No, structured deposits are not covered under the Deposit Insurance Scheme.

If your Singapore dollar deposit is in one of Standard Chartered’s deposit accounts listed on the Bank’s Insured Deposit Register, it will be eligible for coverage under the Deposit Insurance Scheme. You may refer to the Bank’s Insured Deposit Register to find out if your Standard Chartered deposit account is eligible for coverage under the Deposit Insurance Scheme.

All eligible deposits belonging to you will be aggregated and insured up to a maximum of S$100,000.

Example: You have (i) an individual e$aver account with a balance of S$10,000, (ii) an individual Cheque and Save account with a balance of S$10,000 and (iii) an individual Time Deposit account with a balance of S$100,000. Your aggregate deposit with Standard Chartered Bank (Singapore) Limited is S$120,000. Under the Deposit Insurance Scheme, your deposits will be insured at the cap of S$100,000.

For joint accounts, the deposit balance is divided equally among all account holders. Thereafter, the same rules for calculating insurance coverage for deposits belonging to individual will apply.

Example: You have (i) an individual e$aver account with a balance of S$50,000 and (ii) a joint Cheque and Save account with a balance of S$120,000 with your spouse. For the purposes of the Deposit Insurance Scheme, both you and your spouse will be attributed half of the balance of the Cheque and Save account. Your aggregate deposit with Standard Chartered Bank (Singapore) Limited is therefore S$110,000. Under the Deposit Insurance Scheme, your deposits will be insured at the cap of S$100,000. In addition, your spouse’s share of the deposit in the Cheque and Save account will be insured for S$60,000.

Deposits held by your sole proprietorship will be treated as if they were held by you. For the purposes of calculating the insurance coverage, deposits held by your sole proprietorship will be aggregated with deposits held by you in your own name.

Example: You are the sole proprietor of ABC Company, which has a deposit of S$120,000. You also have a S$20,000 deposit in your personal account. Your deposits will be aggregated and insured at the cap of S$100,000.

A partnership is treated as a single entity for the purpose of calculating the insurance coverage.

Example: You are a partner of ABC partnership, which has 3 partners. The partnership has a deposit of S$120,000 with Standard Chartered Bank (Singapore) Limited, and you also have a S$20,000 deposit in your personal account. The partnership account will be insured at the cap of S$100,000, and your deposit will separately be insured for S$20,000. The partnership’s deposit will not be split three ways.

The trustee (and not the beneficiary) will be treated as the depositor of the account.

Coverage will be on a per account basis and will not be aggregated with other accounts held by the same trustee or with the trustee’s own accounts.

Example: You have (i) an individual e$aver account with a balance of S$20,000, (ii) Trust Accounts A with a balance of S$120,000 and your son as the beneficiary and (iii) Trust Account B with a balance of S$15,000 and your daughter as the beneficiary. Your insured deposit coverage will be based on your e$aver account only i.e. S$20,000. Separately, Trust Account A will be insured at the cap of S$100,000 and Trust Account B will be insured for S$15,000. If your son has an individual e$aver account with a balance of S$5,000, his deposit will not be aggregated with the deposit in Trust Account A. Instead, his deposit will separately be insured for S$5,000.

Coverage will be on a per account basis and will not be aggregated with the depositor’s own account or with other client accounts.

Example: If a law firm maintains (i) a firm account, (ii) a client account for a client Mr Tan and (iii) another client account for a client Mr Lee, each of the three accounts will be insured up to the respective coverage limit of S$100,000.

The compensation payout is based on the gross amount of insured deposits (up to the cap of S$100,000) without netting off your liabilities to the Bank.