Deposit Insurance Scheme

The Deposit Insurance Scheme (the “Scheme”) will compensate non-bank depositors (collectively known as "insured depositors") up to a maximum of $50,000 in aggregate across their insured deposits in the event that their bank or finance company (“Scheme member”) should fail.

Insured deposits are defined under the First Schedule of the Deposit Insurance and Policy Owners' Protection Schemes Act to be:-

(a)     any of the following deposits in Singapore dollars, placed with any DI Scheme member in any of its branches in Singapore:-

(i)       a deposit in a savings account;

(ii)     a deposit in a fixed deposit account;

(iii)    a deposit in a current account,

including any accrued interest that has been credited to the relevant accounts for each of the deposits specified in sub-paragraphs (i), (ii) and (iii), regardless of whether such a deposit is pledged, charged or secured as collateral or whether such a deposit or part thereof is set aside in respect of any debt owning to the DI Scheme member and cannot be withdrawn until and unless the debit is repaid;

(b)     any moneys denominated in Singapore dollars, placed with any DI Scheme member under the CPFIS, CPFMS or the Supplementary Retirement Scheme; and

(c)   such products as may be prescribed by the Monetary Authority of Singapore.

For the purposes of determining the amount of compensation that an insured depositor is entitled to, the Scheme will separately compensate insured depositors up to a maximum of $50,000 for the moneys denominated in Singapore dollars placed with the failed Scheme member under the CPFIS and CPFMS.

The following are not insured deposits:

(a)     Any deposit denominated in a currency other than the Singapore dollar;

(b)     Any structured deposit (including dual currency investment) as defined in the Financial Advisers (Structured Deposits - Prescribed Investment Product and Exemption) Regulations (Cap. 110, Rg7);

The Scheme compensates depositors through a deposit insurance fund (the “Fund”) built up from contributions by full banks and finance companies.  The Singapore Deposit Insurance Corporation, a separate entity incorporated as a company limited by guarantee under the Companies Act, will administer the Scheme and manage the Fund.

Please note that no action is required from OCBC Bank customers and customers need not pay to be covered under the Scheme. All insurance premiums and costs will be borne by OCBC Bank.
Singapore dollar deposits held by or for insured depositors in accounts listed in OCBC Bank’s Insured Deposit Register will be covered under the Scheme.