Business / Companies
DPC increases cover limit
19 Jul 2016 at 03:03hrs | Views
The Deposit Protection Corporation has increased its cover limit by 100 percent from $500 to $1 000 per depositor per member bank.
According to the company the new limit is effective from June 1, 2016 and does not apply to depositors whose banks were closed prior to the new limit coming into effect.
The corporation said that the new cover limit of $1 000 per depositor per member bank will protect 93 percent of depositors by number of accounts in full - in line with the Corporation's Public-Policy Objective of ensuring at least 90 percent of depositors are covered in full.
Deposit protection is free for all bank depositors and no application is required as coverage is automatic upon opening a bank account with all banking institutions licensed by the Reserve Bank of Zimbabwe.
Membership to the Deposit Protection Scheme is automatic and mandatory in terms of the Deposit Protection Corporation Act (Chapter 24:29) for all deposit-taking institutions in Zimbabwe registered by the Reserve Bank of Zimbabwe in terms of the Banking Act (Chapter 24:20), Building Societies Act (Chapter 24:21) and Microfinance Act (Chapter 24:29).
Currently membership includes all commercial banks, merchant banks, building societies, discount houses, finance houses and deposit-taking microfinance institutions.
All member institutions can be identified by means of membership certificates displayed in all banking halls, membership stickers (on door entrances and Automated Teller Machines (ATM) areas), ATM screensavers, membership signs on website homepages and mention of membership in all forms of advertising (radio, television, print, online and outdoor signage).
Current Members of DPC
For the avoidance of doubt, the following deposit-taking institutions are members of the Deposit Protection Scheme:
Commercial Banks
1. Agribank
2. BancABC
3. Barclays Bank
4. CBZ Bank
5. Ecobank
6. FBC Bank
7. MBCA Bank
8. MetBank
9. NMB Bank
10. Stanbic Bank
11. Standard Chartered Bank
12. Steward Bank
13. ZB Bank
Building Societies
14. CABS Building Society
15. CBZ Building Society
16. FBC Building Society
17. National Building Society
18. ZB Building Society
Merchant Banks
19. Tetrad Investment Bank (under provisional judicial management)
Deposit-taking Microfinance Institutions
20. African Century Limited
21. Collarhedge Finance
22. Getbucks Financial Services
23. Lion Microfinance Limited
According to the company the new limit is effective from June 1, 2016 and does not apply to depositors whose banks were closed prior to the new limit coming into effect.
The corporation said that the new cover limit of $1 000 per depositor per member bank will protect 93 percent of depositors by number of accounts in full - in line with the Corporation's Public-Policy Objective of ensuring at least 90 percent of depositors are covered in full.
Deposit protection is free for all bank depositors and no application is required as coverage is automatic upon opening a bank account with all banking institutions licensed by the Reserve Bank of Zimbabwe.
Membership to the Deposit Protection Scheme is automatic and mandatory in terms of the Deposit Protection Corporation Act (Chapter 24:29) for all deposit-taking institutions in Zimbabwe registered by the Reserve Bank of Zimbabwe in terms of the Banking Act (Chapter 24:20), Building Societies Act (Chapter 24:21) and Microfinance Act (Chapter 24:29).
Currently membership includes all commercial banks, merchant banks, building societies, discount houses, finance houses and deposit-taking microfinance institutions.
Current Members of DPC
For the avoidance of doubt, the following deposit-taking institutions are members of the Deposit Protection Scheme:
Commercial Banks
1. Agribank
2. BancABC
3. Barclays Bank
4. CBZ Bank
5. Ecobank
6. FBC Bank
7. MBCA Bank
8. MetBank
9. NMB Bank
10. Stanbic Bank
11. Standard Chartered Bank
12. Steward Bank
13. ZB Bank
Building Societies
14. CABS Building Society
15. CBZ Building Society
16. FBC Building Society
17. National Building Society
18. ZB Building Society
Merchant Banks
19. Tetrad Investment Bank (under provisional judicial management)
Deposit-taking Microfinance Institutions
20. African Century Limited
21. Collarhedge Finance
22. Getbucks Financial Services
23. Lion Microfinance Limited
Source - DPC
