SBS: Deposit Insurance Fund increased to S / 155,637

The SBS updated the maximum amount of coverage of the Deposit Insurance Fund (FSD) to S / 115,637 for the period from December 2021 to February 2022, increasing the amount from the previous quarter by S / 2,784 (the amount was S / 112,853 for the period from September to November 2021).

In this way, savings accounts, time deposits and CTS accounts that users 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 remain protected above S / 100,000 since the end of 2018.

Why is FSD important?

This endorsement allows users get their money back (including interest earned) up to the maximum amount indicated, in the event of the possibility of bankruptcy of any of the insured financial entities, as stated by Jorge Carrillo Acosta, Professor at Pacífico Business School.

In addition, this insurance is free for contributors, does not require prior registration and it applies to each entity independently, that is, if the user had deposits in different entities, the FSD covers both institutions.

What entities are covered by the FSD?

Son 41 financial institutions those with an active Deposit Insurance Fund:

There are 15 banks: BCP, BBVA, Scotibank, Interbank, Falabella, Ripley, Mibanco, BanBif, Pichincha, GNB, Comercio, Alfin, Citibank, Santander and ICBC.

In addition, eight finance companies: Crediscotia, Compartamos, Confianza, Oh !, Efectiva, Credinka, Proempresa and Qapaq.

Also, 12 municipal savings banks: Arequipa, Piura, Huancayo, Cusco, Sullana, Trujillo, Ica, Tacna, Maynas, Lima, Del Santa and Paita.

Finally, 6 rural savings banks: Cencosud Scotia, Raiz, Los Andes, Prymera, Del Centro and Incasur.

It should be noted that when a financial institution enters Peru for the first time, it will not have this coverage until it reaches 24 months of contribution, as is currently the case with the Bank of China, which entered in 2020.

In the case of cooperatives, these entities have created the Cooperative Deposit Insurance Fund (FSDC), whose maximum coverage amount will be S / 10,000, but which will only come into effect, possibly in mid-2024.