DEPOSIT insurance will rise to S$75,000 to give savers more protection in the event of bank or finance company failure. Insurance policy owners who use their cars or homes to generate income will now also be protected should their insurer go under. Depositors and insurance policy owners will enjoy such enhanced protection from April 1, 2019, said the Singapore Deposit Insurance Corporation (SDIC) on Thursday. The latest changes to the deposit insurance (DI) and policy owners' protection (PPF) schemes protect deposits up to S$75,000 per depositor and extend protection to personal assets used for commercial purposes, it said. "The increase in deposit insurance coverage to S$75,000 from next Monday will ensure that more than nine out of 10 depositors will have their savings fully protected if a bank or finance company fails," the SDIC said.
Last updated : 14 Sep 2019
I am 63 yrs old uncle living in HDB heartland who has achieved financial independence @ 56 and finally retired @ 60 from full-time job as employee on 1 Oct 2016.
Single household income since 1995 with three children.
Currently, two sons and one daughter are working.
I have been doing 20 years of long-term investing and short-term trading in Singapore stock market only since Jan 2000 so I am that so-called Panda or Koala in the investment world.
I am currently executing my Three Taps solution model to maintain sustainable retirement income for life till 2041 @ 85 yrs old.
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