Get your money protected by PIDM in Malaysia

Saturday, January 28th, 2012 | In Knowledge | Tags: , , ,

Get your money protected by PIDM in Malaysia
~ Get your money protected by PIDM in Malaysia ~

PIDM (Perbandanan Insurans Deposit Malaysia) is a Government agency established under Akta Perbadanan Insurans Deposit Malaysia that administers the national deposit insurance system. Under the Deposit Insurance information Regulations, member banks are now required to provide you with relevant and timely information on deposit insurance protection. This information should include the limit and scope of coverage provided by PIDM to help you make informed financial decisions.

Deposit insurance protection includes:
1. Up to RM250,000 per depositor per member bank.
2. All current, savings and fixed deposit accounts in Ringgit Malaysia and foreign currency.
3. Islamic and conventional deposits.
4. Trust accounts, joint accounts and accounts of sole proprietorships, professional practices and companies enjoy a separate deposit insurance protection limit from individual accounts.

Did you know?
1. Your bank must display a list of deposit products insured by PIDM.
2. Your bank account statement must show if your deposit is insured by PIDM.
3. Your bank must ask you to acknowledge whether you are aware if your deposit is insured before placing your funds.
4. You should ask your bank about deposit insurance and find out if your deposit product is protected by PIDM.
5. Deposit insurance is provided automatically, you do not need to apply or pay for this protection.
6. Look out for the PIDM membership sign to know if your bank is a member bank.


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