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
- Which institutions depositors are insured by the DIC?
- How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be closed?
- Can a depositor leave his/her deposit with the transferee institution?
- Is the depositor required to produce proof of ownership to the DIC or to the transferee institution?
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.