Coverage and Benefits

What is Covered?

 

Saving Deposits

 

Time 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. (7 days is the global standard).

 

Member Institutions

VIDIC will provide financial assistance to insured institutions, in case of imminent or actual financial difficulties by

  • making loans or advances with security to a member institution;
  • making deposits to member institutions; and
  • borrowing or raising funds;

Amalgamation or Merger of Financial Institutions

Configure

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.