What is PIDM deposit insurance institution?
I think that everyone frequently notices the word PIDM on the bank’s website or on its entrance gate. Are you familiar with PIDM? Perbadanan Insurans Deposit Malaysia, or Malaysia Deposit Insurance Corporation in English, is the full name of PIDM.
The Malaysian Deposit Insurance Corporation Act (PIDM) authorised the establishment of PIDM as a government organisation in 2005. Protection for users who are deposits and protection for users who are insurance or takaful policies are the two mechanisms that PIDM offers.
Depositors or insureds will be shielded from compensation up to RM250,000 in the unfortunate event of a bank or insurance firm failing. PIDM guarantees are automatic, thus there is no need to apply or pay.
Well-known banks like Maybank, AmBank, Hong Leong Bank, RHB Bank, and others are insured members under PIDM. Except for Bank Rakyat, every bank that you can export to is covered by PIDM.
In terms of business, PIDM guarantees all of the bank’s savings accounts, current accounts, time deposits, foreign currency deposits, cheques, etc. Stocks, shares, and gold-related goods are not covered by PIDM with regard to such unit trusts.
