Frequently Asked Questions
General FAQs
What is deposit protection?
Deposit protection is a system that protects all depositors (whether individuals or businesses) against the loss of part or all of their eligible deposits in the event of failure of a contributory institution. The deposit protection system in Zimbabwe is administered by the Deposit Protection Corporation (DPC).
Which banks are members of DPC?
Membership includes all commercial banks, building societies, merchant banks, finance houses, discount houses, deposit-taking micro-finance institutions, People’s Own Savings Bank (POSB) and Infrastructure and Development Bank of Zimbabwe (IDBZ). Membership is automatic and mandatory for all licensed deposit-taking institutions regulated by the Reserve Bank of Zimbabwe.
Member institutions can be identified by way of membership certificates in all banking halls, membership stickers placed on door entrances and ATM cubicles, membership ATM screensavers, DPC logo on member websites and all advertisements by member institutions should mention membership to the Deposit Protection Scheme.
Must I apply or register for deposit protection?
No, you do not need to apply or register for protection. Deposit protection is provided automatically on account opening with a member institution.
What is my cover limit?
Deposit protection maximum cover limit is pegged as follows:
USD Deposits: USD3,000 (Three Thousand United States Dollars) per deposit class per banking institution; and USD2,000 (Two Thousand United States Dollars) per deposit class per deposit-taking microfinance institution.
Zimbabwe Gold (ZiG) Deposits: Pegged at a maximum of the ZiG equivalent to USD3,000 (Three Thousand United States Dollars) per deposit class per banking institution; and USD2,000 (Two Thousand United States Dollars) per deposit class per deposit-taking microfinance institution, using the prevailing interbank USD to ZiG exchange rate.
What happens if I have balances above the cover limit?
Deposit balances above the cover limit are payable through the liquidation process on a pro-rata basis.
What types of deposits are eligible for deposit protection?
Eligible deposits include individual and corporate current accounts, savings accounts and fixed deposit accounts.
What types of deposits are NOT protected?
Negotiatiable certificate of deposits, bankers acceptances, shares and unit trusts. For the full list, please visit our website www.dpcorp.co.zw
Are there any accounts that are protected separately?
Yes. Joint accounts, trust accounts, individual and corporate accounts enjoy separate protection.
In the event of failure of one of your member institution, how does one make a claim?
You will need to submit a duly completed claim form for compensation to be processed. Claim forms can be collected and submitted at any ZIMPOST office countrywide or one can contact DPC through the website, email, Facebook, Twitter, LinkedIn, WhatsApp, telephone or by post.
After submitting a claim form, when can a depositor expect to receive his/her money?
As soon as application details are verified, payment is normally made within fourteen working days (excluding weekends and public holidays). DPC makes payments through mobile phone and bank transfers. Convenience and efficiency is what the Corporation seeks to provide to clients.
Where does DPC get the money to pay depositors when a member institution has been closed?
DPC uses money from premiums paid by all deposit-taking institutions, interest earning on its investments, borrowings made for purposes of the Fund, government grants or advances and funds advanced by the RBZ.
Which banking institutions are members of the DPC?
Eligible deposits in the following registered deposit-taking institutions are protected by DPC:
Commercial Banks: AFC Commercial Bank, BancABC, CBZ Bank, Ecobank, First Capital Bank, FBC Bank, FBC Crown Bank, Nedbank, MetBank, NMB Bank, Stanbic Bank, TN Cybertech Bank, and ZB Bank.
Building Societies: CABS Building Society and National Building Society.
Savings Banks: People’s Own Savings Bank (POSB).
Development Institutions: Infrastructure and Development Bank of Zimbabwe (IDBZ).
Deposit-taking Micro-finance Banks: African Century Limited, EmpowerBank Limited, Getbucks Financial Services Limited, Innbucks Microbank Limited, Mukuru Financial Services Limited, Success Microfinance Bank Limited, and Zimbabwe Women’s Microfinance Bank Limited.