Interest will be paid on an account up to the date of closure of an institution, even if the maturity date of the account is beyond the date of closure.
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?
- Are any other cash liabilities of financial institutions covered?
- What happens to cheques which are not cleared on a depositor’s account before the business of the institution is closed?
- If a person has an interest in more than one joint account, what is the extent of his or her insurance coverage?
Did You Know?
- Misconception: Establishing more than one joint account in the same institution with the same names increases insurance coverage. - Fact: All joint accounts with the same names, notwithstanding alterations to the sequence of names, are added together and insured up to a maximum of TT$125,000.