Deposit insurance is payable only when an institution has been closed as a result of action taken by the Central Bank.
Frequently Asked Questions
- Does deposit insurance protect the interests of creditors other than depositors of a failed institution?
- Must a claim be filed in person?
- How does the closing of an institution affect interest accruing on a deposit?
- How is a depositor notified that an institution in which he or she has a deposit, has been ordered to be closed?
Did You Know?
- Misconception: Deposit insurance can be claimed while the member institution is still continuing in operation. - Fact: Deposit insurance is ONLY activated upon closure of a member institution.