Peru's Superintendencia de Banca, Seguros y AFP (SBS), the country's banking and insurance regulator, has raised the maximum amount protected by the Fondo de Seguro de Depósitos (FSD), or Deposit Insurance Fund, to S/123,000 per depositor for the quarter running from September to November 2026.
The new ceiling is S/1,000 higher than the S/122,000 that applied during the previous three months. The regulator said the updated figure was calculated using the variation of the Índice de Precios al por Mayor (IPM), or Wholesale Price Index, accumulated from December 1998 to August 2026.
What the S/123,000 limit covers
The FSD exists to protect depositors when the SBS intervenes in or liquidates a financial institution authorised to take deposits. It is designed to soften the blow for savers if a bank or other lender exits the market.
In practice, if a person holds deposits at an FSD member institution that is intervened or liquidated, the fund reimburses that depositor up to the limit set for the corresponding period. The new S/123,000 ceiling does not mean every customer would automatically receive that amount. The sum owed to each depositor depends on the covered deposits they actually hold at the affected institution, up to the established limit.
Which deposits are protected
Coverage applies to certain deposits held in the name of an individual account holder, including sight deposits, savings accounts, term deposits and Compensación por Tiempo de Servicios (CTS) deposits, a Peruvian severance savings scheme. Accrued interest on these deposits is also covered.
The FSD additionally covers certain sight deposits belonging to legal entities, subject to exclusions set out in regulation. Not all funds placed with a financial institution are necessarily protected under the mechanism.
Why the amount changes every quarter
The coverage limit is not fixed. Peruvian law requires it to be updated every quarter according to changes in the IPM, which is why the ceiling can rise or fall from one quarter to the next.
In June 2025, the SBS lowered the coverage from S/121,000 to S/120,500 because of a negative IPM variation. The limit was later set at S/118,300 for the September-to-November 2025 quarter. The latest increase to S/123,000 marks a recovery compared with the levels recorded a year earlier.
What happens above the limit
Holding a balance above S/123,000 in a single account does not mean the excess is covered by the FSD. Protection is capped at the maximum amount set for the relevant period.
For savers with large balances concentrated in one financial institution, the coverage limit is a relevant factor when deciding how to distribute deposits. Spreading savings across several entities that belong to the FSD can reduce exposure to the intervention or liquidation of a single institution. Depositors do not need to take out any additional insurance, since the FSD operates as a protection mechanism automatically tied to member institutions within the financial system.
SBS also updated the fund's rules
The increase in the coverage amount comes weeks after the SBS approved changes to the rules governing the FSD itself. Under Resolución SBS N.° 01960-2026, published in August, the regulator modified the norms covering the fund's coverage, its resources and the payment of insured deposits.
Among the changes, the SBS incorporated a scheme based on a target size for the fund, intended to ensure its resources are sufficient to withstand periods of financial stress and to keep the fund sustainable over the long term.
The SBS noted that the new S/123,000 figure is not a permanent change to the protection limit. It is the maximum coverage that applies specifically to the September-to-November 2026 quarter, and the amount will be reviewed again at the next quarterly update.
