Your deposits are protected up to B$50,000 per depositor, per member institution.
DICB
Check Coverage
Deposit Insurance

Coverage, premiums, payouts, and examples.

Deposit insurance protects eligible Bahamian dollar deposits when a member institution is closed after official action.

What is Deposit Insurance?

Deposit insurance is a safety-net mechanism for eligible Bahamian dollar depositors if a member institution is closed after official action.

PremiumsScopePayoutsSingleJointTrust

Deposit Insurance Premiums

Who pays the premium

Depositors do not pay for deposit insurance. Member institutions pay premiums to fund the scheme.

How it is calculated

Premiums are based on an assessment base using insured Bahamian dollar deposits as at March 31 and September 30, with payments due in two installments.

MemberMar 31Sep 30Premium
Credit Union AB$3.125MB$3.325MB$3,225
Bank AB$6.000MB$6.350MB$6,175
TotalB$23.030MB$24.125MB$23,578

Scope of DI Coverage

What's covered

  • Checking accounts
  • Savings accounts
  • Demand and time accounts
  • Other eligible Bahamian dollar payment instruments issued by member institutions

What's not covered

  • Letters of credit and standby letters of credit
  • Subordinated debts and preference shares
  • Inter-bank and foreign currency deposits
  • Government, foreign government, affiliate, and disqualified depositor deposits

Deposit Insurance Payouts

Conditions

Central Bank determines insolvency or inability to meet obligations.

Announcement

Public notices describe payout dates, places, and instructions.

Claims

Claim form, ID, ownership evidence, affidavit, and release.

Settlement

Valid claims are settled as soon as possible and no later than six months after closure.

Single Accounts

For single accounts held in the same right and capacity at one member institution, eligible savings, checking, fixed deposit, and similar balances are added together before the B$50,000 insurance limit is applied.

Joint Accounts

Examples cover a single joint account, multiple joint accounts with the same owners, and multiple joint accounts with different co-owners. Ownership shares are treated equally unless records show otherwise.

Trust Accounts

Deposits held in trust may be insured separately for each beneficiary when the account records identify the trust relationship and the interests of the beneficiaries.