Deposit Insurance and Account Security: What SDIC's S$100,000 Cover Includes and Excludes

Singapore's Deposit Insurance (DI) is a statutory protection scheme administered by the Singapore Deposit Insurance Corporation (SDIC): if a Scheme member fails, each depositor is compensated for up to S$100,000 of insured Singapore-dollar deposits in aggregate at each member (SDIC FAQ, checked 24 October 2026). It protects the deposits themselves and does not cover foreign-currency deposits, structured deposits or investment products. It is separate from a bank's risk management and supervision: deposit insurance sets a "compensation limit after failure"; it is not a promise that a bank will never run into trouble.

What deposit insurance is: SDIC, the DI Scheme and how the limit has changed

SDIC's role is to administer the Deposit Insurance Scheme and to pay insured depositors once MAS triggers a payout. Some basic facts (from the SDIC website, checked 23/24 October 2026):

How the limit has changed: the MAS Annual Report 2023/2024 states that from 1 April 2024 deposit insurance cover was raised from S$75,000 to S$100,000 per depositor per Scheme member, so that the vast majority of small depositors remain fully covered as average deposit balances grow. Any later changes are subject to the latest announcements by SDIC and MAS.

The SDIC FAQ does not specifically address non-resident depositors; it refers to "individuals and non-bank depositors", so this site draws no further inference about nationality or place of residence.

What is and is not covered

Question 7 of the SDIC FAQ explains why foreign currency and investment products are excluded: the main purpose of deposit insurance is to protect the core savings of small depositors. Banks also flag this boundary on their product pages; the DBS My Account page, for example, states that foreign-currency deposits, dual currency investments, structured deposits and other investment products are not insured (checked 23 October 2026). Before opening a multi-currency account, it is worth being clear which part is covered and which is not.

How the S$100,000 is calculated: per depositor × per member × Singapore-dollar total

The calculation has three dimensions: per person, per Scheme member, and per aggregate of insured Singapore-dollar deposits. The examples below are hypothetical and only illustrate the method:

Three points follow. Different types of account at the same member are added together; each account does not get its own S$100,000. Different members are calculated separately. Foreign-currency and investment products are not counted, whatever the amount. For families with larger deposits, the portion above the limit carries the credit risk of the bank itself.

Joint accounts, trust accounts and keeping your details up to date

Joint accounts: Question 12 of the SDIC FAQ explains that funds in a joint account are by default split equally between the holders, unless the member's records show other shares; each holder's share is then added to their other insured deposits at that member. For example, a married couple's joint account holding S$120,000 is by default treated as S$60,000 each; if one spouse also has S$70,000 in personal Singapore-dollar savings at the same bank, their total is S$130,000, and the insured limit remains S$100,000. In addition, every holder of a joint account must undergo customer due diligence when it is opened (Notice 626, paragraph 6.37, 2024 version).

Trust and client accounts: deposits held by non-bank depositors as trust or client accounts are calculated per account, up to S$100,000, separately from the individual aggregate limit (SDIC FAQ, question 15).

Keep your details up to date: SDIC reminds depositors to update personal details such as name, identification number, mobile number and address with their bank. Payouts rely on the bank's records to contact depositors, so update your details promptly when they change (see Account upkeep after opening).

Digital banks, foreign banks and larger depositors

Digital banks must also hold an MAS licence. On 4 December 2020 MAS announced the first successful digital bank applicants: for digital full banks (DFB), a consortium of Grab and Singtel, and a wholly owned entity of Sea Ltd.; for digital wholesale banks (DWB), a consortium led by Greenland Financial and a wholly owned entity of Ant Group. Successful applicants had to meet prudential requirements and pre-licensing conditions before MAS issued licences, and digital full banks may take deposits from retail customers (MAS media release).

App-based banks also state their deposit insurance arrangements on their websites (checked 23 October 2026): GXS Bank states that deposits are insured by SDIC up to S$100,000; Trust Bank states that Singapore-dollar deposits of non-bank depositors are insured by SDIC as provided by law, and that foreign-currency deposits, dual currency investments, structured deposits and other investment products are not insured. Trust Bank was not on the 2020 list above; this page cites only the deposit insurance statement on its website. These are the banks' own statements; whether a deposit is insured is governed by SDIC's rules. Foreigners' eligibility to open accounts with each digital bank is outside the scope of this page; a bank-by-bank account is available on the sister site bankaccount.com.sg.

The "uninsured portion" deserves particular attention from two groups of readers:

1. Multi-currency account holders: the foreign-currency portion is not covered by DI, and exchange-rate movements and conversion costs also need to be considered; see Multi-currency accounts.
2. Priority banking customers and larger depositors: Singapore-dollar deposits above S$100,000, and investment products bought through a bank, are not covered; the risk of an investment product depends on the product itself.

This does not mean deposits are "unsafe". It is a reminder that deposit insurance is only one part of managing risk; understanding a bank's licence category, whether spreading deposits makes sense and the risks of non-deposit products matters just as much. This site provides only the dimensions and published figures and does not recommend banks (for comparisons, see Bank comparison).

Account security: no lending, no sharing Singpass, watch for phishing

Deposit insurance deals with the risk of a bank failing; it does not deal with the risk of your account being misused or of being tricked into making transfers. Three basics:

The police advise the public not to let anyone access, operate or control their payment accounts. In practice, "receiving a payment for a friend", "selling your account to someone before leaving Singapore" and "lending out your debit card for a commission" are all high-risk behaviour that can lead to the account being frozen or closed and to criminal liability. The SRF covers only phishing scams within its defined scope, and the specific conditions are set out in the original MAS guidelines. As a matter of routine, download banking apps only from official sources, do not click login links in text messages or on social media, turn on transaction alerts, and contact your bank at once if you notice anything unusual.

How deposit insurance and account security rules apply in a given case is subject to the latest announcements by SDIC, MAS and the banks. If you would like this interpreted in light of your own circumstances, you can register your request through the contact details on this site.