Frequently Asked Questions (FAQ’s)
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      Frequently Asked Questions (FAQ’s)
 

 

 


 1.Who are covered by the FSD?
  The FSD backs all nominal deposits made by individuals or by private legal not-for-profit entities and Demand Deposits of other private legal entities, except for those deposits corresponding to those entities that are members of the financial system.  
   
 
  • Demand Deposits
 
 
  • Term Deposits
 
 
  • Savings Depoits
 
 
  • Severance Deposits
 
 
  • Non negotiable certificates of deposits
 
 
  • Collateral Deposits

 
 
  • Depósitos para Cuotas Iniciales
 
 
  • Progressive plan deposits
 
 
  • Judicial withholdings
 
 
  • Intereses por Depósitos
 
 
  • Depósitos con contratos Swaps y/o compra futuro ME
 
 
  • Inactive demand deposits
 
 
  • Inactive savings deposits
 
 
  • Inactive term deposits
 
     
  Certificates, bonds or any other bearer instruments are not insured by the FSD. The FSD does not cobver:  
     
 
  • Deposits of account holders who, during the two years previous to a declaration of dissolution and liquidation, were directors or managers of the institution in question.
 
 
  • Deposits of account holders who pertain to any economic group that held more than four percent (4%) interest in the company and participated directly or indirectly in its operations.
 
 
  • Likewise Deposits held by others, such as those connected to the business, including shareholders, directors or others are not covered. deposits of other Likewise, no coverage is granted with regard to deposits not made in accordance with the applicable regulatory provisions, and to any other instrument that, though formally regarded as deposits, represent account receivables not derived from deposit or bearer obligations
 
 
  • Deposits of account holders who are related to the company according to SBS criteria

 
 
  • Deposit of companies that belong to the Peruvian Financial System or analogous foreign corporations.
 
     
  2. ¿Which are the financial institutions the depositors in which are covered?  
  The Law N° 26702 established that all financial institutions authorized by the Superintendence of Banking and Insurance to accept deposits from the public are member institutions of the FSD :  
     
 
  •  Banks  

 
 
  • Financial Entities

 
 
  • Municipal savings and credit unions
 
 
  • Caja Rural de Ahorro y Crédito
 
     
  Although each financial institution becomes an FSD member since it obtains SBS authorization to receive savings from clients, it must pay their premiums for 24 consecutive months so that their depositors are covered  
     
  3.What happens if the depositor has accounts in more than one FSD financial institution member?  
  If the depositor has accounts in more than one FSD financial institution member, all deposits are insured separately in each institution and to the Maximum Coverage.  
     
  4. The FSD covers up to what amount?  
  From December 2015 to February 2016 , the amount covered by FSD is S/. 96,246 (approximately US$ 28,551) This amount is updated on a quarterly basis according to the Wholesale Price Index.  The amount no covered by the FSD constitutes a credit against the member entity, susceptible to be collected in a liquidation process according to the law  
     
  5. What happens to Severance Deposits, for minors and other(s) if the deposits are not immediately refundable?  
  In regard to Severance Deposits (CTS), the deposits of minors, guaranteed deposits or those withheld in a judicial process, as well as others not immediately refundable, payment will be made by the FSD through its opening an account under conditions similar to those of the original account in the name of the account holder in another financial entity in the sector.  
     
  6. What should I do if the financial institution in which I have my savings account goes bankrupt?  
  Once an intervention or liquidation of an FSD financial institution member has been announced, the Superintendence of Banking and Insurance will make sure that, in no more than 60 days, a list of insured depositors, indicating the amount of their compensation is prepared and remitted to the FSD. The FSD will begin payment in no more than 10 working days after receiving said list. Payments will continue uninterrupted. Insured depositors have up to 10 years from the date that payments begin to collect their reimbursement. Once the 10-year limit has expired, all said insured depositors lose their rights to collect payments and the uncollected amount becomes the property of the FSD.  
     
  7. What happens to the insured deposits of account holders who have outstanding debts with the bank that was intervened on or liquidated by the SBS?  
  If the holder of an insured deposit has any outstanding debts with an FSD member institution that has been intervened on or liquidated by the SBS, the remaining balance of this debt shall be deducted from the compensation. The remaining balance, if any, shall be paid to the depositor. This compensation also holds without limitation for any Severance Deposits (CTS), or any other deposit or intangible belonging to the debtor that cannot be attached  
     
  8 What should I do if I found company that collects savings from public and is not a FSD’s member  
  Notify Superintendence of Banking and Insurance because these savings must be in danger.  
     
  9. What instruments does the FSD back?  
  The FSD only backs::  
  1. The FSD covers all nominal deposits made by individuals or by private legal not-for-profit entities
2. Accrued interest on the former, from the date that an account is opened or from the last time that it was renewed, and
3. Demand Deposits of other private legal entities, except for those deposits corresponding to those entities that are members of the financial system
 
     
  10. What instruments are not backed by the FSD?  
  The FSD does not cover deposits of account holders who, during the two years previous to a declaration of dissolution and liquidation, were directors or managers of the institution in question, or who pertain to any economic group that held more than four percent (4%) interest in the company and participated directly or indirectly in its operations. Likewise Deposits held by others, such as those connected to the business, including shareholders, directors or others, deposits of other companies that belong to the Peruvian Financial System or analogous foreign corporations. Likewise, no coverage is granted with regard to deposits not made in accordance with the applicable regulatory provisions, and to any other instrument that, though formally regarded as deposits, represent account receivables not derived from deposit or bearer obligations. Certificates, bonds or any other bearer instruments are not insured by the FSD.  
     
  11.How much does deposit insurance cost a depositor?  
  There is absolutely no cost to the depositor. The financial entities authorized by the SBS to receive deposits from the public, such as banks, financial institutions, and municipal and rural savings and loan associations must pay premiums to the FSD every three months so that their depositors are insured.
Nonetheless, depositors should keep in mind that the financial entities that become members of the FSD must pay their premiums for 24 consecutive months so that their depositors are covered.
 
     
  12.Where should a depositor sign up so that his savings are protected by the FSD?  
 

The depositor does not have to sign up anywhere to receive deposit insurance protection. When a person deposits his money into savings in a member institution of the FSD, the funds are automatically insured.