Comments on: MAS Reviews Deposit Insurance to Give Consumers More Protection

By: VSL

VSL — Thu, 06 Jan 2011 00:41:44 +0000

Lion,

Thank you so much for the explanation.

By: lioninvestor

lioninvestor — Wed, 05 Jan 2011 15:16:37 +0000

Dear VSL,

We are all non-bank depositors. Bank depositors refer to banks who put their money in other banks.

By: VSL

VSL — Wed, 05 Jan 2011 11:57:31 +0000

Lion,

Tks for clarification.

I had a cursory look at the document. On pg 3/115, under Scope of Coverage, para 5, it states:-

The revised DI Scheme will insure Singapore dollar deposits of non-bank depositors in general and the coverage limit will be raised from the current S$20,000 to S$50,000 per insured depositor per DI Scheme member.

Why does it use the term “non-bank depositors”? Shouldn’t it be “bank depositors”? Pls clarify. Tks.

By: lioninvestor

lioninvestor — Wed, 05 Jan 2011 02:47:37 +0000

It is a joke that the banks do not know.

It is currently $20k and is in the process of being increased to $50k.

This consultation paper was released a few days ago.

http://www.mas.gov.sg/resource/publications/consult_papers/2010/DIandPPF_Consultation_Paper.pdf

By: VSL

VSL — Tue, 04 Jan 2011 08:08:20 +0000

Hi Lion,

Do you know what is the new limit wef 1-Jan-2011? I read somewhere that it is $50k per person per FI. Can you pls confirm this?

I asked a few banks but no one seems to know. They just say “you are covered by whatever amount the law prescribes”.