Scope of DI Coverage

What are the Types of Deposits Insured?

The DIC insures only Bahamian dollar denominated deposits placed with a member institution in any of its branches in The Bahamas.

What’s Covered

The accounts and products insured by the DIC include:

• Checking accounts
• Savings accounts
• Demand and time accounts
• Other accounts payable, for which a certificate, receipt, cheque, money order, draft or other payment instrument has been issued by the member institutions and for which the member is primarily liable.

What’s not covered

Not included are:

• Letters of credit
• Standby letters of credit or instruments of a similar nature
• Subordinated debts
• Preference shares
• Inter-bank deposits
• Foreign currency deposits
• Deposits of Government and statutory corporations
• Deposits of foreign governments
• Deposits in any financial institution wholly owned by the Government
• Deposits from affiliates of member institutions
• Deposits of any depositor who is shown to have been a party to or profited from the circumstances given rise to a member institution’s failure

Again, the DIC does not insure any accounts or products in foreign currency; nor does it insure any account held in banks or other institutions that are not DIC members.