Fixed Deposit and Savings Promotion Advertising in Singapore: SDIC Statements, EIR and MAS Rules

Last updated 18 October 2026 — by Adrian Tan, SDM. Marketing guidance, not legal advice. Section and regulation numbers refer to the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 and the Deposit Insurance Regulations 2011 on Singapore Statutes Online as at 18 October 2026; rule and paragraph numbers to SDIC’s Deposit Insurance Rules (2 February 2026) and Annex D-C. Promotional rates quoted were read on 18 October 2026 and change often.

Fixed deposit promotions are among the most-searched financial offers in Singapore. When rates move, banks and finance companies launch “fresh funds” specials, comparison sites and finfluencers publish monthly round-ups, and savers move money for a few basis points. The ads look simple: a tenor, a rate, a minimum sum.

What sits underneath them is not simple. Deposit advertising in Singapore is governed by a statutory duty to state deposit insurance cover, with wording prescribed by the Singapore Deposit Insurance Corporation (SDIC); by a criminal offence for anyone who misstates whether a product is insured; by the banking industry’s advertising code on how rates are shown; and, since March 2026, by MAS guidelines that make institutions accountable for every digital post made for them, including by influencers.

This guide is for banks, finance companies, the agencies that produce their campaigns, and the comparison sites and creators who write about deposit rates. For lending products, see our companion guide to credit card, loan and BNPL advertising in Singapore.

The rules at a glance

What deposit insurance covers, and who must say so

Scheme members

Section 5 of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 (DIPOPS Act) makes every licensed full bank and every finance company a member of the Deposit Insurance Scheme, unless exempted under section 6. So the rules in this guide apply equally to finance companies, which compete hard on fixed deposit rates.

What is insured

The Act’s First Schedule defines an “insured deposit” as a Singapore-dollar savings, fixed deposit or current-account deposit placed at a Singapore branch, including credited interest, together with Singapore-dollar monies under the CPF Investment Scheme, the CPF Retirement Sum Scheme and the Supplementary Retirement Scheme. The maximum cover is S$100,000, as amended by S 706/2023 with effect from 1 April 2024.

Just as important for advertising is what is not insured. SDIC lists foreign currency deposits, structured deposits and investment products such as unit trusts, shares and other securities as outside the scheme. Structured deposits are expressly excluded in the First Schedule.

The deposit insurance statement

The legal duty: regulation 13

Regulation 13(1) of the Deposit Insurance Regulations 2011 requires every Scheme member, for every insured deposit it offers or holds, to “state clearly that the insured deposit is covered under the DI Scheme up to the limits prescribed in the Act”. The duty covers all marketing materials, account opening forms and account statements, “whether in electronic, print or other form”. Regulation 13(2) requires a written statement to be “clear and legible”.

Breaching regulation 13(1) is an offence under regulation 13(3), with a fine of up to $125,000 and up to $12,500 a day for a continuing offence after conviction.

The prescribed wording: SDIC Annex D-C

Regulation 13 does not set the words. SDIC does. Rule D19 of SDIC’s Deposit Insurance Rules (issued and effective 2 February 2026) requires the statement to follow the form in Annex D-C, which has applied since 1 January 2025. Paragraph 1.1 of the annex says marketing materials “include newspaper advertisements, brochures, email advertisements and product information on corporate websites”.

Two presentation rules matter for designers. Under paragraph 1.4, the full statement must sit under a header titled “Deposit Insurance Scheme”, separate from the terms and conditions. The abbreviated form for advertisements needs no header. In practice, that means a social ad or banner can carry “Insured up to S$100k by SDIC” in a clear, legible line, while the landing page and brochure carry the full statement under its own heading.

Signs and product lists

The DI Rules also govern the institution’s own premises and website. Rule D18 requires each member to publish a list of its insured deposit products on its website. Rule D21(a) requires a membership sign at the main entrance of every physical office and on the website homepage, with the web sign hyperlinked to SDIC; Annex D-C sets a minimum of A6 (14.8 by 10.5 cm) for branch signs, which must not sit on a roller shutter or be blocked from view, and 165 by 120 pixels for the web sign. Rule D21(b) requires at least one SDIC public-education item on display, and rule D22 requires front-line staff to be trained to explain the scheme. Rule D19 allows SDIC to ask for samples of marketing materials to check compliance, so keep final versions on file.

When a product changes status

Regulation 14 requires written notice to every insured depositor as soon as practicable if the institution stops being a Scheme member, if a product stops being an insured deposit, or if a product is reclassified as not insured, with a copy to SDIC. For marketers, the practical point is to pull or correct any live campaign the moment a product’s status changes; an ad still calling it insured would breach regulation 13 and could engage section 67.

Section 67: the offence that reaches agencies and creators

Section 67(1) of the Act provides that no person may “knowingly or recklessly” make a false or misleading statement about whether a person is a Scheme member, or whether a deposit or product is an insured deposit. Under section 67(2), the penalty is a fine of up to $125,000, imprisonment of up to 3 years, or both, plus up to $12,500 a day for a continuing offence, and the offence applies “even though a contract does not come into being”.

Unlike regulation 13, section 67 is not limited to banks. It applies to any person. An agency that writes “SDIC-insured” over a structured deposit campaign, a comparison site that labels a USD fixed deposit as insured, or a finfluencer who tells followers a dual currency investment is “as safe as an FD, insured up to $100k” is exposed if the statement was made knowingly or recklessly. Section 68 adds liability for officers of the institution who fail to take all reasonable steps to secure compliance.

The commonest risk is the multi-product ad: a “Wealth Month” campaign that puts a fixed deposit rate beside a structured deposit or a foreign currency promotion. That is exactly the case paragraph 2.2 of Annex D-C addresses, by requiring the “not insured” sentence wherever insured and uninsured products appear together.

Showing rates: the ABS Code of Advertising Practice for Banks

The Association of Banks in Singapore’s Code of Advertising Practice for Banks, a sub-code of the Code of Consumer Banking Practice, applies with effect from 15 June 2010. It covers print, posters, broadcast, the internet, and letters or faxes (para 2). Its rules on deposits are general but demanding:

• Para 3: ads must be “legal, clear, fair, reasonable and not be misleading”, including by “inaccuracy, ambiguity, exaggeration, omission or otherwise”.
• Para 4: ads must be clear and easily understood, and must not exploit inexperience or gullibility.
• Para 5: ads must state the nature of the contract and any limits on eligibility, charges, risks, penalties and withdrawal terms; short ads are acceptable if full details are readily available before a binding contract; and the ad must give a “fair and balanced picture”, showing the main drawbacks alongside “headline” benefits.
• Para 6: a deposit or loan ad that quotes a rate must also show the effective interest rate (EIR) where it differs from the applied rate, side by side, with equal prominence, in the main text and the same font size, and not in footnotes or terms and conditions. Deposit accounts with tiered pricing, where an EIR cannot be computed, are exempt.

The code does not mention “up to” rates, bonus interest or “fresh funds” by name. Those are caught by paragraphs 3 and 5: if the headline rate depends on conditions, the conditions are among the “main drawbacks” that must appear alongside it. For bonus-interest savings accounts, which are usually tiered, the honest presentation is the base rate and the conditions for each bonus tier, not just the maximum.

The conditions that belong in the ad

Live promotions show what “limits on eligibility” means in practice. These are examples read from the institutions’ own pages on 18 October 2026, quoted only to illustrate the kinds of conditions that should travel with a headline rate:

Each of those conditions changes what a saver actually earns. A creative that shows “1.90%” in 120-point type with no mention of fresh funds, the minimum, the tenor or the linked account is the “headline benefit without the drawbacks” that ABS paragraph 5 rules out. A good test: could a customer who reads only the ad walk into a branch and get the rate? If not, the missing condition belongs in the ad, not only on the landing page.

Digital campaigns and finfluencers: MAS’s 2026 guidelines

MAS’s Guidelines on Standards of Conduct for Digital Advertising Activities, issued on 25 September 2025, have applied since 25 March 2026 to “all financial institutions and their digital marketers”. Digital marketers include employees, representatives, influencers and finfluencers, affiliate marketers, ad agencies and ad-network providers. The board and senior management are accountable. Our guide to insurance advertising in Singapore sets out the five safeguards in full; the points that matter most for deposit campaigns are these:

• Every post must stand on its own. A post must not mislead “when viewed on its own”, and key caveats must be legible and prominent. MAS says format limits are no excuse for leaving them out, and its examples cover holding-period conditions, how long text stays on screen in a video, and carousels where the conditions sit on a later card.
• Influencers are the institution’s responsibility. Institutions must select and train their marketers, use formal agreements, and monitor what is posted, including reposts and testimonials. Sponsorship must be disclosed.
• Act on the unauthorised. Institutions are expected to monitor and act against unauthorised accounts that promote their products.
• The stricter standard wins. Where ASAS standards overlap, the guidelines say to apply whichever is stricter.

For a fixed deposit campaign, “holding-period conditions” is the held-to-maturity rule, and “every post on its own” means the fresh-funds and minimum-sum conditions cannot live only in a pinned comment or a link in bio. MAS’s Guidelines on Fair Dealing (FSG-G04), which since 30 May 2024 apply to all financial institutions and all products, sit above all of this as the general standard. For creator briefs, see our guide to influencer and KOL marketing in Singapore.

Finance companies

Finance companies are Scheme members, so regulation 13, Annex D-C and section 67 apply to them in full. The Finance Companies Act 1967 has no separate advertising code, but section 4 restricts the use of “finance company” and similar words in any notice or advertisement to licensed finance companies, and section 51 makes falsely holding out as one an offence, with a fine of up to $15,000, imprisonment of up to 2 years, or both. A deposit-taking business that is not a licensed bank or finance company has a far bigger problem than its ad copy; our guide to investment offer advertising in Singapore covers schemes that offer “guaranteed returns” outside the banking system.

Worked examples

Example 1 — a bank’s Instagram carousel. Card 1 shows “1.70% p.a.” in large type; the conditions are on card 4; the SDIC line is in the caption. Under the MAS guidelines, card 1 must not mislead on its own: put the tenor, the minimum and “fresh funds” on card 1, add “Insured up to S$100k by SDIC” on the creative, and keep the full statement on the landing page under its “Deposit Insurance Scheme” header.

Example 2 — a comparison post by a finfluencer. A creator ranks “the best places to park S$50,000 this month”, mixing SGD fixed deposits, a USD fixed deposit and a structured deposit, and captions it “all insured by SDIC”. Only the SGD deposits are insured. If the creator was paid by an institution, that institution is accountable under the MAS guidelines; whoever made the statement is exposed under section 67 if it was knowing or reckless. The fix is the paragraph 2.2 sentence, and accurate labels on every line.

Example 3 — a multi-currency account launch. An ad promotes a multi-currency account with SGD, USD and AUD wallets. Annex D-C paragraph 3.2 provides the right abbreviated line, “SGD deposits are insured up to S$100k by SDIC”, which avoids implying that the foreign currency balances are covered.

Checklist for deposit promotions

1. Confirm which products in the campaign are insured deposits; anything in foreign currency or structured is not.
2. Use SDIC’s Annex D-C wording: the abbreviated line on ads, the full statement under a “Deposit Insurance Scheme” header on landing pages and brochures.
3. Add the “not insured” sentence wherever insured and uninsured products appear together.
4. Show the EIR beside the applied rate, at equal prominence, where they differ.
5. Put the tenor, minimum sum, fresh-funds rule, dates and maturity condition in the ad itself.
6. Make every social post, carousel card and video frame accurate on its own.
7. Brief influencers and affiliates in writing, and monitor what they post.
8. Pull or correct campaigns immediately if a product’s insured status changes.
9. Keep final creative on file; SDIC may ask for samples.

Conclusion

A fixed deposit ad is one of the few consumer ads in Singapore with statutory wording attached. SDIC prescribes what to say about deposit insurance, section 67 makes misstating it a criminal offence for anyone, the ABS code sets how rates and conditions must be shown, and MAS now holds institutions accountable for every digital post made in their name. None of it is onerous once it is built into templates; the risk lies in the fast-moving promotion, the carousel and the creator round-up where the conditions and the insurance line fall away.

If you market financial products and want campaigns built to these rules from the first draft, our performance marketing team in Singapore can help; see our client case studies for results. For related categories, read our guide to remittance and money-changer advertising, or start with our complete guide to performance marketing in Singapore.

Frequently asked questions

Do fixed deposit ads in Singapore need a deposit insurance statement?

Yes. Regulation 13 of the Deposit Insurance Regulations 2011 requires Scheme members to state clearly in all marketing materials, electronic or print, that insured deposits are covered up to the prescribed limit. Breach carries a fine of up to $125,000.

What is the exact SDIC wording for an advertisement?

SDIC’s Annex D-C allows the abbreviated “Insured up to S$100k by SDIC” in advertisements, or “SGD deposits are insured up to S$100k by SDIC” for multi-currency ads. Fuller materials use the standard statement under a “Deposit Insurance Scheme” header.

Are foreign currency fixed deposits insured by SDIC?

No. Only Singapore-dollar deposits are insured. Foreign currency deposits, dual currency investments, structured deposits and investment products are not, and materials that mix insured and uninsured products must say so.

Can an influencer be liable for saying a product is insured?

Yes. Section 67 of the DIPOPS Act makes it an offence for any person to knowingly or recklessly make a false or misleading statement about whether a deposit is insured, with a fine of up to $125,000, up to 3 years’ imprisonment, or both.

Must banks show the effective interest rate in deposit ads?

Under paragraph 6 of the ABS Code of Advertising Practice for Banks, where the effective interest rate differs from the applied rate, it must appear side by side with equal prominence and the same font size. Tiered-rate accounts without a computable EIR are exempt.

Do the MAS digital advertising guidelines apply to deposit promotions?

Yes. Since 25 March 2026 they apply to all financial institutions and their digital marketers, including influencers and agencies. Each post must not mislead on its own, and key conditions must be legible and prominent.