The insured limit is a maximum of $200,000 for each depositor in respect of deposits held in each insured institution in each right and capacity.
Frequently Asked Questions
- How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be closed?
- How does the closing of an institution affect interest accruing on a deposit?
- In the event of a deposit transfer, how will a depositor know when and where he can withdraw his funds?
- Who should file a claim if more than one person is authorised to draw on an account?
Did You Know?
- Misconception: Depositors of a failed member institution would receive payment immediately upon closure of the failed member. - Fact: The legislation governing the operations of the Deposit Insurance system provides for payout to commence within 3 months of the closure of a member institution.
