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Savings: The protection of deposits in banks and savings banks is increased to S/125,714.

The coverage includes all insured deposits of the depositor in the same financial institution. | Fountain: Andean

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Cover amount Deposit Insurance Fund the financial system increased to SGD 125,714, the Banking, Insurance and AFP Authority (SBS) said.

The new coverage applies to all savings that users have at banks, savings banks and financial companies between March and May this year.

Starting this month, a fund that protects citizens in case of financial institution in which you saved money for bankruptcy.

The amount of S$125,714 the fund covers this month is more than the amount set for the previous quarter, when it only covered about S$125,603 for each fund-related account. financial institutions.

It should be remembered that this applies to accounts that customers have with official financial companies and are regulated by the SBS, but the measure does not yet apply to savings and credit cooperatives.

How does the Deposit Insurance Fund work?

The fund is responsible for supporting deposits made by clients financial institutions in case they are declared in a state of dissolution and liquidation.

If the bank where your savings are kept goes bankrupt, the insurance payment is made on the basis of a list prepared by the GSB, which contains a list of the insured and the amounts to be covered.

Similarly, the amount of coverage includes all the money that the user has in the same financial institution. This means that if you have two accounts in different banksFSD covers you over S$125k for each one.

If your deposit is made in a foreign currency such as USD, the coverage is provided in the local currency equivalent.

As for joint accounts, SBS indicates that the remainder of the same is divided proportionately among the holders.

It should be noted that in order for the fund to operate, a financial institution must make contributions to it for 2 years. So if a new bank, finance company, or savings bank enters Peru today, they won’t have that active insurance for another 24 months.

Which organizations use this fund?

These are the financial institutions to which the tax is currently applied. Deposit Insurance Fund in case of announcement of dissolution:

  • Credit Bank of Peru
  • interbank
  • Citibank Peru
  • Scotiabank Peru
  • BBVA
  • Bank of trade
  • Pichincha Bank
  • BANBEEF
  • My bank
  • Falabella Bank
  • Ripley’s Bank
  • Alfin Bank
  • Santander Bank
  • Bank GNB
  • ICBC Peru bank
  • Crediscotia
  • Let’s share financial
  • financial trust
  • CAPAC Financial
  • Finance company
  • Effective financial
  • Kredinka Finance
  • BANBEEF
  • Financial Oh!
  • CMAC Arequipa
  • CMAC Cusco
  • CMAC Huancayo
  • CMAC Ica
  • CMAC Mainas
  • CMAC Del Santa
  • CMAC Sullana
  • Payte’s CMAC
  • CMAC Piura
  • CMAC Tacna
  • CMAC Trujillo
  • CMAC Piura
  • Metropolitan Lodge
  • CRAC Root
  • CRAC Los Andes
  • KRAK Example
  • KRAK Inkasur
  • Center KRAK
  • CRAC Cencosud Scotia

Source: RPP

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