Deposit Insurance Scheme (SDIC): How Your Singapore Bank Deposits Are Protected up to S$100,000
The Deposit Insurance Scheme (DI Scheme), administered by the Singapore Deposit Insurance Corporation (SDIC), automatically protects Singapore-dollar deposits held with DI Scheme member banks and finance companies, up to S$100,000 per depositor per member institution, should the institution fail.
Not financial advice. All figures for educational reference only. Data as at July 2026. Last updated: July 2026.
Key Takeaways
- The DI Scheme covers up to S$100,000 per depositor per Scheme member bank, applied in aggregate across all your eligible accounts at that bank.
- All full banks and finance companies licensed in Singapore are DI Scheme members by default, including DBS, OCBC, UOB, and digital banks GXS Bank and MariBank.
- Coverage applies to SGD savings, current, fixed deposit accounts, and SRS monies held at the bank — but not investments, insurance, or foreign-currency deposits.
- The S$100,000 limit was raised from S$75,000, effective 1 April 2024, as part of a scheduled review by MAS and SDIC.
- You can check whether an institution is a DI Scheme member via the SDIC website or the DI mark displayed at bank branches.
What Is Deposit Insurance Scheme (SDIC)?
The Deposit Insurance Scheme exists to protect ordinary depositors and maintain confidence in Singapore’s banking system in the rare event a bank or finance company fails. It is legislated under the Deposit Insurance and Policy Owners’ Protection Schemes Act and administered by SDIC, a statutory body. Unlike some markets where deposit insurance requires opt-in or separate premiums paid by consumers, Singapore’s DI Scheme is automatic and free for depositors — member institutions pay annual premiums to SDIC based on their deposit base and risk profile, not customers.
How Does Deposit Insurance Scheme (SDIC) Work in Singapore?
If a DI Scheme member fails, SDIC compensates each depositor up to S$100,000 in aggregate across all their eligible SGD deposit accounts at that single institution — savings, current, and fixed deposits are summed together against the cap, not covered separately per account. Deposits under the CPF Investment Scheme (CPFIS) and Supplementary Retirement Scheme (SRS) held at a bank are aggregated and insured up to a separate S$100,000, on top of your regular deposit coverage. Joint accounts, trust accounts, and sole proprietorship accounts each have their own coverage treatment under SDIC rules.
Deposit Insurance Example
Mei Fen holds S$60,000 in a DBS savings account, S$50,000 in a DBS fixed deposit, and S$40,000 in her SRS account with DBS. Her regular deposits (savings + fixed deposit) total S$110,000, but only S$100,000 is insured — S$10,000 would be at risk in the extremely unlikely event DBS failed. Separately, her S$40,000 SRS balance at DBS is insured under its own S$100,000 SRS-specific cap, so it is fully protected. If she instead spread the S$110,000 across two different DI Scheme member banks, both amounts would be fully covered.
Advantages of Deposit Insurance Scheme (SDIC)
- Automatic and free — no opt-in, application, or premium required from depositors.
- Covers digital banks too — GXS Bank and MariBank, as licensed digital full banks, are DI Scheme members with the same S$100,000 protection.
- Separate SRS coverage — SRS balances get their own S$100,000 cap independent of regular deposits at the same bank.
- High confidence in a well-regulated system — MAS’s prudential supervision means bank failures in Singapore are historically extremely rare.
Risks and Limitations
- Cap applies per bank, not per account — high-net-worth depositors with balances above S$100,000 at one bank carry uninsured exposure above the cap.
- Investments and insurance are not covered — unit trusts, bonds, stocks, and insurance products held via the bank are excluded from DI Scheme protection (though insurance policies have separate Policy Owners’ Protection Scheme cover).
- Foreign currency deposits excluded — only Singapore-dollar deposits are protected; USD or other FX deposits at the same bank are not.
- Not all financial institutions are members — merchant banks, insurers (for non-insurance products), and some finance companies may not be covered — always verify DI Scheme membership.
Deposit Insurance Scheme vs Policy Owners’ Protection Scheme (PPF)
Singapore has two separate SDIC-administered schemes — one for bank deposits, one for life/health insurance policies — and it’s easy to conflate them.
| Aspect | Deposit Insurance Scheme (DI) | Policy Owners’ Protection Scheme (PPF) |
|---|---|---|
| Protects | Bank deposits (SGD savings, current, fixed deposits) | Life and health insurance policies |
| Coverage limit | S$100,000 per depositor per bank | Varies by policy type (e.g. up to 100% of benefits for many life policies, subject to caps) |
| Administered by | SDIC | SDIC |
| Applies to | DI Scheme member banks/finance companies | PPF Scheme member insurers |
| Cost to consumer | Free, automatic | Free, automatic |
The Bottom Line
For most Singapore households keeping deposits within the S$100,000 per-bank cap, the Deposit Insurance Scheme provides strong, cost-free protection — savers with larger cash balances should consider spreading funds across multiple DI Scheme member banks or shifting excess cash into T-bills, Singapore Savings Bonds, or diversified investments instead of leaving it uninsured in a single account.