Government-backed deposit insurance scheme. Insures S$100,000 of bank deposits per depositor per bank — including current, savings, fixed deposit, and Islamic deposit accounts.
The Singapore Deposit Insurance Corporation insures eligible deposits in Singapore-incorporated banks. If a member bank fails, depositors are reimbursed up to S$100,000 per depositor per bank.
SDIC is a statutory body, government-backed, funded by premiums paid by member banks. It protects retail savers from catastrophic bank failure.
Insured: deposits in savings, current, fixed deposit, and Islamic banking accounts at Scheme member banks. Held in SGD.
Not insured: foreign currency deposits, structured products, investment products, life insurance investment components, securities, gold, cryptocurrencies, deposits at foreign-bank branches in Singapore (only SG-incorporated subsidiaries are members).
Limit: S$100,000 per depositor per bank — across all eligible accounts at that bank, not per account.
All major retail banks in Singapore are SDIC members: DBS, OCBC, UOB, Maybank, Standard Chartered, HSBC, Citibank Singapore, etc.
Foreign bank branches operate under their home regulator's deposit protection (or none). Check whether a 'foreign bank' is incorporated locally or operating as a branch.
Digital banks like GXS, Trust, MariBank are SDIC members.
Spread large deposits across multiple SDIC member banks if you hold above S$100,000 in cash. Each bank gets its own S$100k coverage.
Joint accounts: insured up to S$100k for each named account holder, providing they're distinct.
Singapore Savings Bonds and T-bills don't need SDIC — they're direct obligations of the government with effectively zero credit risk regardless of amount.
Cash management accounts (Endowus Cash Smart, MoneyOwl WiseSaver) invest in money market funds and short-dated bonds — NOT SDIC insured. Different risk profile, generally low but not zero.
Singapore Deposit Insurance Corporation — a statutory body that insures eligible deposits in Singapore-incorporated banks. If a member bank fails, depositors are reimbursed up to S$100,000 per depositor per bank. SDIC is government-backed and funded by member-bank premiums.
SGD-denominated savings, current, fixed deposit, and Islamic banking deposits at Scheme member banks. Joint accounts get coverage per named holder. NOT covered: foreign currency deposits, investment products, securities, structured products, cryptocurrency, or deposits at foreign-bank branches.
All major Singapore retail banks: DBS, OCBC, UOB, Maybank, Standard Chartered, HSBC Singapore, Citibank Singapore, and digital banks (GXS, Trust, MariBank). Foreign-bank branches operating in Singapore (not locally-incorporated subsidiaries) aren't SDIC members.
If you hold more than S$100,000 in cash, yes. Each SDIC member bank gives you a fresh S$100k coverage. Government instruments (T-bills, SSBs) are direct obligations of the Singapore government — effectively zero credit risk and don't need SDIC.