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.

What is Deposit Insurance?

Single Accounts

Illustration A: Calculation of DI Coverage with Single Depositor, with several accounts.

The DIC covers amounts held in eligible accounts in the name of a single, individual depositor, up to the B$50,000 maximum insurable amount. This maximum applies to the total of all insurable deposits held at the same institution.

For example, if Mary Bowe opens up a savings, current account and a fixed account in one or more branches of Bank Andros, all of these accounts are considered as held in the same capacity and in the same right. That is, they are all owned by Mary Bowe. Therefore, the balances in all of these accounts would be aggregated and subject to the maximum insurance cover of $50,000.

If Mary also has a loan balance with the member institution, then the total deposit balance would be reduced by this amount in calculating the total amount insured.

Depositor Accounts Branch Amount Insured Comments
Mary Bowe Savings Main $12,102 Mary’s is the depositor/owner of four (4) accounts. Deposits owned by Mary are added together and the loan balance deducted from the deposits to obtain the insurable/payout amount. The maximum amount of Mary’s net deposits insured is $50,000. Therefore, her $1,152 in excess of the $50,000 is not insured, and she must await the outcome of the liquidation process.
Checking Bay $3,050
Fixed Bay $45,500
Money Order Main $500
Loan Main ($10,000)
Total $51,152 $50,000

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?

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Frequently Asked Questions
pages for the answers!

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