Funding
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Funding of the Deposit Protection Scheme
- DPC gets its funding from quarterly premium levies collected from member institutions.
- Currently the prescribed annual premium rate is 0.3% of average eligible deposits which premium is paid on a quarterly basis.
- Depositors do not pay premiums for deposit insurance cover. Its a free service to all bank depositors.
Membership of the Deposit Protection Scheme
- 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).
