All types of deposits received by a licensed institution in its usual course of business are insured. These include balances held on savings and chequing accounts, demand deposits, and time deposits. The exceptions are letters of credit, stand-by letters of credit and similar instruments, inter-bank deposits, deposits from affiliated companies and foreign currency accounts.
Frequently Asked Questions
- Must a claim be filed in person?
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
- How does the closing of an institution affect interest accruing on a deposit?
- Who should file a claim if more than one person is authorised to draw on an account?
Did You Know?
- Misconception: The uninsured balance, being that portion of deposit/(s) over TT$200,000 for which a certificate was issued, would never be honoured by the DIC. - Fact: A liquidator’s certificate is issued to the depositor by the Corporation for the unsecured balance being that portion of the deposit over TT$200,000. If, the realizations from the disposal of assets net of the subrogated claim of the deposit insurer results in a surplus, then unsecured balances would be …
