Why is there a S$5,000 deposit cap on my GXS Savings Account while the amount insured by SDIC for my deposits is up to S$75,000?
GXS, like all full banks and finance companies in Singapore, is a member of the Deposit Insurance Scheme with the Singapore Deposit Insurance Corporation (SDIC). Thus, your deposits with GXS are aggregated and insured up to S$75,000 by SDIC.
As part of our banking license conditions, we will have to adhere to a total deposit cap of S$50 million in the early phases of our operations. As such, we have a deposit limit for the GXS Savings Account to give more customers access to our simple and seamless savings experience.
We can’t wait for the day when we can help you save more with us. Once the cap is lifted, we will definitely let you know. To stay up to date, do give us consent and turn on your notifications so that we can ping you via the app!