The Singapore Deposit Insurance Corporation (SDIC) runs the Deposit Insurance Scheme, which the Monetary Authority of Singapore requires all full banks and finance companies to be members of. If a Scheme member fails, the SDIC pays each depositor up to S$100,000 — a limit raised from S$75,000 in April 2024. Cover is automatic and free. The important detail is what the S$100,000 covers and what it does not.
The scheme covers Singapore-dollar deposits in savings, current and fixed deposit accounts, and the money in Supplementary Retirement Scheme (SRS) and CPF Investment accounts held as cash with a Scheme member. The limit is S$100,000 per depositor, per bank — all your accounts of the same type of ownership at one bank are added together, not counted separately.
For a joint account, the balance is split equally between the holders for the limit unless the account says otherwise. If a bank has both a full bank and a finance company under the same brand, they are usually treated as one member for the limit — check.
Foreign-currency deposits, structured deposits (where the return is linked to a market), and any investment bought through a bank — unit trusts, shares, bonds, insurance, fixed-income funds — are not covered. Money with a licensed moneylender, a payment service, or an unlicensed scheme is outside it entirely.
SDIC also does not protect you against low interest, inflation, or an investment falling in value. It only applies if a Scheme member bank itself fails — which is rare in Singapore, but the limit is still the reason not to keep more than S$100,000 at one bank if you want it fully guaranteed.
To keep a larger cash sum fully covered, spread it across several Scheme member banks so each holds S$100,000 or less. The SDIC publishes the full member list and a set of FAQs.
Alternatively, hold larger long-term savings in Singapore Government Securities, Treasury bills or Singapore Savings Bonds, which carry the credit of the Singapore government rather than a single bank, or in a low-cost fund, accepting market risk.
Informational content, not financial, tax or legal advice. Check amounts, limits and current rules directly with the official sources (CPF, the Monetary Authority of Singapore, IRAS, and the SDIC) before making a decision.
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