Fixed deposit with Singapore banks

Hi Mr Tan

With the recent spats of numerous closures and bankrupts, how safe is it to put cash money in Fixed Deposits with local banks? I have retired 10 years ago, and most of my cash have been in fixed deposit.

REPLY
I think that it should be quite safe. You can break up with savings into several banks. There is an insurance scheme that guarantees deposits of up to $20,000 in each bank. It covers full licence banks in Singapore, whether local or foreign owned.

http://www.sdic.org.sg/faq.html#a5