Annual Submission: Trust Accounts
Deposits in trust accounts held in PIDM member banks are protected separately from deposits in other types of accounts under the Deposit Insurance System.
A trustee acting for two or more beneficiaries in one trust account is required to submit information on the trust account directly to the bank where the account is maintained. The information must be submitted, annually, to the bank by 31 March each year with respect to the balance in the trust account as at 31 December of the preceding year.
Further information on separate protection of trust accounts and annual submission of trust accounts information is available here.