Types of depositors covered

Individuals and the charities with insured deposits in full banks and finance companies in Singapore are insured by the SDIC. Business deposits by companies, partnerships and sole proprietors are not insured by the SDIC.

Types of deposit products covered

SDIC insures Singapore dollar denominated deposits including accrued interest, placed with a full bank or finance company in any of its branches in Singapore. These include deposits held in

• Savings accounts
• Fixed deposit accounts
• Current accounts
• Deposits under the CPF Investment Scheme

Each Scheme member maintains a register of insured deposits it offers. To find out if a deposit account offered by your bank or finance company is insured, you can refer to the institution’s register of insured deposits.

Types of deposit products not covered

The SDIC does not insure any financial product except those listed above. Products that are not insured include

• foreign currency deposits
• structured deposits
• deposits placed as collateral
• investment products such as unit trusts, shares and other securities