The SBS updated the maximum coverage amount of the Deposit Insurance Fund to S/122,420 for the period March 2024 – May 2024, reducing the amount of the previous quarter by S/1,390 (it was S/123,810 for the period December 2023 – February 2024).
As a consequence, the savings accounts, time deposits and CTS accounts that people have in banks, financial institutions, municipal savings and credit banks and rural savings and credit banks (does not apply to savings and credit cooperatives), continue protected above S/100,000 for almost 5 years (since June 2019).
Jorge Carrillo Acosta, professor and finance expert at Pacífico Business School, explains that this fund allows the saver to recover their money (including the interest earned) up to the maximum amount indicated, in the event of the possibility of bankruptcy of one of the insured financial entities.
“This is reflected, for example, in the last intervention to Caja Raíz, when the SBS ordered its dissolution on Friday 08/11/23, and on Tuesday 08/15/23 the FSD began returning the money to savers, covering all of the savings of 96.3% of the entity’s clients,” says the expert.
It is worth mentioning that this “insurance” is free for depositors, it is automatic (no prior registration required) and applies to each entity independently, that is, a person could have S/120,000 in a bank and S/120,000 in a savings bank. , and would be covered by the FSD in both institutions.
To date, there are a total of 41 financial institutions that have an active Deposit Insurance Fund:
- 16 banks: BCP, BBVA, Scotibank, Interbank, Falabella, Ripley, Mibanco, BanBif, Pichincha, GNB, Bancom, Alfin, Citibank, Santander, ICBC and Bank of China.
- 8 financial companies: Crediscotia, Compartamos, Confianza, Oh!, Efectiva, Credinka, Proempresa and Qapaq
- 12 municipal savings banks: Arequipa, Piura, Huancayo, Cusco, Sullana, Trujillo, Ica, Tacna, Maynas, Lima, Del Santa and Paita
- 5 rural savings banks: Cencosud Scotia, Los Andes, Prymera, Del Centro and Incasur
On the other hand, if a new financial entity enters Peru, it will not have this coverage until it completes 24 months of contribution, as is currently the case with the BCI, which began operating in the country only in mid-2022.
It should be noted that savings and credit cooperatives (Coopac) are not covered by the FSD. However, these entities have created their own “insurance”, called the Cooperative Deposit Insurance Fund (FSDC), whose maximum coverage amount will be S/10,000, but which will only come into effect in mid-2024.
Source: Larepublica
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