Currently, the Singapore Deposit Insurance Corporation will pay out up to S$75,000 per depositor per institution if a bank or finance company in the scheme goes under.
SINGAPORE: The Monetary Authority of Singapore is proposing to increase coverage of the deposit insurance scheme from S$75,000 to S$100,000.
Under the current coverage, the SDIC will pay out up to S$75,000 per depositor per institution in the event that a bank or finance company in the scheme goes under. The coverage limit was last raised in 2019 from S$50,000 to S$75,000, fully insuring about 91 per cent of depositors at that time. The percentage of fully-insured depositors has since fallen slightly amid deposit growth, Mr Tan said.
The authority is also proposing a time limit for such compensation claims, to help keep administration costs low given the"diminishing likelihood of claims over time".It added that the proposals arise from its periodic reviews of the scheme.eputy managing director at MAS Ho Hern Shin said that the proposals are not in response to the stresses faced by some banks overseas earlier this year.
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