Deposit Insurance Fund rises to S/124,199: which financial entities have this support?

The maximum amount of coverage of the Deposit Insurance Fund (FSD) for the period September-November 2023 will rise to S/124,199, which represents an increase of S/279 compared to the previous quarter, when it was S/123,920, according to the latest update from the Superintendency of Banking, Insurance and AFP (SBS).

In this way, savings accounts, time deposits and Compensation for Service Time (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) continue to be protected in excess of S/100,000 for more than three years.

What is the Deposit Insurance Fund?

The FSD is a backup that allows the saver recover their money -including the interest earned- up to the amount of S / 124,199 in the event of bankruptcy of any of the insured financial entities, according to the professor of Pacífico Business School, Jorge Carrillo Acosta.

It is important to remember that, given the recent intervention to Root Boxthe FSD began returning deposits to savers, which made it possible to cover all the savings of 96.3% of the entity’s clients.

The professor specified that the FSD is free for depositors, that is, it is automatic and applies to each entity independently. For example, a person could have S / 120,000 in a bank and S / 120,000 in a box, and his savings would be covered in both entities.

What entities are covered by the FSD?

At the moment, a total of 41 financial system entities have the Deposit Insurance Fund active: 16 are banks, 12 municipal savings banks, 8 finance companies and 5 rural savings banks.

Banks:

• BCP
• BBVA
• Scotiabank
• Interbank
• falabella
• Ripley
• My bank
• Banbif
• pichincha
• GNB
• Trade
• Finally
• Citibank
• Santander
• ICBC
• Bank of China.

municipal boxes:

• Arequipa
• piura
• Huancayo
• Cusco
• Sullana
• Trujillo
• Ica
• tacna
• maynas
• Lime
• del santa
• Paita.

Financial:

• Crediscotia
• let’s share
• Trust
• Oh!
• effective
• Creedinka
• proempresa
• Qapaq,

rural savings banks:

• cencosud
• scotia
• The Andes
• First
• From the center
• Incasur.

It is important to mention that if a new financial institution enters the country, it will not have this coverage until it has completed 24 months of contribution. This is currently the case with the BCI, which began operating in Peru only in mid-2022.

Are cooperatives covered by the FSD?

Carrillo Acosta specified that the savings and credit cooperatives (COOPAC) are not covered by the Deposit Insurance Fund. However, these entities have created the Cooperative Deposit Insurance Fund (FSDC), whose maximum amount of coverage will be S/10,000, but it will come into force in mid-2024.