Dear readers, it was recently reported that the insurance coverage, under MAS’ Deposit Insurance (DI) Scheme on bank deposits will be raised to $100,000 per depositor from $75,000 currently. The DI scheme is administered by the Singapore Deposit Insurance Corporation (SDIC) and the increase in insurance coverage will take effect from 1st April 2024.
As savers who place the bulk of our savings with banks, especially in these current times when fixed deposits, T-bills are so popular, the increase in SDIC insurance coverage is a welcome move.
If there is anything for savers to do now, it will be that there is a motivation for us to increase our savings given the higher insurance coverage.