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 determined by the DIC. The rate is applied to 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 member institutions pay annual premium contributions to the Fund—one half payable on or before March 31, and the balance on or before September 30.

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 or Credit Union A Member?

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

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Frequently Asked Questions
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