Fact: Deposit insurance is ONLY activated upon closure of a member institution.
Frequently Asked Questions
- Are Mutual Funds insured?
- What methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution?
- Will the Corporation offset a deposit balance held by a customer against the balance due on the loan?
- Who should file a claim if more than one person is authorised to draw on an account?
Did You Know?
- Misconception: All financial institutions that take deposits are covered under the Deposit Insurance Fund - Fact: ONLY member institutions that are licensed under the Financial Institutions Act, 2008 are covered under the Deposit Insurance Fund. This legislation provides for the regulation of commercial banks and other institutions engaged in the business of banking and business of a financial nature.
