Security Deposit in the form of Banker’s Guarantee for International Students
- With effect from 1 April 2013, international students are required to furnish their Security Deposit (SD) in the form of a Banker’s Guarantee (BG) only. The SD, if required, would be indicated in the In-Principle Approval (IPA) letter issued to students by the Immigration & Checkpoints Authority (ICA).
- The Committee for Private Education (CPE) would like to inform students that they may obtain a BG directly from any bank regulated by the Monetary Authority of Singapore (MAS).
- Students may decide to obtain a BG with the assistance from the private education institution (PEI) they are enrolled in. However, they should place their cash deposits directly into a MAS-regulated bank. No monies should be paid to the PEI as a form of deposit.
- Students are strongly encouraged to check directly with any of the MAS-regulated banks on how to apply for a BG.
- For information on Student’s Pass matters, students may visit the Immigration & Checkpoints Authority’s website at www.ica.gov.sg