From April 1, the insurance coverage on your Singapore-dollar denominated deposits with retail banks and finance companies will be raised to $100,000, from $75,000 previously. This means that in the event a bank or finance company fails, your money is protected up to an aggregate limit of $100,000 per depositor. The Deposit Insurance (DI) Scheme protects deposits up to a maximum of $100,000 per depositor in the event a member bank or finance company fails.
The compensation to depositors will come from the DI Fund, which is administered by the Singapore Deposit Insurance Corporation (SDIC)
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