The Superintendence of Banking, Insurance and AFP (SBS) updated today to S/125,714 the maximum amount of coverage of the Deposit Insurance Fund (FSD), which governs the financial systemcorresponding to the quarter from March to May 2023. The maximum amount of FSD coverage for the previous quarter was S/125,603 (between December 2022 and February 2023).
The entity ordered, through Circular B-2265-2023, the update based on the powers conferred by numeral 9 of article 349 of the General Law of the Financial System and the Insurance and Organic System of the SBS, Law No. º 26702 and its amendments, as well as in accordance with the provisions of article 18 of said General Law.
As a consequence, savings accounts, term deposits and CTS accounts that people have in banks, finance companies, municipal savings and credit banks, and rural savings and credit banks (does not apply to savings and credit cooperatives), they continue to be protected above S/100,000 for more than 3 years (since June 2019), recalls Jorge Carrillo, a financial expert at Pacífico Business School.
Why is the FSD important?
This endorsement allows the saver to recover their money (including interest earned) up to the maximum amount indicated before the possibility of bankruptcy of any of the insured financial entities.
“This ‘insurance’ is free for depositors, it is automatic (it does not require prior registration) and it applies to each entity independently, that is, a person could have S/125,000 in a bank and S/125,000 in a box, and would be covered by the FSD in both institutions,” says Carrillo.
Source: Larepublica
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