What is Deposit Insurance Scheme?
The Singapore Deposit Insurane Scheme (“Scheme”) protects depositors in the even that a Singapore Deposit Insurance Scheme member fails by compensating the insured deposit up to a maximum of S$100,000.00 in aggregate across specified accounts for each insured depositor. PT. Bank Negara Indonesia (Persero0 TBK, Singapore Branch is a participating member of the Scheme.
Deposit Insurance Scheme: Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
For more details regarding the Scheme, please refer to the Singapore Deposit Insurance Corporation website : http://www.sdic.org.sg
Types of deposit products covered
Singapore dollar denominated deposits placed with a Scheme member in any of its branches in Singapore. These include:
- A deposit held in a savings account.
- A deposit held in a fixed deposit account.
- A deposit in a current account.
- Any monies place under the CPF Investment Scheme.
- Any monies place under the CPF Minimum Sum Scheme.
- Any monies place under the Supplementary Retirement Scheme.
- Murabaha, as prescribed by the Authority.
Types of deposit products not covered
Financial products that include:
- Foreign currency deposits.
- Structured deposit investment products such as unit trusts, shares and other securities.
The following deposit accounts operated by PT. Bank Negara Indonesia (Persero) TBK, Singapore Branch are eligible for deposit insurance coverage:
- SINGPLUS SAVINGS ACCOUNT (S$)
- CURRENT ACCOUNT (S$)
- TIME DEPOSIT ACCOUNT (S$)
All Singapore dollar deposits held by an individual or a non-bank corporation will be insured to the limits as specified in the Deposits Insurance and Policy Owner’s Protection Schemes Act 2011.
