Frequently Asked Questions
- Is the insurance protection increased by placing funds in two or more types of deposit accounts in the same institution?
- Who should file a claim if more than one person is authorised to draw on an account?
- How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be closed?
- Are any other cash liabilities of financial institutions covered?
Did You Know?
- Misconception: Placing funds in any instrument offered by a member institution would be covered by the DIC - Fact: ONLY Savings Accounts (including interest), Current Accounts (including interest) and Fixed Deposit Accounts (including interest), inclusive of any outstanding balances due (uncleared deposits) to these accounts, are considered for deposit insurance coverage.
