PIDM primarily protects depositors by insuring deposits in member banks, such as savings and fixed accounts, up to a certain limit. However, it does not cover investments like gold, unit trust, stocks, bonds, or any other non-deposit products.
This means that while your bank deposits are safeguarded against the unlikely scenario of your bank winding down, all investments carry risks associated with market fluctuations and are not eligible for PIDM protection. It's important to be aware of these distinctions when considering your investment options!