Who is covered?
SDIC covers individuals and other non-bank depositors with insured deposits placed with a DI Scheme member. Other non-bank depositors include sole proprietorships, partnerships, companies and unincorporated entities like associations and societies. All these persons would be insured depositors.
What is covered?
SDIC insures the following Singapore dollar denominated deposits placed with a DI Scheme member in any of its branches in Singapore:
- A deposit held in a savings account
- A deposit held in a fixed deposit account
- A deposit held in a current account
- Any monies placed under the Supplementary Retirement Scheme
- Any monies placed under the CPF Investment Scheme
- Any monies placed under the CPF Retirement Sum Scheme
- Other products, as prescribed by the MAS
Each DI Scheme member maintains a register of insured deposits it offers. To find out if your deposit in an account opened at a DI Scheme member is insured, you can refer to the bank or finance company’s register of insured deposits.
What is not covered?
Financial products that are not insured by SDIC include:
- Foreign currency deposits
- Structured deposits
- Investment products such as unit trusts, shares and other securities