Deposit insurance is a system that is established by the Government to protect depositors against the loss of their insured deposits placed with banks in the unlikely event of a bank failure. The deposit insurance system also aims to enhance the consumer protection framework and promote financial system stability.
The deposit insurance system in Malaysia was launched in September 2005 and is administered by Perbadanan Insurans Deposit Malaysia (PIDM). PIDM is a Government agency established under the Malaysia Deposit Insurance Corporation Act 2005.
With the introduction of a deposit insurance system in Malaysia, depositors receive protection for their deposits with banks and/or financial institutions. Depositors will know how and when reimbursement of their deposits will be made in the event of a bank failure.
The following are deposit accounts held by or for an individual, company or NGO which will be insured up to the limits specified in the Malaysia Deposit Insurance Corporation Act 2005.
Your Citi Deposits that are eligible for PIDM protection as per the list provided are protected by PIDM up to RM250,000 for each depositor, until Citi Deposit accounts are migrated to UOB Deposit accounts*.
Should you maintain an existing Deposit Account with UOB, it would be separately protected by PIDM up to RM250,000 per depositor during this period. Upon migration, your Citi Deposit accounts are considered closed. Hence, your UOB Deposits that are eligible for PIDM protection as total, will be protected by PIDM up to RM250,000 for each depositor.
Click here for the list of Citi Deposit accounts.
*The account migration date will be communicated via letter in the near future.