Personal Finance Term
PIDM
Perbadanan Insurans Deposit Malaysia
Malaysia's deposit insurance scheme that protects your savings at member banks up to RM250,000 per depositor per bank if the bank fails.
PIDM (also called MDIC — Malaysia Deposit Insurance Corporation) covers conventional deposits and Islamic deposits separately, meaning you can have up to RM250,000 protected in conventional accounts and another RM250,000 in Islamic accounts at the same bank.
All BNM-licensed banks are PIDM members — conventional banks, Islamic banks, and licensed digital banks (GX Bank, Boost Bank, AEON Bank). Foreign bank branches operating in Malaysia are also covered. If a bank fails, PIDM pays out your protected deposits within a few weeks.