“Protected up to specified limits by SDIC” Source: Giphy Seem familiar? You’ve probably come across this line as a fine print at the bottom of a marketing product from financial institutions. But what exactly are you protected for and how much is the limit? Let’s find out what this SDIC is and the schemes it administers!

TL;DR: What is SDIC and How Much Am I Insured For?

The Deposit Insurance (DI) Scheme by SDIC guarantees deposits in a bank up to $75,000 per bank per person. In the event a bank fails, compensation will be automatic once MAS declares the bank insolvent. The Policy Owners’ Protection (PPF) Scheme protects policy owners up to specified caps. In the event an insurer fails, policy owners would be compensated by SDIC according to the applicable protection ratios and guaranteed policy liabilities. Jump to: What Is SDIC? What...