Deposits

Deposit Insurance Scheme

The Bank of East Asia, Limited, Singapore Branch ("BEA") is a Scheme member under the Deposit Insurance Scheme in Singapore, which was established since 1st April, 2006 with the aim of protecting the core savings of small depositors in Singapore in the event when a full bank or finance company fails. The Deposit Insurance Act was subsequently re-enacted as the Deposit Insurance and Policy Owners' Protection Schemes Act on 1st May, 2011.

 

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.

 

List of Insured Deposits

Deposit accounts which are eligible for deposit insurance coverage under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011.

Current Accounts

  • Current Account
  • Multi-Currency Current Account

Savings Accounts

  • Multi-Currency Statement Savings Account
  • Passbook Savings Account

Fixed Deposit Accounts

  • Fixed Deposit Account

 

SDIC Consumer Guides Download: https://www.sdic.org.sg/pub_consumer_dl/

For further information about the Deposit Insurance Scheme in Singapore, please refer to the SDIC website at www.sdic.org.sg.