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.
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.