This is surely good news. The new PIDM (Perbadanan Insurans Deposit Malaysia) deposit insurance limit has been raised from RM60,000 to RM250,000 with effect from 31st Dec, 2010. According to PIDM, this will protect about 99% of retail depositors in full. Foreign currency deposits would also enjoy the same deposit insurance protection.
Previously, retail depositors had to spread out their deposits to multiple accounts and even multiple banks to enjoy such insurance protection on their deposits if they had more than RM60,000 in cash but now, I believe that retail depositors would get to benefit from this protection without having to spread out their deposits.
If you have been holding multiple bank accounts because of this, perhaps it is time to take stock and see how to consolidate your savings now that the deposit insurance limit has been raised.
Previously, retail depositors had to spread out their deposits to multiple accounts and even multiple banks to enjoy such insurance protection on their deposits if they had more than RM60,000 in cash but now, I believe that retail depositors would get to benefit from this protection without having to spread out their deposits.
If you have been holding multiple bank accounts because of this, perhaps it is time to take stock and see how to consolidate your savings now that the deposit insurance limit has been raised.
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