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"), for up to S$75,000 in aggregate per depositor per Scheme member by law.
The Deposit Insurance Scheme, established under the Deposit Insurance Act 2005 and which has since been reconstituted under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 of Singapore ("Act"), protects insured depositors in Singapore who are least able to make informed decisions. The term “insured depositor” 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.
Deposit Insurance Scheme: Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per scheme member by law. Monies and deposits denominated in Singapore dollars under the CPF Investment Scheme and CPF Retirement Sum Scheme are aggregated and separately insured up to S$75,000 for each depositor per Scheme member. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.