The DIC is obliged by law to insure depositors in all institutions licensed to operate under the Financial Institutions Act, 2008 (See member institutions)
Frequently Asked Questions
- What methods of payment may the DIC use in meeting its obligations to the depositors of a failed institution?
- Is the insurance protection increased by placing funds in two or more types of deposit accounts in the same institution?
- Are any other cash liabilities of financial institutions covered?
- What does a deposit transfer involve?
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.
