Deposit Insurance Corporation

DID YOU KNOW...? The DIC calculates the insured amount on both principal and interest amounts. Only banks licensed by the Central Bank and that have Bahamian Dollar business are members of the DIC. Opening several accounts in different branches of the same bank or at the same branch will not increase your insurance deposit payout. Deposits held at different member institutions are separately insured. Deposit insurance is available for eligible deposits, up to a maximum of B$50,000. Deposits held in the name of a sole proprietor are insured in the single account category, and therefore aggregated with the personal deposits of the business owner, when determining insurance cover. Loans will be deducted from monies owing to you in calculating insurance cover. Money held in a joint savings account (e.g. husband and wife) are insured separately from money held in saving accounts individually owned.

About DIC

Deposit Insurance Fund

A Deposit Insurance Fund (the Fund) has been established from premium contributions of DIC member institutions to cover potential claims, in the event that a member fails. Beyond this accumulated pool, there is provision in the Act for the Minister of Finance (the Minister) to levy special contributions on members, should funding requirements exceed these amounts.

The Fund is invested in safe and liquid assets, such as securities issued by the Bahamas Government.

The premiums are levied on member institutions at a rate of one-twentieth of one percent of the average sum of deposits insured by the DIC and deposited with member institutions as of March 31 and September 30 in the previous year. DIC members pay annual premium contributions to the Fund—one half payable on or before June 15, and the balance on or before December 15.

What is Deposit Insurance?

In simple terms, deposit insurance provides peace of mind in the unlikely event your bank should experience difficulty and be forced to close. Read on for details on the who and what of the coverage we provide.

Is Your Bank A Member?

Need to know if your bank is a member of the program, and that your funds are insured? Our up-to-date list of member banks will answer your questions.

Got Questions?

Visit our
Frequently Asked Questions
pages for the answers!

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