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
- Must a claim be filed in person?
- Does the borrower’s obligations to the institution continue after the institution is closed?
- What methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution?
- 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.
