Singapore Government has just announced that all local and foreign currecies deposit of individuals and non-bank customers with banks, finance companies and merchant banks in Singapore until 31 December 2010. The list of banks, finance companies and merchant banks licensed by the MAS can be found on the following link.
This is so much more re-assuring than the $20,000 guarantee per financial institution under the Singapore Deposit Insurance Scheme. However, do note that he accounts not covered under the Government Guarantee on Deposits are:
- Dual currency deposits
- Any deposit that is pledged / secured as collateral
- Structured deposits
- Structured producta
- Dual currency investments
- Preference shares
- Unit trusts
I must emphasize that thought insurance is not guaranteed under the scheme, everyone should still have at least the health and life insurance. NTUC Income, backed up NTUC Labour Movement, is a very reliable and extraordinary insurance cooperative that exists to serve the Singapore Residents.