With effect from 1 April 2006 , the deposit insurance scheme will compensate individuals and charities for the first $20,000 of their Singapore dollar deposits in standard savings, current and fixed deposit accounts, net of liabilities, in the event that their bank or finance company should fail.

The scheme compensates depositors through a fund built up from contributions by full banks and finance companies. Full banks and finance companies will pay their first premium contributions into the fund on 3 April 2006.

The Singapore Deposit Insurance Corporation, a separate entity incorporated as a company limited by guarantee under the Companies Act, will administer the deposit insurance scheme and manage the deposit insurance fund.

Please note that no action is required from Bank of Singapore Limited (finatiQ) customers and customers need not pay to be covered by the deposit insurance. All insurance premium and costs will be borne by Bank of Singapore Limited.

To find out about the deposit products that are covered under the deposit insurance scheme, please refer to the Insured Deposits Register.