SDIC deposit insurance protects Singapore-dollar fixed deposits, savings and current accounts up to S$100,000 per depositor at each bank or finance company that belongs to the scheme. If you have more than $100,000 in one place, the excess is not insured.
That matters most for retirees and anyone holding a lump sum, such as sale proceeds, in fixed deposits. Here is what is covered and how people spread larger sums.
How SDIC Deposit Insurance Works
The Deposit Insurance Scheme is run by the Singapore Deposit Insurance Corporation (SDIC). If a member bank or finance company fails, insured depositors are paid up to the limit.
According to MoneySense (page last updated 4 November 2026):
- The limit is $100,000 per depositor per Scheme member.
- All your insured deposits at one member are added together: savings, current and fixed deposits, across every branch. They are not insured separately by account or branch.
- Finance companies in Singapore are required to be members.
We tried to open SDIC’s own site (sdic.org.sg) in November 2026 to confirm the limit, but it showed a verification screen instead of its content. The figure is confirmed by MoneySense and by the statutory notices on the banks’ and finance companies’ own pages that day. Check sdic.org.sg for the full rules.
What Is Covered and What Is Not
| Covered (Singapore dollars) | Not covered |
|---|---|
| Fixed deposits | Foreign currency deposits, including USD fixed deposits |
| Savings accounts | Structured deposits and structured notes |
| Current accounts | Dual currency investments |
| SRS deposits (counted with your other deposits) | Shares, unit trusts and other investment products |
| CPF Investment Scheme and CPF Retirement Sum Scheme deposits (insured separately, up to $100,000) | Money market funds and other investment funds (not deposits) |
Sources: MoneySense and the statutory notices of UOB, Bank of China and ICBC. UOB’s notice sets out the SRS and CPF treatment: SRS deposits are aggregated with your other SGD deposits, while CPF Investment Scheme and Retirement Sum Scheme deposits are aggregated and separately insured up to $100,000.
The short version: Only Singapore-dollar deposits are insured, and only up to $100,000 per person at each member bank or finance company. Anything above that, or in a foreign currency, carries the institution’s own credit risk.
Worked Example: Spreading S$250,000
Illustration only. An illustrative retired couple sell a property and want to place S$250,000 in fixed deposits in one person’s name.
- All at one bank: $100,000 insured, $150,000 not.
- Spread over three members: $100,000 at Bank A, $100,000 at Bank B and $50,000 at Finance Company C. All $250,000 insured.
Two traps:
- Existing balances count. If you already keep $30,000 in a savings account at Bank A, a $100,000 fixed deposit there takes you to $130,000, and $30,000 is uninsured.
- Brands are not separate members. The scheme counts each Scheme member, the legal entity. POSB’s website, for example, is operated by DBS Bank Ltd under the same company registration number as DBS, so deposits under both names are likely to count together. Check SDIC’s list of Scheme members if you are unsure.
The same couple could also split the money by name, since the limit applies per depositor. Joint account treatment has its own rules; check SDIC’s guidance on joint accounts before relying on it.
Should You Worry About the Limit?
The limit is a backstop, not a rating of any bank. It is still a reason to think twice before placing a large sum in one place just for a slightly higher promotional rate.
A few practical points:
- Rates differ only a little. In this month’s FD rates table, the gap between the top 12-month promotions is a few tenths of a percent. Spreading across three providers often costs little interest.
- Government securities have no such limit. T-bills and Singapore Savings Bonds are backed by the Singapore Government. Savings Bonds are capped at $200,000 per person by MAS. Our comparison of T-bills, Savings Bonds and fixed deposits explains the trade-offs.
- Foreign currency is outside the scheme entirely. See our USD fixed deposit rates for the currency risk as well.
How to Check Your Own Position
- List every SGD account and fixed deposit you hold, by bank or finance company.
- Add up the totals per institution, including SRS deposits at that bank.
- Group brands by legal entity (check the bank’s website footer or SDIC’s member list).
- Move or redirect new placements so that no total is above $100,000, if that matters to you.
What To Do Next
- Read the “Deposit Insurance Scheme” notice on each bank’s own page; it is required by law and states what is insured.
- If you are comparing finance companies with banks, see our guide to finance company vs bank fixed deposits.
- For cash that should stay instantly available, compare the best high interest savings accounts, keeping the same $100,000 limit in mind.
