Frequently Asked Questions
What types of deposits are insured?
All types of deposits received by a licensed institution in its usual course of business are insured. These include balances held on savings and chequing accounts, demand deposits, and time deposits. The exceptions are letters of credit, stand-by letters of credit and similar instruments, inter-bank deposits, deposits from affiliated companies and foreign currency accounts.
Are any other cash liabilities of financial institutions covered?
Yes. Certain cash liabilities in respect of which an institution is primarily liable, such as cashier's cheques, money orders and drafts, are treated in the same manner as a deposit and added to any other deposits held in the same right and capacity by the claimant, and insured in the aggregate to a maximum of $125,000.
When is deposit insurance payable?
Deposit insurance is payable only when an institution has been closed as a result of action taken by the Central Bank.
Which institutions’ depositors are insured by the DIC?
The DIC is obliged by law to insure depositors in all institutions licensed to operate under the Financial Institutions Act, 2008 (See member institutions)
Are foreign deposits insured?
No. Only deposits held in Trinidad and Tobago and payable in Trinidad and Tobago dollars are insured.
Are Mutual Funds insured?
Does deposit insurance protect the interests of creditors other than depositors of a failed institution?
No. Deposit insurance protects only depositors.
What is the current insured limit?
The insured limit is a maximum of $125,000 for each depositor in respect of deposits held in each insured institution in each right and capacity.