Singapore legislation

Schedule 1

of Deposit Insurance Bill

Schedule 1

Insured Deposit

FIRST SCHEDULESection 2Insured DepositIn this Act, “insured deposit” means —

(a)

any of the following deposits in Singapore dollars, placed with a Scheme member in any of its branches in Singapore:

(i)

a deposit in a savings account; (ii)a deposit in a fixed deposit account;

(iii)

a deposit in a current account;

(iv)

a deposit under the Supplementary Retirement Scheme,including any accrued interest for each of the deposits specified in sub-paragraphs (i) to (iv);

(b)

any moneys denominated in Singapore dollars, placed with a Scheme member under the CPFIS; and

(c)

any other type of moneys placed with a Scheme member as may be prescribed by the Authority,but does not include —

(i)

any structured deposit as defined in the Financial Advisers Act (Cap. 110);

(ii)

any deposit which is pledged, charged or secured as collateral; and

(iii)

in a case where there is a contractual set-off agreement between a Scheme member and a depositor, any deposit or part thereof placed with the Scheme member which is set aside in respect of any debt owing by the depositor to that Scheme member, and such deposit or part thereof which has been set aside cannot be withdrawn by the depositor unless and until the debt is fully paid up.

Read in full context — Deposit Insurance Bill →