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Singapore Dollar Deposit Insurance Scheme
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The Deposit Insurance Scheme in Singapore was established under the Deposit Insurance Act and came into effect on 1st April, 2006. The Scheme seeks to provide limited protection to individuals and charities for their Singapore dollar deposits placed with banks and finance companies in Singapore who are members of the Scheme. The Bank of East Asia Limited, Singapore Branch is a participating bank in the Scheme.
Under this scheme, all deposits from individuals and charities are insured by the Singapore Deposit Insurance Corporation (“SDIC”) up to the depositor's maximum aggregate sum of S$20,000 in savings, current, and deposit accounts. Foreign currency deposits and deposits earmarked or held as collaterals are not covered.
For further information about the Deposit Insurance Scheme, please refer to the SDIC website at http://www.sdic.org.sg/governance.html.
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