Your Deposits Are Protected By PIDM

Perbadanan Insurans Deposits Malaysia (PIDM) fully protects depositors, whether individuals or businesses, holding conventional or islamic deposits, no matter the amount involved. You don’t have to pay for this protection and you don’t even have to apply for it.

Who is PIDM?

PIDM is a goverment agency established under the Akta Perbadanan Insurans Deposit Malaysia 2005 (Akta PIDM) to administer the national deposit insurance system in Malaysia.

What is Deposit Insurance?

Deposit insurance is a system established by the Malaysian Government to protect depositors against the loss of their funds placed with banks in the unlikely event of a bank failure. It is not a commercial of life insurance company.

How does it benefit you?

*PIDM protects your bank deposits
*Deposit insurance is provided automatically to all depositors.
*There is no charge to depositors for this protection.
*PIDM will promptly reimburse depositors should a bank fail.

What is the deposit insurance limit?

The Government of Malaysia announced a temporary deposit guarantee on 16 Octorber 2008 to cover all deposits held in member banks and certain finacial institutions. This guarantee protects deposits fully, no matter the amount involved, until 31 December 2010.

Why are deposits now fully protected?
The Government Deposits Guarantee is a pre-emptive and precautionary measure, consistent with measures taken by neighbouring jurisdictions, to preserve confidence in the financial system and maintain financial stability.

What types of deposits are protected?
Deposits covered include:
*Fixed deposits, current accounts, savings accounts, joint accounts and trust accounts.
*Islamic deposits
*Principal guaranteed conventional structured deposits.
*Foreign currency deposits
*Negotiable instruments of deposit held by non-banks.

Deposits in which banks and financial institutions are protected?

Deposits in the following banks and financial institutions ( including locally incorporated foreign banks) are protected:
*Commercial banks
*Islamic banks
*Investment banks
*International Islamic banks
*Deposit-taking development financial institutions regulated by Bank Negara Malaysia.

Who can i contact for further infomation about deposit insurance protection?
*Call PIDM’s toll free information line at 1-800-88-1266, available Monday to Friday from 830am to 530pm.