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
Did You Know?
- Misconception: Beneficiaries under all trust account arrangements are insured separately. - Fact: The interests held by beneficiaries established under an irrevocable express trust account are insured separately up to the maximum TT$200,000 prescribed limit. Additionally, interests in accounts held by the Settlor, Trustee or Administrator of an irrevocable trust account are insured separately from the interests of the beneficiaries named under …
