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Deposit Insurance Fund: up to what amount can I recover from my savings in case the bank or savings bank goes bankrupt?

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The Superintendence of Banking and Insurance of Peru (SBS) updated the limit amount of the coverage of the Deposit Insurance Fund (FSD). These increased for the period September-November 2022. How much has it increased?

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According to Jorge Carrillo Acosta, professor and finance expert at Pacífico Business School, the new coverage is S/ 124,428 for September-November 2022. This figure is higher than the S/ 121,910 from June-August of this year, S/ 2,518 more than the amount. Since June 2019 it has been seen that the accounts are protected above S / 100,000.

In this way, people’s money in savings accounts, term deposits and CTS accounts in banks, finance companies, municipal savings banks and rural savings banks will be protected up to that amount.

How much money should the bank give me in case I go bankrupt?

The Deposit Insurance Fund allows savers to recover their money (including interest earned) up to the maximum amount of S/ 124,428, in the event of bankruptcy of any of the insured financial entities. That is, the total of his savings would be returned to him up to the amount mentioned.

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It is worth mentioning that this “insurance” is free for depositors and is automatic, so it does not require prior registration. In addition, it applies to each entity independently. “For example, a person could have S/ 124,000 in a bank and S/ 124,000 in a box, and would be covered by the FSD in both institutions,” explained Carrillo Acosta.

Who is covered by the Deposit Insurance Fund?

According to the specialist, the insurance covers people’s money in savings accounts, time deposits and CTS accounts in banks, finance companies, municipal savings and credit accounts, and rural savings and credit accounts.

What are the entities covered by the FSD?

Currently, there are 41 financial institutions that have the Deposit Insurance Fund. They are between them:

  • Banks: BCP, BBVA, Scotibank, Interbank, Falabella, Ripley, Mibanco, BanBif, Pichincha, GNB, Comercio, Alfin, Citibank, Santander and ICBC
  • financial: Crediscotia, Compartamos, Confianza, Oh!, Effective, Credinka, Proempresa and Qapaq
  • municipal: Arequipa, Piura, Huancayo, Cusco, Sullana, Trujillo, Ica, Tacna, Maynas, Lima, Del Santa and Paita
  • rural: Cencosud Scotia, Raiz, Los Andes, Prymera, Del Centro and Incasur.

Do savings in cooperatives have FSD?

Savings and credit cooperatives (Coopac) are not currently protected by the Deposit Insurance Fund. For this reason, the savers of many cooperatives that were intervened by the SBS in recent months (such as Aelucoop or Credicoop Arequipa), did not have such coverage.

However, these entities are in the process of adaptation and as of mid-2024 they will have coverage of up to S/ 10,000.

Source: Larepublica

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