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MAS’ Surprise Proposal: S$100,000 Coverage for Depositors!

MAS’ Surprise Proposal: S$100,000 Coverage for Depositors!
MAS’ Surprise Proposal: S$100,000 Coverage for Depositors!
  1. The MAS is proposing to increase Deposit Insurance coverage from S$75,000 to S$100,000 per depositor per Deposit Insurance Scheme member.
  2. The proposed increase will ensure that 91% of smaller depositors continue to be fully covered.
  3. MAS is also putting forth changes to enhance the operational efficacy of the Deposit Insurance Scheme.

Money Got Coverage One

So like, MAS say they gonna provide more cover for your moolah, from S$75,000 to S$100,000 per depositor!

They also want make sure more people, like 91%, are fully covered.

Efficient Until Can Die

MAS also needs to do some adjustments for the Deposit Insurance (DI) Scheme.

They want make it more efficient, like give MAS power to say when deposit balances are final and put time limit for claims.

Got Nothing to Do with Banks Under Stress

One big shot there, Ms Ho, say MAS just want to make sure the banking system is steady.

Got nothing to do with other banks under stress outside.

Actionable & Practical Takeaways

  • Your money got more cover now, sit back and relax!
  • MAS trying to make sure the system is more accurate, so don’t play around.
  • If you still confused, go ask MAS! They got consultation paper waiting for you to disturb until 31 July 2023.

So, the MAS trying to protect all you depositing folks out there, trying to make sure we don’t spend all our Ang Bao money on useless stuff.

But, what you think about all of this?

You think more insurance, good or not

What do you think?

Written by Patrick Tan

Meet Patrick, the word wizard of Daily.SG! He whips up news about Singapore that's so simple, even toddlers give him a thumbs up. When he's not writing, you'll find him sipping milk tea, gliding on skates, or striking a yoga pose. Dive into his stories and feel the sprinkle of fun and a whole lot of heart!

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