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Deposit Insurance Scheme Enhancements
THE Monetary Authority of Singapore (MAS) announced on Friday that it will proceed to implement the revised deposit insurance plan following feedback from consumers and the industry.
From early next year, the scope of insurance coverage will be expanded from $20,000 to $50,000 for each depositor. This will cover 91 per cent of depositors under the scheme.
As part of the enhancement, other non-bank depositors, such as companies, will also have their deposits protected under the same deposit insurance scheme.
Currently all bank deposits here are 100% guaranteed till 31st Dec 2010 as part of an emergency guarantee proposed and implemented during the financial crisis of 2008.
Review of Deposit Insurance (DI) Scheme (MAS response to consultation)