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.

About the Author

Ivan Guan is the author of the popular book "FIRE Your Retirement". He is an independent financial adviser with more than a decade of knowledge and experience in providing financial advisory services to both individuals and businesses. He specializes in investment planning and portfolio management for early retirement. His blog provides practical financial tips, strategies and resources to help people achieve financial freedom. Follow his Telegram Channel to join the FIRE community.
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