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A: The Deposit Protection Corporation (DPC) is a statutory body previously known as the Deposit Protection Board established on 1 July 2003 in terms of the Banking Amendment Act (2015) as read with Banking (Deposit Protection) Regulations, Statutory Instrument 29 of 2003.
The Corporation assumed the new name in terms of the Deposit Protection Act [Chapter 24:29], No. 7/2011 which came into effect on 16 March 2012.The Corporation's primary objective is to provide deposit protection to depositors in deposit taking institutions licensed by the Reserve Bank of Zimbabwe under the Banking Act (Chapter 24:20), Building Societies Act (Chapter 24:02), People's Own Savings Bank (POSB) Act (Chapter 24:22), Infrastructure Development Bank of Zimbabwe (IDBZ) Act (Chapter 24:14) and Micro-finance Act (Chapter 24:29) such as commercial banks, merchant banks, building societies, discount houses, finance houses, deposit-taking micro-finance institutions, People's Own Savings Bank (POSB) and Infrastructure Development Bank of Zimbabwe (IDBZ). In the event of failure of a member institution, DPC will compensate depositors part or all of their funds that were in the closed member institution up to the maximum cover limit prevailing at the time of closure.
DPC falls under the Ministry of Finance & Economic Development.
A: No, you do not need to apply or register for deposit insurance protection by DPC. Deposit insurance is provided automatically for eligible deposit accounts placed with member institutions.
A: No. Deposit protection cannot be purchased as it is not a general or life insurance product. It is provided automatically by the Government through DPC.
A: 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―
(a) securities purchased by contributory institution on behalf of the depositor; and
(b) interbank deposits; and
(c) government deposits, local or foreign; and
(d) a deposit that is not payable in Zimbabwe; and
(e) contents of safety deposit boxes; and
(f) unit trust/managed funds; and
(g) debentures issued by a contributory institution; and
(h) deposits of executive management, board members or shareholders of a contributory institution; and
(i) negotiable certificates of deposit; and
(j) bankers acceptances; and
(k) repurchase agreements; and
(l) capital shares; and
(m) deposits deposited by other domestic or foreign banks on their own account; and
(n) drafts or managers cheques issued to trade creditors; and
(o) any other liability or financial instrument as may be specified by the Corporation from time to time by notice in the Government Gazette.
A: No. Deposits held in different branches of the same member institution will be added together for deposit protection purposes.
A: After the payment of the insurable amount which is availed to depositors soon after a bank is closed, any balance above the insurable limit will still be paid through the liquidation process on a pro-rata basis.
Liquidation entails the orderly disposal of assets of a closed bank and recoveries from outstanding loans. Proceeds realised will be used to pay off depositors (on a pro-rata basis) for any balance above the insurable amount.
A: DEPOSIT PROTECTION CORPORATION (DPC)
Public Relations Department
Telephone: +263 242 250900-1 / 252336 / 252460 / 251040-44 (available Mondays to Fridays from 8.00 am to 4.30 pm, GMT +2)
Toll Free: 0800 4345
Mobile Number : +263 716 801 310 (Voice/SMS/WhatsApp)
Fax: +26 242 252337
Email: info(at)dpcorp.co.zw
Postal Address: Box 7390, Harare
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A: Membership is mandatory by law for all deposit-taking institutions registered under the Banking Act (Chapter 24:20), Building Societies Act (Chapter 24:02), People's Own
Savings Bank (POSB) Act (Chapter 24:22), Infrastructure Development Bank of Zimbabwe (IDBZ) Act (Chapter 24:14) and Micro-finance Act (Chapter 24:29)..
- Currently membership includes all commercial banks, merchant banks, building societies, discount houses, finance houses, deposit-taking micro-finance institutions, People's Own Savings Bank (POSB) and Infrastructure Development Bank of Zimbabwe (IDBZ).
- All member institutions can be identified by means of membership certificates in all banking halls, membership stickers on door entrances, ATM areas, ATM screensavers, membership signs on website homepages and mention of membership in all forms of advertising (radio, television, print and outdoor signage). To view samples of proof of membership, please click here.
A: Your eligible deposits are protected as follows:
- USD deposits: Deposit protection maximum cover level is pegged as follows: USD1,000.00 (One Thousand United States Dollars) per deposit class per contributory institution; and USD500.00 (Five Hundred United States Dollars) per deposit class per deposit-taking microfinance institution;
- ZWL deposits: Deposit protection maximum cover level is pegged as follows: ZWL1,000,000 (One Million Zimbabwean Dollars) per depositor per contributory and ZWL100,000 (One Hundred Thousand Zimbabwean Dollars) for clients of deposit-taking micro-finance institutions.
- In the event of failure of a member institution, a client is guaranteed to receive compensation in full provided the account balance is equal to or below the prescribed cover limit.
- Deposit balances above the prescribed cover limit will be paid through the liquidation process on a pro-rata basis.
- The cover limit is reviewed from time to time in line with the Corporation's standard practice.
A: 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―
(a) time/fixed deposits; and
(b) demand deposits; and
(c) savings deposits; and
(d) interest accrued and/or payable on all deposits; and
(e) shares in a building society (class B&C shares), other than capital shares, deferred shares or preference shares; and
(f) any other liability or financial instrument as may be specified by the Corporation from time to time by notice in the Government Gazette.
Qualifying deposits in individual, corporate and trust accounts in insured institutions are covered by the Deposit Protection Scheme.
A: No. Your deposits in different member banks are protected separately. The deposit protection limit is applicable per depositor per member bank.
A: When a member institution is closed or liquidated, the Corporation shall pay depositors who have lost their deposits.
- DPC advises the insured depositors via electronic or print media to collect claim forms from its offices, or any Zimpost branch across the country or download from the website in order for them to be compensated.
- Under normal circumstances, once a duly completed and certified claim form has been submitted together with supporting documents (copy national ID, valid passport or valid driver's licence), depositor is reimbursed within 4 working days from date of submission of a duly completed claim form.
- Payment is made either through mobile phone or bank transfers.
A: Your place of residence or nationality does not affect deposit protection. Deposits placed with a member bank of DPC is protected up to the prescribed limit per depositor per member institution which is paid immediately when a member institution has been closed.