Bank Deposit Guarantee

We talk so much about the 100% bank deposit guarantee by the Singapore government, but do anyone know exactly what will happen in the case that a Singapore bank really goes bust?

What's the exact process for the funds to be returned? And more importantly, how long will it take? 1 year, 10 years, what's the difference? To us, it's a world of difference, but for people who's comfortably pulling in 5~6 figure salary every month, it doesn't really matter..