Deposit Insurance Fund is reduced by almost S/400

The Superintendency of Banking, Insurance and AFP (SBS) announced the update of the Deposit Insurance Fund (FSD), the entity in charge of protecting savings, time accounts and CTS deposits that users maintain in companies of the national financial system. , such as banks, financial institutions and municipal and rural savings banks.

The new amount has been reduced by S/389, going from S/124,199, for the period from September 2023 to November 2023, to S/123,810 for the months of December 2023 to February 2024.

The FSD was created by the General Law of Banking, Financial and Insurance Institutions in 1991, and since June 2019, the protection figure is above S/100,000.

In addition, it is a free and automatic benefit, since it does not require registration and is applied to each entity and account that the client has independently.

According to Jorge Carrillo Acosta, professor and finance expert at Pacífico Business School, in the event of a banking institution failing, people will be able to recover their money and interest up to the recent figure approved by the SBS.

“For example, in the last intervention at Caja Raíz, when the SBS ordered its dissolution, the FSD began returning the money to savers, and the entire savings of 96.3% of the clients of the company were covered. entity,” he said.

Protected entities

To date, there are 41 institutions—16 banks, 8 financial institutions, 12 municipal savings banks and 5 rural savings banks—that have the insurance.

In the case of finance corporations that have recently entered Peru, they must complete 24 months of contributions.

On the other hand, savings and credit cooperatives (Coopac) are not covered by the FSD, but they have the Cooperative Deposit Insurance Fund (FSDC), whose maximum scope of coverage will be S/10,000 and will come into force in mid from 2024.