The Superintendency of Banking, Insurance and AFP (SBS) has announced the update of the Deposit Insurance Fund (FSD), an entity in charge of protecting the savings that depositors keep in companies of the national financial system, such as banks, financial institutions and savings banks. Thus, the new amount has been reduced by S/389, and from S/124,199 for the period September 2023 to November 2023, now it amounts to S/123. 810 for the period December 2023 to February 2024.
“As a consequence, savings accounts, time deposits and CTS accounts held by people in banks, financial institutions, municipal savings and credit banks and rural savings and credit banks continue to be protected above S/100,000 since June 2019,” indicated Jorge Carrillo Acosta, professor and finance expert at Pacífico Business School.
It should be noted that, in the event that a banking entity goes bankrupt, This insurance is key for savers to recover their money, including the interest earned. Likewise, it is automatic, without the need for registration, free of charge and applies independently in each entity. This means that if a citizen has one amount of money in a bank and another in a safe deposit box, both are protected by the FSD.
What are the entities covered by the FSD?
In total there are 41 institutions, among banks, savings banks and financial institutionswhich have an active Deposit Insurance Fund.
- Banks (16): BCP, BBVA, Scotiabank, Interbank, Falabella, Ripley, Mibanco, BanBif, Pichincha, GNB, Comercio, Alfin, Citibank, Santander, ICBC and Bank of China
- Financial (8): Crediscotia, Compartamos, Confianza, Oh!, Efectiva, Credinka, Proempresa and Qapaq
- Municipal Funds (12): Arequipa, Piura, Huancayo, Cusco, Sullana, Trujillo, Ica, Tacna, Maynas, Lima, Del Santa and Paita
- Rural Savings Banks (5): Cencosud Scotia, Los Andes, Prymera, Del Centro and Incasur
If a new financial entity enters Peru, it will not have this coverage until it completes 24 months of contribution, as in the case of the Banco de Crédito e Inversiones (BCI), which began operating in the country only in mid-2022.
In addition, it is important to specify that savings and credit cooperatives (Coopac) are not covered by the FSD, but they have the Cooperative Deposit Insurance Fund (FSDC), whose maximum amount of coverage will be S/10,000, but which has only recently It will come into effect in mid-2024.
Source: Larepublica
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