SDIC launches new campaign to raise public awareness, engage with public

SINGAPORE - Singapore Deposit Insurance Corporation (SDIC) is hosting an inaugural Facebook contest - part of its annual public education campaign to raise awareness of its protection schemes - to engage more proactively with bank despositors and policyholders.

The new campaign which carries the theme "Rest Easy with SDIC" will run from Monday (Sept 21) in newspapers, buses, radio and online platforms. The Facebook contest on the protection scheme will win participants shopping vouchers.

SDIC chief executive Ooi Sin Teik hopes that the new campaign slogan will strike a chord in the hearts of the public.

"They can rest assured that their deposits and insurance policies are automatically protected. The public can also rest easy because we have the financial resources and technical capabilities to promptly address any need to make compensation payments to insured depositors or policy owners."

Set up in 2006, SDIC administers the Deposit Insurance (DI) Scheme where depositors of a member bank or finance firm are automatically insured up to an aggregate of S$50,000 per depositor per scheme member. The depositors can be individuals, charities, sole proprietorships, partnerships, companies as well as unincorporated entities like associations and societies.

From 1 May 2011, SDIC's scope was extended to administer the Policy Owners' Protection Scheme, which offers protection for life and general insurance policies, subject to some limits. To grow its funds, SDIC collect premiums and levies from member banks, finance firms and insurance companies.

To date, its DI, life insurance and general insurance funds amount to $190 million, $90 million and $7 million respectively.