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Wednesday, 23 February 2011

Do You Know Your Bank Deposits Are Insured Up to $20,000 Limit?

Under the Deposit Insurance Scheme your bank savings/fixed deposits accounts with Singapore financial institutions are protected up to $20,000 Limit.  When the 2009 Financial Crisis imploded the Government stepped forward and guaranteed all deposits accounts without imposing any limit.  This guarantee lapsed w.e.f. 1.1.2011.  Subsequently the Monetary Authority of Singapore proposed to increase the limit to $50,000 to protect the wider spectrum of depositors.  This proposal is still in the works. This information was offered to me after I wrote to the Singapore Deposit Insurance Corporation Ltd(a Unit of MAS) on 8 Feb 2011.  I was concerned then that our financial institutions in their Chinese New Year's promotions in the newspaper advertisements were targetting fixed deposits of $50,000 to entice depositors who wanted to earn higher returns.  Indirectly the financial institutions were saying the protection limit is now $50,000 when it is not the case.  On 9 Feb 2011 I wrote back to SDIC to request them to expedite on the matter of increasing the insurance limit to $50,000.  To-date I am still waiting for their reply.

Monday, 7 February 2011

Re-Union Dinner on Lunar New Year.

It was a touching and emotional scene.  The mother and the daughter have not met for the past two years.  The daughter had called home to join the Re-Union Dinner.  There were much huggings and kissings and words such as "I miss you", "I really miss you a lot", "I love you" reverberated across the hall.  Tears of joy and happiness were shed by both mortals. Heavens smile when forgiveness and love flows.  It is at times like this that we know the importance and anchor of tradition and traditional practices.  Tradition will always reminds us "Who we are" and "Where we have come from".  It is our heritage invaluable!  Pity a man who appears and sounds like somebody but is someone else on the inside! Happy And Prosperous Lunar New Year to you all!