Lets start a discussion on PIDM.
Mainly, insurance by Malaysia government to protect your money with registered banks should the bank fails.
This is to avoid bank runs.

Deposits eligible for protection
Savings accounts
Current accounts
Fixed deposits
Foreign currency deposits
Principal-guaranteed conventional structured products
Islamic deposit accounts such as wadiah savings accounts and Mudharabah investment deposits
Bank drafts, cheques, other payment instructions or instruments made against a deposit account

Products NOT eligible for protection
Conventional structured products that are not principal-guaranteed
Deposits not payable in Malaysia
Interbank money market placements
Negotiable instruments of deposit (NIDs) and other bearer deposits
Repurchase agreements
Unit trusts, stocks and shares
Gold-related investment products or accounts


Their website:
http://www.pidm.gov.my/About-Deposit-Insurance/Coverage.aspx

This post has been edited by HuiChyr: Jan 27 2014, 04:27 AM

yup.. its pretty straight forward and you've basically covered it lol.
what is it you want to discuss?

"The maximum limit of coverage is RM250,000 per depositor per member institution"
Is this mean if we deposit 250k in different bank, it is still cover under PIDM?

Yes, the key is to spread your deposits to different Banks if u have so much Money to deposit.

This is the weird part.... what if u hv 30million (i don hv la) jst as an example....
Companies/individuals gonna go bankrupt?....
If got RM crisis... in the end ... every Msians gonna be equally rich/poor?
Or.... rich folks and companies gonna dump the RM even more?

what's yr opinions?

the RM250K is for individual deposits.

I was told there is no Cap for Corporate Deposits cos Corporate Deposits cos cash rich companies like Genting, Petronas, YTL, Telekom, Tenaga has Billions of deposits in our Banking sector.

Understand now.
Haha, no so much money la

If have 30 million cash sure have various heavy investment la.
Tak kan keep the cash

Thanks for all the feedback.

I just came back from Citibank.
They told me my pre-payment for my property loan is NOT covered by PIDM.

So ppl ... better make sure if your liquidity is covered by PIDM if deposit in banks. Bank Rakyat does not have PIDM coverage.

Pre payment for property no need PIDM, right? Since you already own the property.
You mean all the money that people keep in Bank Rakyat is not covered by PIDM?

Bank Rakyat didn't pay premium for the insurance.
If you are a depositor there, go ask them or better yet check PIDM website for members' list.

Yeah, I know what u mean abt the pre-payment thingy. I'm just overly cautious.

I thought all bankis covered under PIDM.

Bank Rakyat syariah concept is different.. maybe that's why the regulators can't consider them as really Fixed Deposits and they're actually calling it something else.

I can't find the fine print in where they say if there is any guarantee or anything like that either.

What is this about?

saw this post but macam sudah old. hope can bump up to get some advice/answer.

so one day my mum ask me, if i put fd in a same bank, say 250k herself, 250k with combine name of herself and me, 250k with combine name with herself and other children.

will she get covered for all the amount? or only 250k regardless who she combine with?

if lets say combine name with me put 500k, will we combine protection each 250k to make up total 500k protection, or only 250k out of the 500k is protected by pidm?

of coz she dun have that much money but this is a very good question. hahahaha!!! Thanks all.

Q9: How will I know if my deposits are eligible for deposit insurance protection?
A: PIDM member banks must inform you whether a deposit product is eligible or not eligible for deposit insurance protection before you place your funds with it. All eligible deposit products are listed in a register available at your bank.

These requirements are in line with the Malaysia Deposit Insurance Corporation (Provision of Information on Deposit Insurance) Regulations 2011 to ensure member banks provide accurate, relevant and timely information on deposit insurance protection and coverage.

https://www.pidm.gov.my/en/for-public/soala...ce-system-faqs/

huangpl89 have you got the answer for your question? wanted to know too.

The max coverage is only up to rm250k per person per bank irregardless whether it is single, joint or even trustee account hence which is why you need spread across different banks with the limit

Safest way is to make sure up 100k each bank will do

Is it true Conventional and Islamic deposits provide separate RM250K protection for the same bank?

If I have RM500K, half in Islamic and another half in Conventional FD in the same bank, will i be covered up to RM500K?

according to this site,...
The Malaysian Deposit Insurance System provides separate coverage for conventional and Islamic deposits.
https://www.pidm.gov.my/en/for-public/depos...verage-for-dis/

No it is covered up to 250k per per depositers irregardless how many accounts within the same bank