By MoneyBees
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, counted across all eligible accounts at that bank.
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, and are 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.
Junxiong-WFG Organisation is an authorised representative of AIA Financial Advisers Private Limited (Reg. No. 201715016G).