Click me
Transcript

What everybody ought to know about free bank deposit insurance

WHAT EVERYBODY OUGHT TO KNOW ABOUT PIDM THE FREE BANK DEPOSIT INSURANCE * THEY'VE BEEN PROMOTING FOR YEARS * WHAT MOST PEOPLE KNOW ABOUT PIDM INSURANCE IS AUTOMATIC INSURES YOUR DEPOSITS NO FEES OR CHARGES FOR UP TO FOR PIDM RM 250,000 WITH BANKS IN MALAYSIA PROTECTION IS GIVEN AS SOON AS THE MONEY IS DEPOSITED. INSURANCE COVERAGE IS FREE. SO IF YOUR BANK CLOSES DOWN, PIDM REIMBURSES YOU WITH THE MONEY YOU SAVED. [FOR UP TO RM250,000] FACTS ABOUT PIDM YOU MAY NOT KNOW ABOUT YOU CAN BE INSURED FOR MORE THAN RM250,000 (WITH DIFFERENT BANKS) YOU CAN BE INSURED FOR MORE THAN RM250,000 (WITH THE SAME BANK) CONVENTIONAL ACCOUNT AND ISLAMIC ACCOUNT ARE PROTECTED SEPARATELY JOINT-NAME ACCOUNTS, TRUST ACCOUNTS AND ACCOUNTS HELD BY SOLE PROPRIETORSHIPS, PARTNERSHIPS, PROFESSIONAL PRACTICES AND COMPANIES ARE PIDM MAY INSURE YOU FOR ONLY UP PIDM INSURES DEPOSITS PLACED UNDER A CONVENTIONAL ACCOUNT AND AN ISLAMIC ACCOUNT SEPARATELY, FOR A MAXIMUM OF RM250,000 EACH. TO RM250,000 PER DEPOSITOR PER BANK, BUT THAT DOES NOT STOP YOU FROM OPENING A NEW ACCOUNT WITH A DIFFERENT BANK AND BEING INSURED ALL OVER PROTECTED SEPARATELY. AGAIN. IN SHORT, YOU CAN HAVE RM250,000 IN YOUR OWN ACCOUNT, RM250,000 IN A JOINT-NAME ACCOUNT (SAY WITH YOUR SPOUSE), RM250,000 IN A TRUST ACCOUNT FOR YOUR KID, AND EVEN ANOTHER RM250,000 IN YOUR SOLE PROPRIETOR COMPANY ACCOUNT. THAT MEANS YOU CAN BE INSURED FOR UP TO RM500,000 WITH THE SAME BANK IF YOU SEGREGATE YOUR SAY YOU HAVE RM250,000 WITH HONG LEONG AND RM250,000 WITH RHB, YOU'RE ACTUALLY INSURED FOR A TOTAL OF RM500,000. MONEY BETWEEN THE TWO ACCOUNTS. FACT #1 FACT #3 ALL OF WHICH WILL BE PROTECTED BY PIDM EVEN IF THEY ARE UNDER THE SAME BANK. FACT #2 A SIMILAR INSURANCE YOUR MONEY IS PROTECTED EXISTS FOR TAKAFUL CERTS EVEN WHEN THE BANKS AND INSURANCE POLICIES MERGE... FOR A LIMITED TIME BROUGHT INTO EFFECT ON 31 DECEMBER 2010, THE TAKAFUL AND INSURANCE BENEFITS PROTECTION SYSTEM ("TIP") PROTECTS OWNERS OF TAKAFUL CERTS AND INSURANCE POLICIES FROM THE LOSS OF THEIR BENEFITS IN THE EVENT THAT AN INSURER FAILS. THAT'S RIGHT, SAY YOU HAVE RM250,000 WITH BANK A AND RM250,000 WITH BANK B AND THEY MERGE TO BECOME BANK AB, YOU'LL STILL BE INSURED FOR THE FULL RM500,000. MALAYSIAN OR NOT, YOU ARE COVERED. PIDM OFFERS PROTECTION FORUP TO RM250,000 PER DEPOSITOR PER BANK REGARDLESS OF NATIONALITY OR PLACE OF RESIDENCY. HOWEVER, THIS ONLY LASTS FOR A PERIOD OF TWO YEARS OR UPON THE MATURITY OF THE PLAN IS ALSO ADMINISTERED BY PIDM. OR sO WHETHER YOU'RE A MALAYSIAN, A FOREIGN INVESTOR, AN EXPAT OR A MALAYSIAN LIVING OVERSEAS, UPON FULL WITHDRAWAL OF THE DEPOSITS, WHICHEVER COMES FIRST. FACT #4 YOU'RE COVERED AS LONG AS YOUR MONEY IS DEPOSITED INTO A BANK RECOGNIZED BY PIDM THAT IS LOCATED WITHIN MALAYSIA. FACT #6 FACT #5 THINGS ABOUT PIDM YOU MAY HAVE HEARD OF →BUT ARE NOT TRUE + YOU LOSE ANYTHING ABOVE MALAYSIANS ARE THE ONLY ONES TO HAVE INSURANCE SUCH AS PIDM RM250,000 IF A BANK CLOSES DOWN ............................................................... ............................................................. Actually, just because the amount isn't covered by PIDM doesn't mean it's gone No, deposit insurance such as PIDM is recognized internationally as an important form of consumer protection. In fact, it is implemented in over 100 countries, with the earliest system dating back to 1930s. Malaysia's version was introduced only in 2005. for good. According to PIDM themselves, you can file a claim with the liquidator of the bank to recover any amount above the insured amount. 2. MYTH MYTH MYTH EVERYTHING IN MY BANK IS COVERED AS LONG AS IT'S WITHIN RM250,000 MYTH PIDM COVERS EVERY INSTITUTION THAT I DEPOSIT MONEY INTO ................................................... .................................................. Not really. Though PIDM does cover an exhaustive list of banks, it does not cover investment banks, overseas branches of domestic banking institutions and development financial institutions (eg. Agro Bank, Bank Simpanan Nasional etc.). It also does not cover non-bank financial There are in fact plenty of deposits not covered by PIDM, which significantly include gold-related investment products or accounts. Also not covered are unit trusts, shares and stocks. The full list of banking products not insured can be found in PIDM's website. intermediaries such as EPF and building society (eg. Malaysia Building Society Berhad) WHAT PIDM DOES COVER ARE FOR PEACE OF MIND, LOOK FOR BANKS WITH Savings accounts Current accounts THIS LOGO Foreign currency deposits Fixed deposits Perbadanan Insurans Deposit Malaysia Protecting Your Insurance And Deposits In Malaysia Principal-guaranteed conventional structured products Bank drafts, cheques, other payment instructions or instruments made PIDM against a deposit account AHLI PIDM MEMBER OF PIDM PIDM 的 成员 PIDM-LOIGÓT 2mjÚLLS SL0ab Islamic deposit accounts sủch as wadiah savings accounts and Mudharabah investment deposits www.pidm.gov.my Toll-free: 1-800-88-1266 BANKS COVERED UNDER PIDM COMMERCIAL BANKS: ISLAMIC BANKS: AFFINBANK A ALLIANCE BANK AFFINISLAMIC Banting Made Parsemal BANK(ISLAM Bangkok Bank SLI07SnŞJIuu AmBank Group A ALLIANCE ISLAMIC BANK Banting Made Parsemal Bank of America HSBC Hong Leong Islamic Bank AmIslamic Bank BNP PARIBAS BANK OF CHINA Al Rajhi Bank gnaall Liyan Bank of Tokyo-Mitsubishi UFJ |CIMBBANK Cítibank ASIAN FINANCE BANK Deutsche Bank Malaysia O Maybank ODD Bank Muamalat Hong Leong Bank Standard Chartered CIMB ISLAMIC ICBC E BIART *ME) HSBC AMANAH IslamiC Finance for Life INDIA INTERNATIONAL BANK MALAYSIA BERHAD NBAD بيت التعويل الكويتي Maybank Islamic Kuwait Finance House MIZHO JPMorganChase O OCBC Al-Amin OCBC Bank RHB RHB Investment Bank Berhad Public Islamic Bank Berhad PUBLIC BANK Scotiabank RHB IslamicBank Standard Chartered SMBC SUMITOMO MITSUI BANKING CORPORATION MALAYSIA BERHAD saadig Malaysia *RBS UOB 大 華 銀行 The Royal Bank of Scotland WHAT THIS MEANS IF YOU HAVE LOTS OF DEPOSITS IN BANKS (AND WANT ALL THE MONEY TO BE INSURED) 2 DIVERSIFY OUTSIDE DIVERSIFY WITHIN SPREAD YOUR DEPOSITS OUT WITH DIFFERENT BANKS. OPEN JOINT-NAME ACCOUNTS WITH YOUR SPOUSE AND WITH YOUR KIDS, OR PERHAPS A TRUST ACCcOUNT FOR YOUR CHILDREN. There are over 40 recognized member banks of PIDM so technically, you'll need to have well above RM10 million before you "run out" of banks that offer you deposit insurance. If you're a business owner, manage your money wisely between your own account and your sole proprietor company account. If you already have an Islamic account, think about opening a conventional account, and vice versa. *WHILE YOU DO SO, DON'T FORGET TO USE THE ONLINE BANK COMPARISON TOOL ON www.iMoney.my TO FIND OUT WHICH BANK GIVES YOU THE BEST INTEREST RATE! This article is brought to you by Money.mY a price comparison website dedicated to helping Malaysians make the best use of their money. We can be contacted at hello@imoney.my. SOURCES WwW.PIDM.GOV. MY INFOGRAPHIC DESIGN BY spurpress .com

What everybody ought to know about free bank deposit insurance

shared by Zuzu89 on Mar 22
199 views
1 shares
0 comments
Due to a series of very aggressive ads, most Malaysians now know that our bank deposits are insured by the Government in a FREE insurance scheme administered by PIDM (Perbadanan Insurans Deposit Malay...

Publisher

iMoney.my

Category

Economy
Did you work on this visual? Claim credit!

Get a Quote

Embed Code

For hosted site:

Click the code to copy

For wordpress.com:

Click the code to copy
Customize size