Deposit Insurance Coverage

In an effort to educate the general public about the operations of this Deposit Insurance system, we have included relevant information, including worked examples, to assist you in making your decisions.

Deposit Insurance coverage is limited to one hundred and twenty-five thousand dollars (Trinidad and Tobago currency only) or such other amount as the Minister may prescribe by Order save that where a depositor maintains deposits in more than one institution or in different capacities and rights, the limit shall apply to the total amount maintained on deposit in each institution in each capacity and right.

Activation of Deposit Insurance Payment

Deposit Insurance payouts would become payable only after a member institution has been closed by or with the approval of the Central Bank as a result of financial difficulties.

Different Capacities and Rights Applicable

The terms “capacity” and “rights” refer to the nature of the ownership of deposits held with our members. The following types of deposit ownership are relevant for deposit insurance coverage:-

Types of Accounts Insured

The type of account (whether checking, savings, certificate of deposit or other forms of deposit) has no bearing on the amount of insurance coverage. All such forms of deposit accounts owned by the same depositor in the same right and capacity will be added together for purposes of computing his maximum insurance claim.

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