Note: This glossary is provided for purposes of this website only and is not intended to supplement or replace any legal definitions which pertain to the operation of the deposit insurance system.

Institution	A financial institution licensed under the Financial Institutions Act, 2008. All institutions so licensed are automatically members of the Deposit Insurance Fund.
Closed Institution	An institution (a) which has been ordered by the Central Bank to suspend business as a result of financial difficulties; (b) which has been the subject of a winding-up order issued by the Court; and (c) the failure of which the Central Bank has advised the Deposit Insurance Corporation.
Beneficial Interest	Interest or right of the person who is to receive benefits under a trust, will, or similar transfer of property.
Demand Deposit	A deposit which can be withdrawn at any time or in less than seven days.
Fiduciary	Someone holding a position of trust or confidence recognised by the law.
Joint Account	Deposit account held in more than one name, other than a trust account.
Right and Capacity	The terms “right” and “capacity” refer to the nature of the ownership of deposits, such as jointly owned funds, trust deposits, deposit held in individual names, etc.
Savings Deposit	A bank deposit which earns interest on the balance periodically and on which the bank may require seven days notice prior to withdrawal.
Settlor or Grantor	Someone who creates a trust.
Tenancy	Possession under right or title.
Trust	A transfer of property from one person, called the settlor or donor, to another person, called the trustee, who is to hold the property for a specified beneficiary or use.
Uninsured Deposit	The part of a qualifying deposit in excess of $200,000.