Safe and Fair Deposit Insurance Act of 2003 - Insurance Funds Merger Act of 2003 - Mandates that the Bank Insurance Fund and the Savings Association Insurance Fund be merged into the Deposit Insurance Fund (DIF) established by this Act.Amends the Federal Deposit Insurance Act (FDIA) to establish the DIF. Mandates that all assessments against insured depository institutions by the Federal Deposit Insurance Corporation (FDIC) be deposited into the DIF.Authorizes the FDIC to borrow from the Federal home loan banks funds necessary for DIF use.Deposit Insurance Reform Act of 2003 - Amends the FDIA to: (1) prohibit an undercapitalized insured depository institution from accepting employee benefit plan deposits; (2) increase Federal insurance coverage (including an inflation adjustment); and (3) include retirement accounts and municipal deposits within such coverage.Requires the FDIC Board of Directors to designate the reserve ratio applicable to the DIF.Prohibits the Board from modifying its information collection requirements if such modification is done solely to change assessment risk classifications and results in placing greater regulatory or reporting burdens upon an insured depository institution.Allows credits based upon past contributions to the DIF.
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