Conditions for payout
MAS may decide that a deposit insurance payout should be made if:
- A court order has been made to wind up a DI Scheme member; or
- MAS has determined that a DI Scheme member is insolvent, cannot meet its obligations, likely to be in a situation where it is unable to meet its obligations, or about to suspend payments.
Announcement of payout
If a DI Scheme member fails, all depositors entitled to receive compensation from SDIC under the DI Scheme will be notified. Depositors do not need to file claims with SDIC as payouts will be computed based on the records of the failed DI Scheme member.
SDIC will also make official announcements in the Government Gazette, through mass media such as newspapers, television, radio and SDIC’s website.
SDIC will pay depositors entitled to compensation as soon as possible. Payment may be made by cheques, cashier’s orders or by electronic payment methods.
If the compensation you receive from SDIC is less than your total amount of deposits with the failed DI Scheme member, SDIC will submit a claim on your behalf to the liquidator of the failed DI Scheme member for the difference.