How is the Deposit Insurance Coverage calculated for Sole Proprietorships?

Suppose you are a sole proprietor with S$30,000 in your Mari Savings Account. You also have a Mari Business Account which has S$40,000 and placements in your Mari Business Fixed Deposits amounting to S$50,000. The deposits in your Mari Savings Account and Mari Business Account and Mari Business Fixed Deposit(s) will be aggregated to determine your total insured deposits and insured up to S$100,000.

The calculation is as follows:

Total MariBank account balance: S$30,000 + S$40,000 + S$50,000 = S$120,000.

Amount insured: S$100,000.

Amount not insured: S$20,000