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?
Who are DIC Member Institutions?
Once a licensed banking institution has Bahamian Dollar deposits, membership in the DIC is compulsory. While credit unions have Bahamian dollar savings of their members, these are not covered under the existing DIC scheme. Also, US dollar and other foreign currency deposits held at member institutions are not eligible for insurance cover.
Current list of DIC Member institutions (as at 1st December, 2017)
- Ansbacher (Bahamas) Limited
- Bank of The Bahamas Limited
- The Bank of Nova Scotia Trust Company (Bahamas) Limited
- Citibank N.A.
- Commonwealth Bank Limited
- Fidelity Bank (Bahamas) Limited
- Finance Corporation of Bahamas Limited
- FirstCaribbean International Bank (Bahamas) Limited
- RBC Royal Bank (Bahamas) Limited
- Royal Bank of Canada Trust Company (Bahamas) Limited
- Royal Fidelity Merchant Bank & Trust Limited
- Scotiabank (Bahamas) Limited