Update 2019: The new amount is $75,000 not the $50,000 which was previously insured. (as effective on 1 April 2019) What this means in simple english: Your deposits in your bank account is insured up to $75,000. So if the bank goes bankrupt, this is the amount which you can get back from this organisation. The SDIC was set up to protect the core savings of small depositors in Singapore in the event a full bank or finance company fails. Singapore consumers enjoy the benefits of a sound banking system. Banks and finance companies licensed in Singapore are supervised by the Monetary Authority of Singapore (MAS). It is MAS' aim to ensure the stability of the banking system in Singapore and to require financial institutions to have sound risk management systems and adequate internal controls. However, MAS does not guarantee the soundness of individual financial institutions. Therefore, a Deposit Insurance Scheme has been set up to protect the core savings of small depositors in Singapore in the event a full bank or finance company fails. You can read more here: https://www.sdic.org.sg Fun fact: The increased coverage amount will fully insure more than 90 per cent of depositors, the MAS said.