What are the upcoming updates to my Mari Business Account?

Date: 1 March 2024

With effect from 1 April 2024, the Singapore Deposit Insurance Corporation (“SDIC”)’s deposit insurance coverage will be raised from S$75,000 to S$100,000 per depositor.

Clause 40.1 of our General Business Banking Terms and Conditions (“T&Cs”) will also be updated as follows from 1 April 2024 to reflect the changes to the SDIC deposit insurance coverage limit:

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40. DEPOSIT INSURANCE SCHEME

40.1 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.

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This update to the T&Cs is effective on 1 April 2024, and you do not have to do anything else in order to agree to this update. You will be deemed to have accepted this update if you continue to use our products and/or services.