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.
Frequently Asked Questions
- What is the current insured limit?
- Who should file a claim if more than one person is authorised to draw on an account?
- What methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution?
- What is the insurance coverage on a trust account held under the provisions of an irrevocable express trust?
Did You Know?
- Misconception: Certificates, deposit books and other documentary evidence of deposits held in a member institution are not relevant to making claims in the event of a failure. - Fact: A claim, supported by appropriate proof, must be made to the Deposit Insurance Corporation before payment of deposit insurance can be made. As such, all information including certificates, deposit books bank statements etc. would be required to facilitate a smooth payout process. See Tips for Depositors.
