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Judul : Understanding Deposit Insurance of Philippine Deposit Insurance Corporation (PDIC)Link : Understanding Deposit Insurance of Philippine Deposit Insurance Corporation (PDIC)
Here's a basic information on the scope of deposit insurance and the application of the maximum deposit insurance coverage.
Source: Philippine Deposit Insurance Corporation
Disclaimer: We are not connected in any way with PDIC and this article is for informational purposes only.
Maximum Deposit Insurance Coverage (MDIC)
PDIC pays deposit insurance on all valid deposits up to the Maximum Deposit Insurance Coverage (MDIC) of P500,000 per depositor of a closed bank. For purposes of computing deposit insurance, accounts maintained in the same right and capacity for a depositor's benefit, whether in his own name or in the name of others, are added together and in no case shall exceed the MDIC.
Deposits are considered valid if, upon determination of PDIC, these deposits are recorded in the bank's records, and are evidenced by inflow of cash.
What are covered by PDIC deposit insurance?
PDIC insures valid deposits in domestic offices of its member-banks, as follows:
By Deposit Type:
- savings
- special savings
- demand/checking
- negotiable order of withdrawal (NOW)
- time deposits
By Deposit Account:
- single account
- joint account
- account "By", "In Trust For" (ITF) or "For the Account of" (FAO) another person
By Currency:
- philippine peso
- foreign currencies considered as part of BSP's international reserves
PDIC member-banks
Consist of institutions authorized by the Bangko Sentral ng Pilipinas (BSP) to perform banking functions in the Philippines:
- banks incorporated under Philippine laws, such as commercial banks, savings banks, mortgage banks, development banks, rural banks and cooperative banks and stock savings and loan associations
- domestic branches of foreign banks
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Understanding Deposit Insurance of Philippine Deposit Insurance Corporation (PDIC)
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