How are my deposits being protected?

Your deposits (i.e Mari Savings Account, Fixed Deposits and Mari Business Account) are insured (both principal and interest) up to S$100,000 in aggregate per depositor by Singapore Deposit Insurance Corporation (SDIC) in Singapore. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.

Singapore Deposit Insurance Corporate (SDIC)

The Singapore Deposit Insurance Corporation Limited (SDIC) administers the Deposit Insurance (DI) and Policy Owners’ Protection (PPF) Scheme in Singapore. They aim to provide prompt and efficient compensation to depositors and insurance policy owners and beneficiaries.

What is the Deposit Insurance Scheme?

The Deposit Insurance (DI) Scheme is set up to protect the core savings of small depositors in Singapore in the event a DI Scheme member fails.

All full banks and finance companies in Singapore are required to be members of the DI Scheme, except those exempted by the Monetary Authority of Singapore (MAS).

What is covered?

SDIC insures the following Singapore dollar denominated deposits placed with a DI Scheme member in any of its branches in Singapore:

- Deposits in a savings account

- Deposits in a fixed deposit account

- Deposits in a current account

- Money placed under the Supplementary Retirement Scheme

- Money placed under the CPF Investment Scheme

- Money placed under the CPF Retirement Sum Scheme

- Other products, as prescribed by the Monetary Authority of Singapore (MAS)

Singapore dollar deposits in savings accounts, fixed deposit accounts, current accounts and monies placed under the Supplementary Retirement Scheme are insured up to S$100,000 in aggregate per depositor per Scheme member.

The DI limit of S$100,000 is applied on a per depositor per Scheme member basis. This means that your deposits will be covered up to S$100,000 for each bank.

What is not covered?

The DI Scheme does not cover:

- Foreign currency deposits

- Structured deposits

- Investment products such as unit trusts, shares and other securities