Check what you actually bought
A savings account, fixed deposit, unit trust and structured deposit may appear beside one another in a bank’s app, but their legal and risk characteristics differ. Singapore Deposit Insurance Corporation (SDIC) says its Deposit Insurance Scheme covers eligible Singapore-dollar deposits placed with a scheme-member bank or finance company in Singapore.
SDIC lists savings, current and fixed deposits as covered product types. It also lists monies in SRS, CPF Investment Scheme and CPF Retirement Sum Scheme accounts, subject to the scheme’s rules. Its current consumer materials state that eligible deposits are insured up to an aggregate S$100,000 per depositor per scheme member. Check the official SDIC guidance for aggregation and account-specific details.
Investment products are not insured deposits
SDIC explicitly excludes foreign-currency deposits, structured deposits and investment products such as unit trusts, shares and other securities from deposit insurance. A product being sold by a bank does not turn it into a bank deposit or guarantee its value.
The word “deposit” in a product name can be confusing. Read the product documents and ask the provider whether the product is registered in its register of insured deposits. SDIC says each scheme member maintains such a register. Confirm that the exact account or product is listed rather than relying on branding or the institution’s name.
Insurance schemes are separate
SDIC also administers the Policy Owners’ Protection Scheme (PPF), which protects specified life and general insurance policies issued by member insurers. The PPF is not a promise to protect investment returns or the market value of an investment-linked fund. The type of benefit and policy matter; check SDIC’s PPF scope and the insurer’s register.
A quick pre-purchase check
- Identify the legal product: deposit, insurance policy or investment security.
- Check the institution’s scheme membership and product register on SDIC’s site.
- Read what is covered, what is excluded and how limits aggregate.
- For investments, assess the possibility of loss, liquidity and fees separately; deposit insurance does not remove investment risk.
The S$100,000 limit is applied by depositor and scheme member, not separately to every savings account and fixed deposit at the same bank. SDIC explains that deposits in multiple eligible accounts with one member are aggregated. If you spread money across different scheme-member banks, the coverage calculation is performed for each member, subject to the scheme’s rules. Joint accounts, trusts, sole proprietorships and CPF/SRS-related balances have their own calculation rules, so check those before assuming how the limit applies.
For insurance, the PPF has a separate scope and entitlement rules. Keep the policy schedule and identify which insurer issued the policy. Do not assume that PPF protection works like deposit insurance or that it guarantees projected investment returns in an insurance policy.
Sources
- SDIC: Scope of Deposit Insurance Coverage — covered deposits and excluded investments; verified 1 Nov 2026.
- SDIC: Deposit Insurance FAQ — aggregation and S$100,000 limit; verified 1 Nov 2026.
- SDIC: Scope of Policy Owners’ Protection Scheme Coverage — covered life and general policies; verified 1 Nov 2026.