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Malaysia's Bank Negara reduces scope of deposit guarantee.
Publication:
BIScom Subsection:
Tuesday, 15 October, 2019 - 10:19
A notice published on the website of Standard Chartered Bank, Malaysia, says that moneys that have until now been covered by the Central Bank's deposit guarantee scheme are no longer so covered. Especially surprising is the formal distinguishing between Mainland and Labuan bank accounts.
Important Notice
Money withdrawn from your insured deposit(s) is no longer protected by PIDM if transferred to:
(a) deposit account payable outside Malaysia;
(b) deposit account held by a financial institution conducting Labuan banking business or Labuan Islamic banking business;
(c) deposit account held by a non-DTM; or
(d) non-deposit account (e.g. unit trust, securities trading account)
"PIDM is a Government agency established under Akta Perbadanan Insurans Deposit Malaysia (Malaysia Deposit Insurance Corporation Act)." - source PIDM website
DIS is the Deposit Insurance Scheme
TIPS is the Takaful and Insurance Benefits Protection Scheme
DTM is a Deposit Taking Member of the schemes.
