Singapore Deposit Insurance Corporation

Remember me mentioning about the Deposit Insurance Act in the last few posts? Here are some details about the act ( As of 16oct. Because MAS, the Monetary Authority of Singapore just annoucned that they will guarantee all Singdollar and foreign currency deposits of individual and non-bank customers in licensed banks, finance companies and merchant banks. Cited from : http://www.channelnewsasia.com/stories/singaporelocalnews/view/383331/1/.html )

• These are the financial institutions that are covered

1. Full Banks

   ABN AMRO BANK NV

   AMERICAN EXPRESS BANK LTD

   BANGKOK BANK PUBLIC COMPANY LIMITED

   BANK OF AMERICA, NATIONAL ASSOCIATION

   BANK OF CHINA LIMITED

   BANK OF EAST ASIA LTD

   BANK OF INDIA

   BANK OF SINGAPORE LTD

   BANK OF TOKYO-MITSUBISHI UFJ, LTD

   BNP PARIBAS

   CALYON

   CIMB BANK BERHAD

   CITIBANK NA

   CITIBANK SINGAPORE LIMITED

   DBS BANK LTD

   FAR EASTERN BANK LTD

   HL BANK

   HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED

   INDIAN BANK

   INDIAN OVERSEAS BANK

   JPMORGAN CHASE BANK, N.A.

   MALAYAN BANKING BHD

   MIZUHO CORPORATE BANK LTD

   OVERSEA-CHINESE BANKING CORPN LTD

   PT BANK NEGARA INDONESIA (PERSERO) TBK

   RHB BANK BERHAD

   STANDARD CHARTERED BANK

   STATE BANK OF INDIA

   SUMITOMO MITSUI BANKING CORPORATION

   UCO BANK

   UNITED OVERSEAS BANK LTD

   Finance Companies

   HONG LEONG FINANCE LIMITED

   SING INVESTMENTS & FINANCE LIMITED

   SINGAPURA FINANCE LTD

• It insures only
  

1. Savings accounts
2. Fixed deposit accounts
3. Current accounts
4. Deposits under the CPF Investment Scheme
5. foreign currency deposits

• Does not insure
  

1. structured deposits
2. deposits placed as collateral
3. investment products such as unit trusts, shares and other securities

All the above information can be found from the site: http://www.sdic.org.sg/ ( however only $20,000 is guaranteed by the Insurance scheme. The rest of your $$ is guaranteed by MAS)


It is good to take note of such information. This is because any there is any company that wants to take in your money and keep it as a 'fixed deposit', it will most likely fall under this scheme. Hence if they do not appear under this list, then there might be something dubious about the company.