What is Covered?

Time Deposits

Saving Deposits

Current Deposits

Who is Covered?

All depositors (individuals, aggregate or sole corporations and unincorporated bodies of persons), are provided deposit insurance protection once they hold eligible deposit accounts with member institutions.

Are deposits of non-bvislanders that are held in a member institution protected by deposit insurance?

  • Yes, a depositor’s nationality does not determine deposit insurance protection. Deposits placed within a member institution will be covered up to US$100,000 per depositor per member institution.

Are deposits of Bvislanders living outside of the Territory that are held in a member institution protected by deposit insurance?

  • Yes, a depositor’s place of residence does not affect their deposit insurance protection. Deposit insurance of up to US$100,000 is provided automatically for all eligible accounts held with member institutions.

Benefits

Depositors

VIDIC protects depositors holding insured deposits with member institutions.

  • Deposit insurance protection is provided automatically at no charge to depositors.
  • In the event of member institution failure, VIDIC will promptly reimburse depositors their insured deposit amounts.

 

Member Institutions

VIDIC's involvement with member institutions includes:

  • Assessing risk to the Deposit Insurance Fund to support financial safety and soundness.Providing resources and support on deposit insurance matters.
  • Engaging with member institutions on business continuity, resolution planning, and operational preparedness.
  • Managing the Deposit Insurance Fund that protects insured deposits.
  • Working closely with local and foreign bank regulators, deposit insurers, and stakeholders to strengthen the financial system.
  • Keeping the public informed through updates, deposit insurance resources, and best practices.

Amalgamation or Merger of Financial Institutions

In the event that a depositor has deposits with two or more member institutions that merge or amalgamate the deposits will continue to be separately protected for two years after the date of the merger or amalgamation.