Deposit Insurance Scheme
With effect from 1 Apr 2006, United Overseas Bank Limited (UOB) is a participating bank of the Deposit Insurance Scheme ("Scheme").
What is Deposit Insurance Scheme?
The Deposit Insurance Scheme provides limited compensation to selected eligible deposits placed by insured depositors with full banks and finance companies in Singapore ("Scheme members").
The Deposit Insurance Scheme, established under the Deposit Insurance Act 2005 and which has since been reconstituted under the Deposit Insurance and Policy Ownersâ€™ Protection Schemes Act 2011 of Singapore (â€śActâ€ť), protects insured depositors in Singapore who are least able to make informed decisions. The term â€śinsured depositorâ€ť has the meaning prescribed to it under the Act.
The Deposit Insurance Scheme is administered by the Singapore Deposit Insurance Corporation Limited ("SDIC"). The SDIC administers and manages the Deposit Insurance Fund where compensation under the Scheme will be paid from. The Deposit Insurance Fund will be built from, inter alia, premium contributions (additional or otherwise) paid by Scheme members.