Local and Foreign Currencies Guaranteed in Singapore

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
  • Shares
  • Bonds
  • Insur­ance
  • 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.

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