Deposit Insurance Corporation (DIC)

The Deposit Insurance Corporation (DIC) is an independent public entity established under the Deposit Insurance Act 2018. The DIC was established to strengthen financial stability and depositor protection. The DIC is responsible for managing the Deposit Insurance Scheme which protects small depositors in Guyana and assisting with facilitating a smooth winding-up process for troubled financial institutions.

The Deposit Insurance Fund (DIF) refers to money that is specifically dedicated for reimbursing depositors and providing financial assistance in the resolution or winding up process of a failed financial institution. The Fund will be financed mainly through the payment of premiums by deposit-taking financial institutions which are members of the Scheme.
Yes, once your bank is a “member”, deposits you have with that bank are insured for up to $2,000,000.

The following are members of the Scheme:
  • Republic Bank (Guyana) Limited
  • Guyana Bank for Trade & Industry Limited
  • Bank of Nova Scotia (Guyana Branch)
  • Demerara Bank Limited
  • Citizens Bank Guyana Inc.
  • Bank of Baroda (Guyana) Inc.
  • The New Building Society Limited
  • Hand-In-Hand Trust Corporation Inc.

The DIC is governed by a Board of Directors: (1) the Chairman (the Governor, Bank of Guyana), (2) a representative of the Minister responsible for Finance, and (3) three independent members with qualifications and experience in accounting, auditing, banking, finance, insurance or law.

Single Accounts
After combining the deposit accounts of an individual, the maximum amount an insured depositor can receive is two million Guyana dollars ($2,000,000).

Joint Accounts
A joint account will be treated as one account and is insured up to two million Guyana dollars ($2,000,000). The reimbursement will be divided equally among the account holders unless otherwise justified with proper documentation.

Trust Accounts
Funds held in a trust account shall not be combined with the individual account of a trustee, settlor or beneficiary under the trust. For example, a parent (the trustee) may establish a bank account at a member institution for his/her child (the beneficiary). Deposits held on the trust are insured separately, with each beneficiary interest being insured up to a maximum of two million Guyana dollars ($2,000,000).
Accounts not covered are deposits above the insured limit, deposits of financial institutions such as insurance companies and pension funds, deposits of central and local government authorities, deposits of overseas branches of financial institutions, deposits of persons under criminal investigation or who are suspected of being involved in money laundering or terrorist financing, deposits from affiliates of member institutions and deposits of any depositor who is shown to have a party to or profited from the circumstances given rise to a member institution’s failure.

Generally, chequing accounts (or demand deposits), savings deposits and time deposits (or certificates of deposit) are covered by deposit insurance.
  • Coverage is automatic once you have an account with a member institution, up to a limit of $2,000,000.
  • Foreign currency deposits are also insured but are reimbursable in Guyanese dollars up to a limit of $2,000,000.
  • The DIC calculates the insured amount inclusive of any interest received on the deposit.
  • Deposits held at different member institutions are separately insured.
  • Opening of several accounts in different branches of the same bank or at the same branch will not increase your insurance deposit payout.
  • The DIC is required by law to reimburse all insured depositors within 30 days after the failure of a member financial institution and depositors will be informed via. newspapers, the website or other suitable communication channels.

To learn more about the DIC’s insurance regulations and procedures, visit the Bank of Guyana website and click on the DIC logo.

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