What is Deposit Protection?
Deposit protection is a scheme established by government to protect depositors against the loss of their insured deposits placed with member institutions licenced to operate banking or finance business. As an integral component of an effective financial safety net, a Deposit Protection Scheme enhances consumer protection by providing explicit protection to depositors. Depositors will know when, how much and how their deposits are protected in the event of a bank failure.
Deposit protection scheme contributes to financial stability and prevent bank runs if depositors have confidence that they will have access to their funds quickly when a bank fails.
DPC's Public Policy Objectives
In line with international best practice, the Deposit Protection Corporation (DPC) aims at meeting a number of objectives which include the following;
Funding of the Deposit Protection Scheme
Membership of the Deposit Protection Scheme
What is the maximum insurable limit (cover limit)
Scope of cover (classes of deposits covered)
All types of deposits received by a contributory institution in its usual course of business are protected and include without being limited to the following―
Qualifying deposits in individual, corporate and trust accounts in insured institutions are covered by the Deposit Protection Scheme.
Scope of cover (deposits NOT covered)
All investment or funds that do not meet the criteria established in the definition of insurable deposits are not protected by deposit insurance and include the following―
Benefits of deposit protection:
Benefits to Depositors:
Benefits to the Financial System
Reimbursement & Claim Procedure.
Our Vision >
Protecting depositors to contribute to financial system stability by 2021.
Our Mission Statement >
To protect depositors, enhance public confidence and stability in the financial system by promoting sound business practices and speedy resolution of failed contributory institutions.
Our Values >
Accountability | Fairness | Teaming | Integrity | Excellence | Transparency
+263 716 801 310
Operating Hours: Monday-Friday (8:00am - 4:30pm, GMT +2) | Closed on weekends and public holidays.
Head Office (Harare): a: Evelyn House, 26 Fife Ave/Cnr Blakiston St, Harare | t: +263 242 250900-1; 252336; 251040-44 | f: +263 242 252 337 | e: email@example.com
Regional Office (Bulawayo): a: 34 Lawley Road/Corner Leopold Takawira Avenue, Suburbs, Bulawayo | t: +263 292 231817/8 | e: firstname.lastname@example.org
Copyright © 2017 Deposit Protection Corporation Zimbabwe. All rights reserved.