MAS proposes raising deposit insurance cap
Singaporean central bank says change will mean 91% of depositors are fully covered by scheme
Singapore’s central bank is proposing to increase the cap on deposit insurance, it said in a consultation paper released on June 27.
The proposed change would raise the cap per depositor from S$75,000 (US$55,300) to S$100,000 ($73,800), taking effect from April 1, 2024. The proposal is aimed at improving coverage for small depositors, the Monetary Authority of Singapore said.
Singapore first set up its deposit insurance scheme in 2006. The scheme is administered by the Singapore Deposit
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