Deposit Insurance Act · 2006 Revised Edition · Schedules
Schedule 1 · Insured Deposit
Feedback & supportFIRST SCHEDULESection 2Insured DepositIn this Act, “insured deposit” means —
insured deposit
“insured deposit” has the meaning as specified in the First Schedule;
any of the following deposits in Singapore dollars, placed with a Scheme member in any of its branches in Singapore:
a deposit in a savings account;
deposit
“deposit” means a sum of money paid on terms —(a)under which it will be repaid, with or without interest or a premium, or with any consideration in money or money’s worth, either on demand or at a time or in circumstances agreed by or on behalf of the person making the payment and the person receiving it; and(b)which are not referable to the provision of property or services or to the giving of security;
a deposit in a fixed deposit account;
a deposit in a current account;
a deposit under the Supplementary Retirement Scheme,including any accrued interest for each of the deposits specified in sub-paragraphs (i) to (iv);
Supplementary Retirement Scheme
“Supplementary Retirement Scheme” has the same meaning as in section 2(1) of the Income Tax Act.
any moneys denominated in Singapore dollars, placed with a Scheme member under the CPFIS; and
CPFIS
“CPFIS” means the Central Provident Fund Investment Scheme introduced by the Central Provident Fund Board under the Central Provident Fund (Investment Schemes) Regulations;
any other type of moneys placed with a Scheme member as may be prescribed by the Authority,but does not include —
any structured deposit as defined in the Financial Advisers Act (Cap. 110);
any deposit which is pledged, charged or secured as collateral; and
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debt owing by the depositor to that Scheme member, and such deposit or part thereof which has been set aside cannot be withdrawn by the depositor unless and until the debt is fully paid up.
depositor
“depositor” means any person who is entitled to repayment of a deposit, whether or not the deposit is made by him;