Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 · 2020 Revised Edition · Schedules
Schedule 1 · Insured deposit and Maximum DI Coverage
Feedback & supportFIRST SCHEDULESections 2(1) and 90(1)Insured deposit and Maximum DI Coverage In this Act —“insured deposit” means —
any of the following deposits in Singapore dollars, placed with any DI 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;
a deposit in a fixed deposit account;
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whether such a deposit or part thereof is set aside in respect of any debt owing to the DI Scheme member and cannot be withdrawn until and unless the debt is repaid;
any moneys denominated in Singapore dollars placed with any DI Scheme member under the CPFIS, CPFRS or the Supplementary Retirement Scheme; 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;
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;“Maximum DI Coverage” means the amount of $100,000.[26/2016; 31/2018][S 706/2023 wef 01/04/2024]