIC will pay you the insured amounts if your bank or finance company fails.
Policy Owners’ Protection Scheme
The Policy Owners’ Protection (PPF) Scheme covers your life and certain general insurance policies in the event of the failure of your life or general insurer which is a Scheme member.
Coverage for life insurance policies are based on guaranteed benefits only, and is subject to caps (with the exception of accident & health policies and riders).
Coverage for general insurance policies is not subject to any caps (except for the limits specified under the law for compulsory insurance policies and for own property damage motor claims under personal motor insurance policies and property damage claims under personal property (structure and contents) insurance policies).
About Us
Singapore Deposit Insurance Corporation Limited (SDIC) administers the Deposit Insurance (DI) Scheme and Policy Owners’ Protection (PPF) Scheme in Singapore. SDIC is a company limited by guarantee under the Companies Act. The board of directors is accountable to the Minister in charge of the Monetary Authority of Singapore (MAS).