Singapore legislation

Schedule 1

of Deposit Insurance and Policy Owners’ Protection Schemes Bill

Schedule 1

Insured deposit and Maximum DI coverage

FIRST SCHEDULESection 2(1)Insured deposit and Maximum DI coverage In this Act —“insured deposit” means —

(a)

any of the following deposits in Singapore dollars, placed with any DI 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,including any accrued interest that has been credited to the relevant accounts for each of the deposits specified in sub-paragraphs (i), (ii) and (iii), regardless of whether such a deposit is pledged, charged or secured as collateral or whether such a deposit or part thereof is set aside in respect of any debt owing to the DI Scheme member and cannot be withdrawn until and unless the debt is repaid; (b)any moneys denominated in Singapore dollars, placed with any DI Scheme member under the CPFIS, CPFMS or the Supplementary Retirement Scheme; and

(c)

such product as may be prescribed by the Authority,but does not include any structured deposit as defined in the Financial Advisers (Structured Deposits — Prescribed Investment Product and Exemption) Regulations (Cap. 110, Rg 7);“Maximum DI Coverage” means the amount of $50,000.

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