The Deposit Insurance Scheme was established under the Deposit Insurance Act which came into force on 18 October 2005. The Scheme aims to provide limited protection to individuals and charities in respect of their "Insured Deposits" placed with banks and finance companies who are members of the Scheme. Standard Chartered Bank is a member of the Scheme.

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The Deposit Insurance Scheme starts on 1 April 2006.

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Deposit accounts which are eligible for deposit insurance coverage under the Deposit Insurance Act are Singapore Dollar Savings Accounts, Singapore Dollar Current Accounts and Singapore Dollar Time Deposits ("Insured Deposits"). CPFIS deposits are also eligible for separate coverage under the Deposit Insurance Scheme.

Standard Chartered deposit accounts which are eligible for the Deposit Insurance Scheme are listed in Standard Chartered's Insured Deposit Register. Please note that Standard Chartered Bank does not offer CPFIS deposits.

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Insured Deposits belonging to individuals and charities ("Insured Depositors") are covered under the Deposit Insurance Scheme. Deposits of businesses, including sole proprietorships and partnerships, are not covered under the Deposit Insurance Scheme.

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No, Foreign Currency deposits are not eligible for the Deposit Insurance Scheme.

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No, Structured deposits are not eligible for the Deposit Insurance Scheme.

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Singapore Dollar deposits used as collateral are not eligible for the Deposit Insurance Scheme. Deposits of businesses, including sole proprietorships and partnerships, are not covered under the Deposit Insurance Scheme.

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You will know if your Standard Chartered deposit account is eligible for the Deposit Insurance Scheme by referring to Standard Chartered's Insured Deposit Register.

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All insured deposits belonging to the same depositor with a Scheme member are aggregated and insured up to S$20,000. This includes all personal accounts and his share in joint accounts, trust accounts and client accounts. CPFIS deposits are also eligible for separate coverage of up to S$20,000 under the Deposit Insurance Scheme. Please note that Standard Chartered Bank does not offer CPFIS deposits.

Example: Customer has an individual e$aver account with a balance of S$10,000, an individual Cheque and Save account with a balance of S$10,000 and an individual Time Deposit account with a balance of S$10,000. Customer's aggregated deposit with Standard Chartered Bank is S$30,000. Under the Deposit Insurance Scheme, the amount insured is capped at S$20,000.

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For joint accounts, the balance is divided equally among all account holders for the purpose of the Deposit Insurance Scheme.

Example: Customer has an individual e$aver account with a balance of S$10,000 and a joint 2-party Cheque and Save account with a balance of S$10,000. Customer's aggregated deposit with Standard Chartered Bank is S$15,000. Hence under the Deposit Insurance Scheme, the amount insured is S$15,000. The balance from the Cheque and Save account is divided equally among all account holders for the purpose of the Deposit Insurance Scheme.

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For trust accounts, the balance is accorded to the Beneficiary for the purpose of the Deposit Insurance Scheme.

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