Get Pdic Meaning

PDIC pays deposit insurance on all valid deposits up to Maximum Deposit Insurance Coverage (MIDC) of P500,000 per depositor of a closed bank. That amount includes accounts maintained in the same right and capacity for a depositor's benefit whether it's under his own name or the name of others.

The PDIC Charter excludes the following accounts or transactions from deposit insurance coverage: 1) investment products such as bonds and securities, and other similar instruments which do not fall under the definition of a deposit, 2) unfunded, fictitious, or fraudulent deposit accounts or transactions, and, 3) ...

PDIC provides a maximum deposit insurance coverage of PhP500,000 per depositor per bank. It covers all types of bank deposits in banks whether denominated in local or foreign currencies. ... 7 trillion, of which 20.8% is covered by deposit insurance.

PDIC covers only the risk of a bank closure ordered by the Monetary Board. Thus, bank losses due to theft, fire, closure by reason of strike or existence of public disorder, revolution or civil war, are not covered by PDIC.

The PDIC Charter excludes the following accounts or transactions from deposit insurance coverage: 1) investment products such as bonds and securities, and other similar instruments which do not fall under the definition of a deposit, 2) unfunded, fictitious, or fraudulent deposit accounts or transactions, and, 3) ...

Therefore, if you have more than one account with the same bank (even if in different branches), then, too, you will be insured for Rs 1 lakh only. However, deposit insurance coverage limit is applied separately to the deposits in different banks.

Philippine Deposit Insurance Corporation Official Website. PDIC is a government instrumentality created in 1963 by virtue of Republic Act 3591 to insure the deposits of all banks. PDIC exists to protect depositors by providing deposit insurance coverage for the depositing public and help promote financial stability.

The term 'insured deposit' means the amount due to any bona fide depositor for legitimate deposits in an insured bank net of any obligation of the depositor to the insured bank as of date of closure, but not to exceed P500,000.00. A joint account shall be insured separately from any individually-owned deposit account.

PDIC provides a maximum deposit insurance coverage of PhP500,000 per depositor per bank. It covers all types of bank deposits in banks whether denominated in local or foreign currencies. All deposit accounts of a depositor in a closed bank maintained in the same right and capacity shall be added together.