PIDM to make youth more financially savvy.

Byline: Cheryl Yvonne Achu

THE total amount of deposits insured in the country stands at RM400 million to date, says Malaysia Deposit Insurance Corp (PIDM), a statutory body administering the national deposit insurance system.

PIDM chief operating officer Md Khairuddin Arshad said deposits covered by PIDM included savings, current, fixed, investment and certified cheques and bank drafts drawn or made against a deposit account.

Deposit insurance is a system that protects depositors against the loss of their deposits placed with member banking institutions in the unlikely event a member institution is unable to meet its obligations to depositors.

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