14 May '11, 9am

Deposit Insurance Scheme increases coverage to S$50,000

SINGAPORE: More financial protection for individuals and small businesses - under new deposit insurance legislation which kicked in this month to increase bank depositors' coverage. They will now be able to get back up to S$50,000 in the event of a bank failure. This, is up from the previous coverage of S$20,000 offered by the Singapore Deposit Insurance Corporation (SDIC). The changes will ensure that around 91 per cent of depositors will receive coverage will receive coverage. Previously, only 83 per cent were covered by the scheme. Besides individual depositors, businesses, partner agencies, societies and associations will also be protected. Small and medium enterprises are likely to benefit the most. The Monetary Authority of Singapore has also started a framework to hand over the management of the Policy Owners' Protection Scheme (PPF Scheme) to SDIC. In the event a i...

Full article: http://www.channelnewsasia.com/stories/singaporelocalnews...

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Making sense of deposit accounts

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