To calm the panic spread that many banks might collapse, the MAS had issued an emergency guarantee blanket on all deposits here when the global financial crisis erupted in late 2008.
As the guarantee is set to end on Dec 31 this year, the MAS is proposing to expand this insurance on banks by next year with the following two enhancement:
- Increase the deposits guaranteed from $20,000 to $50,000 per account-holder per bank.
- Non-bank depositors, such as companies, will have their deposits protected.
Click here to find out more about what is Deposit Insurance Scheme.
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