Category Archives for Savings
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 […]
Review of the Deposit Insurance Scheme in Singapore
Monetary Authority of Singapore (MAS) is consulting the public on recommendations to amend and enhance various features of the Deposit Insurance (DI) Scheme in Singapore. Two key changes being proposed include raising the coverage limit from S$20,000 to S$50,000 and also to provide coverage beyond the deposits of individuals and charities, to other non-bank depositors […]
DBS Introduces Singapore’s First Internet Banking Guarantee
Last Friday, DBS introduced a “money safe” guarantee to give its Internet banking (iBanking) customers added protection and greater peace of mind. With the “money safe” guarantee, DBS’ iBanking customers will be automatically protected when transacting online, with the bank reimbursing them in the unlikely event of unauthorised transactions on their iBanking account. Customers will […]
Launch of NTUC Capital Plus (CPN16)
NTUC Income just launched their latest tranche of Capital Plus yesterday. Capital Plus CPN16 is a single premium non-participating plan which offers a guaranteed return of 1.6% p.a. for a 2 year term, available for new and exisiting policyholders. This means an initial investment of $10,000 will have a maturity value of $10323. The minimum […]
CIMB StarSaver
CIMB has officially launched its retail banking business in Singapore just a couple of days ago. It is currently handicapped as it can have only two branches here. This is because it has only a full banking licence and not a qualifying full bank licence (QFB), which would have allowed it to have branches and […]