Do you have more then 20K in your bank?

[Einfield]

Dear Sinkies,

Do you know that Singapore Banks only guarantee you $20K for your deposit?

Many people do not know this.

You either split your money to different banks for $20K each, the catch is they only guarantee 1 account per bank so you need to open new accounts in other banks.

Some gullible people say "Singapore very safe"

Well I'm just "Educating" those who don't know, what action you take is up to you.

Don't end up in Hong Lim Square protesting when your savings vaporized.

 

[Baimi]

How about fixed deposite?
I have more than 20K in fixed account.

 

[myjohnson]

I'm safe. I've got only 20Kcents in my account.

 

[makapaaa]

http://www.sdic.org.sg/calculation.html

Amount insured under the Scheme

In the event a Scheme member fails, all of your eligible accounts with that member, except for deposits under the CPF Investment Scheme, are aggregated and insured up to S$20,000, net of your liabilities to the member, such as loans. Deposits are not insured separately in each branch office of a Scheme member i.e. all your eligible accounts maintained with different branches of a Scheme member are aggregated and insured up to S$20,000 net of your liabilities to the member.
Moneys held in bank deposits under the CPF Investment Scheme (CPFIS) are separately insured up to S$20,000.
Illustration 1 – Calculation of deposit insurance coverage with different deposits

<TABLE class=row1 cellSpacing=0 cellPadding=3 width="90%" border=1><TBODY><TR><TD class=row3 vAlign=bottom width=552 colSpan=4>Suppose you have S$15,000 in your savings account, S$2,500 in your current account and a US dollar fixed deposit, of US$10,000 with Bank X. You have also placed S$50,000 of your CPF monies in a fixed deposit under the CPFIS. The calculation is as follows:
</TD></TR><TR><TH width=200> </TH><TH>Account Balance</TH><TH>Amount Insured</TH><TH>Amount Not Insured</TH></TR><TR><TD align=left>Savings Account (a) </TD><TD align=left>S$15,000</TD><TD align=left> </TD><TD align=left> </TD></TR><TR><TD align=left>Current Account (b) </TD><TD align=left>S$2,500</TD><TD align=left> </TD><TD align=left> </TD></TR><TR><TD align=left>Total insured deposits (c = a + b)</TD><TD align=left>S$17,500</TD><TD align=left>S$17,5001</TD><TD align=left>0</TD></TR><TR><TD align=left>Fixed deposit under CPFIS </TD><TD align=left>S$50,000</TD><TD align=left>S$20,0002</TD><TD align=left>S$30,0002</TD></TR><TR><TD align=left> </TD><TD align=left> </TD><TD align=left> </TD><TD align=left> </TD></TR><TR><TD align=left>US Dollar Fixed Deposit </TD><TD align=left>US$10,000</TD><TD align=left>0</TD><TD align=left>US$10,0003</TD></TR><TR><TD align=left>Total amount insured </TD><TD align=left> </TD><TD align=left>S$37,500 </TD><TD align=left> </TD></TR><TR><TD class=row2 width=552 colSpan=4>

Notes:

1. Insured deposits are aggregated and insured up to S$20,000.
2. CPF monies placed in fixed deposits under CPFIS are insured up to S$20,000
3. Foreign currency deposits are not covered under the Deposit Insurance Scheme

</TD></TR></TBODY></TABLE>​

Illustration 2a –You have deposits and an outstanding instalment loan, such as housing loan, with the same bank

<TABLE class=row2 cellSpacing=0 cellPadding=3 width="90%" border=1><TBODY><TR><TD class=row3 vAlign=bottom colSpan=4>Suppose you have S$15,000 in your savings account and an outstanding housing loan of S$200,000 with the same bank. The monthly instalment of your housing loan is S$1,500 and you have 2 months' instalments payable to your bank. The amount insured is computed as follows:
</TD></TR><TR><TH width=196> </TH><TH width=118>Account Balance</TH><TH width=80>Amount Insured</TH><TH width=65>Amount Not Insured </TH></TR><TR><TD align=left>Savings Account (a)</TD><TD align=left>S$15,000</TD><TD align=left> </TD><TD align=left> </TD></TR><TR><TD align=left>Housing Loan instalments due (b)</TD><TD align=left>S$ 3,000</TD><TD align=left> </TD><TD align=left> </TD></TR><TR><TD align=left>Net Deposits = Deposits less instalments due (c = a – b) </TD><TD align=left>S$12,000</TD><TD align=left>S$12,000</TD><TD align=left> </TD></TR><TR><TD align=left>Total amount insured</TD><TD align=left></TD><TD align=left>S$12,0001 </TD><TD align=left></TD></TR><TR><TD class=row1 colSpan=4>

Notes:

1. Under Singapore’s insolvency law, your deposits will automatically be used to pay off your outstanding liabilities with the bank, if the bank fails. In this illustration, after netting off your outstanding liabilities of 2 months’ instalments due, your deposit with the bank will be reduced to S$12,000. This amount (S$12,000) is insured by SDIC. Your recovery of this amount from the failed bank would not depend on whether the bank has sufficient assets to meet its liabilities, as would be the case without deposit insurance.

</TD></TR></TBODY></TABLE>​

Illustration 2b –You have deposits and an outstanding revolving loan, such as credit card facility, with the same bank

<TABLE class=row1 cellSpacing=0 cellPadding=3 width="90%" border=1><TBODY><TR><TD class=row3 vAlign=bottom width=546 colSpan=4>Suppose you have S$2,000 in your savings account and a credit card account with a credit limit of S$10,000 with the same bank. The outstanding balance payable in full on your credit card account is S$5,000. The amount insured is computed as follows:
</TD></TR><TR><TH width=200> </TH><TH>Account Balance</TH><TH>Amount Insured</TH><TH>Amount Not Insured </TH></TR><TR><TD align=left>Savings Account (a)</TD><TD align=left>S$2,000</TD><TD align=left> </TD><TD align=left> </TD></TR><TR><TD align=left>Credit Card outstanding balance payable in full (b)</TD><TD align=left>S$5,000</TD><TD align=left> </TD><TD align=left> </TD></TR><TR><TD align=left>Net Loan = Outstanding balance payable in full less Deposits (c = b – a) </TD><TD align=left>S$3,000</TD><TD align=left> </TD><TD align=left> </TD></TR><TR><TD align=left>Total amount insured</TD><TD align=left> </TD><TD align=left>S$01</TD><TD align=left> </TD></TR><TR><TD class=row2 align=left width=546 colSpan=4>Notes:

1. Under Singapore’s insolvency law, your deposits will automatically be used to pay off your outstanding liabilities with the bank, if the bank fails. In this illustration, your savings of S$2,000 will be used to partially pay the outstanding balance payable on your credit card account. The outstanding credit card balance payable will therefore be reduced to S$3,000, and your deposit reduced to S$0. As you would already have recovered the full amount of your deposit through insolvency netting, there is no remaining claim against the failed bank. Therefore, there will not be a deposit insurance payment.

</TD></TR></TBODY></TABLE>​

Joint Accounts

For deposits in joint accounts, each joint account holder’s share of the joint account is combined with his other insured deposits held in his own name. The aggregate amount of insured deposits is insured up to S$20,000. Each joint account holder is assumed to have an equal share in the joint account, unless the Scheme member has records that show otherwise.
Illustration 3 – Calculation of deposit insurance coverage with Joint Accounts

<TABLE class=row2 cellSpacing=0 cellPadding=3 width="90%" border=1><TBODY><TR><TD class=row3 vAlign=bottom width=528 colSpan=4>Suppose you have S$15,000 in your savings account and you have S$20,000 in a joint account with your spouse. Each person’s share of the joint account is considered to be equal unless otherwise stated in the bank’s records, for the purposes of calculating SDIC coverage. The calculation is as follows:
</TD></TR><TR><TH width=200> </TH><TH>Account Balance</TH><TH>Amount Insured</TH><TH>Amount Not Insured</TH></TR><TR><TD align=left>Savings Account</TD><TD align=left>S$15,000</TD><TD align=left> </TD><TD align=left> </TD></TR><TR><TD align=left>Your share of Joint Account (S$20,000 ÷ 2)</TD><TD align=left>S$10,000</TD><TD align=left> </TD><TD align=left> </TD></TR><TR><TD align=left>Total insured deposits</TD><TD align=left>S$25,000</TD><TD align=left>S$20,000</TD><TD align=left>S$5,000</TD></TR><TR><TD align=left>Total amount insured</TD><TD align=left></TD><TD align=left>S$20,000</TD><TD align=left></TD></TR><TR><TD align=left> </TD><TD align=left> </TD><TD align=left> </TD><TD align=left> </TD></TR><TR><TD align=left>Your spouse’s share of Joint Account (S$20,000 ÷ 2)</TD><TD align=left>S$10,000</TD><TD align=left>S$10,000</TD><TD align=left> </TD></TR><TR><TD align=left>Total amount insured for your spouse</TD><TD align=left> </TD><TD align=left>S$10,000</TD><TD align=left> </TD></TR></TBODY></TABLE>​

Deposits Held in Trust and Client Accounts

Deposits held in trust or in client accounts for the benefit of an individual or charity are insured provided that the records of the Scheme member identify the beneficiary or client. The beneficiary’s share of the deposit is aggregated with his other insured deposits and insured up to S$20,000.

 

[makapaaa]

Why is the Islamic Bank of Asia exempted?

All full banks and finance companies in Singapore are members of the Deposit Insurance Scheme (Scheme members), except those exempted by the Monetary Authority of Singapore.
The Scheme members are:

[Note that these links direct you to the respective Scheme Members' website]
Full Banks

<TABLE cellSpacing=0 cellPadding=3 width="100%" border=0><TBODY><TR><TD>ABN AMRO BANK NV </TD></TR><TR><TD>AMERICAN EXPRESS BANK LTD </TD></TR><TR><TD>BANGKOK BANK PUBLIC COMPANY LIMITED </TD></TR><TR><TD>BANK OF AMERICA, NATIONAL ASSOCIATION </TD></TR><TR><TD>BANK OF CHINA LIMITED </TD></TR><TR><TD>BANK OF EAST ASIA LTD</TD></TR><TR><TD>BANK OF INDIA </TD></TR><TR><TD>BANK OF SINGAPORE LTD </TD></TR><TR><TD>BANK OF TOKYO-MITSUBISHI UFJ, LTD</TD></TR><TR><TD>BNP PARIBAS </TD></TR><TR><TD>CALYON </TD></TR><TR><TD>CIMB BANK BERHAD </TD></TR><TR><TD>CITIBANK NA </TD></TR><TR><TD>CITIBANK SINGAPORE LIMITED </TD></TR><TR><TD>DBS BANK LTD </TD></TR><TR><TD>FAR EASTERN BANK LTD </TD></TR><TR><TD>HL BANK </TD></TR><TR><TD>HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED</TD></TR><TR><TD>http://www.hsbc.com.sg/sg/INDIAN BANK </TD></TR><TR><TD>INDIAN OVERSEAS BANK </TD></TR><TR><TD>JPMORGAN CHASE BANK, N.A. </TD></TR><TR><TD>MALAYAN BANKING BHD </TD></TR><TR><TD>MIZUHO CORPORATE BANK LTD</TD></TR><TR><TD>OVERSEA-CHINESE BANKING CORPN LTD </TD></TR><TR><TD>PT BANK NEGARA INDONESIA (PERSERO) TBK </TD></TR><TR><TD>RHB BANK BERHAD </TD></TR><TR><TD>STANDARD CHARTERED BANK </TD></TR><TR><TD>STATE BANK OF INDIA</TD></TR><TR><TD>SUMITOMO MITSUI BANKING CORPORATION </TD></TR><TR><TD>UCO BANK </TD></TR><TR><TD>UNITED OVERSEAS BANK LTD </TD></TR></TBODY></TABLE>
Finance Companies

<TABLE cellSpacing=0 cellPadding=4 width="100%" border=0><TBODY><TR><TD>HONG LEONG FINANCE LIMITED </TD></TR><TR><TD>SING INVESTMENTS & FINANCE LIMITED</TD></TR><TR><TD>SINGAPURA FINANCE LTD </TD></TR></TBODY></TABLE>
Exempted Institutions

<TABLE cellSpacing=0 cellPadding=4 width="100%" border=0><TBODY><TR><TD>THE ISLAMIC BANK OF ASIA LIMITED </TD></TR></TBODY></TABLE>

 

[singveld]

i dun know what PAP is thinking 20K

is too low to protect the saving of the peasant

they really want them to commit mass sucide

what can you do with 20k ?

let see UK protect 50 000 sterling pounds
USA protect 50K USA dollars
Germany , Netherlands protect to 100 000 EURO


singapore gov does not care about the peasant, only themselves.

they will let the bank die, and will do nothing to save the peasant, but they will bend themselves backward to help FT/FW.

 

[makapaaa]

Types of depositors covered

Individuals and the charities with insured deposits in full banks and finance companies in Singapore are insured by the SDIC. Business deposits by companies, partnerships and sole proprietors are not insured by the SDIC.
Types of deposit products covered

SDIC insures Singapore dollar denominated deposits including accrued interest, placed with a full bank or finance company in any of its branches in Singapore. These include deposits held in

• Savings accounts
• Fixed deposit accounts
• Current accounts
• Deposits under the CPF Investment Scheme

Each Scheme member maintains a register of insured deposits it offers. To find out if a deposit account offered by your bank or finance company is insured, you can refer to the institution’s register of insured deposits.
Types of deposit products not covered

The SDIC does not insure any financial product except those listed above. Products that are not insured include

• foreign currency deposits
• structured deposits
• deposits placed as collateral
• investment products such as unit trusts, shares and other securities

 

[makapaaa]

9. Why are foreign currency and structured deposits not covered? They are very popular and the banks have been actively promoting it.
A: Deposit insurance is mainly to protect small depositors. Many of them do not have foreign currency or structured deposits.
Also, foreign currency deposits and structured deposits have an investment feature where the investor is required to assume higher risk for the higher return. Therefore these products do not form part of the core savings or transaction accounts of small depositors.

But the govt is the BEST PAID in the world. What gives?

 

[zhihau]

But the govt is the BEST PAID in the world. What gives?

my khong guan biscuit tin costs SGD$4.75 with biscuits, and the tin is reusable for my savings after i've finished my cookies

 

[myjohnson]

my khong guan biscuit tin costs SGD$4.75 with biscuits, and the tin is reusable for my savings after i've finished my cookies

PRC sluts just love your kind. Lotsa money to suck out!:p

 

[zhihau]

PRC sluts just love your kind. Lotsa money to suck out!:p

no thanks, i don't fancy PRC

 

[Ah Guan]

my khong guan biscuit tin costs SGD$4.75 with biscuits, and the tin is reusable for my savings after i've finished my cookies

Ah Hau, be careful if ants chew away your paper currency hor....

 

[zhihau]

Ah Hau, be careful if ants chew away your paper currency hor....

oh yah hor... then how ar? keep coins?

 

[mockingbird]

Some town councils and charities have millions of dollars in fixed deposits. If the bank goes down under, all their sinking funds and charity dollars will be gone for good.

 

[Merl Haggard]

A number of my expatriate friends learned from me that banks in S'pore only guarantee their deposits & savings up to $20,000 only if they do go bust.

To their horror they called up to check with DBS and all that they could assure them is "DBS is AAA+".

Last Fri all of them had withdrawn their deposits and savings with DBS & UOB.

Dear Sinkies,

Do you know that Singapore Banks only guarantee you $20K for your deposit?

Many people do not know this.

You either split your money to different banks for $20K each, the catch is they only guarantee 1 account per bank so you need to open new accounts in other banks.

Some gullible people say "Singapore very safe"

Well I'm just "Educating" those who don't know, what action you take is up to you.

Don't end up in Hong Lim Square protesting when your savings vaporized.

 

[Ah Guan]

oh yah hor... then how ar? keep coins?

You'll never go wrong with gold. It holds value even if the system crashes. Many boat people bought a safe passage with gold ingots when South Vietnam fell to the Commies.

Plus, it'll never go out of style ......

 

[Einfield]

How about fixed deposite?
I have more than 20K in fixed account.

Same shit for FD, if in foreign currency, it is not covered.

 

[singveld]

better split all the money into all the bank in singapore

no reason to take the risk

anything can happen now

the only problem is that , not all the bank have a saving account

 

[Whats4]

oh yah hor... then how ar? keep coins?

wash the tin first lah. or if u still wory pas me your tin with the cash inside.

 

[Whats4]

no thanks, i don't fancy PRC

when comes to think of woman, men tends to use their smaller head rather than the big one.