15/11/2021
#MotivationalMondays
Setting goals is the first step in turning the invisible into the visible.— Tony Robbins
#MotivationalMondays
Setting goals is the first step in turning the invisible into the visible.— Tony Robbins
We protect eligible deposits by providing FREE compensation in the event of failure of a member institution. No application is required. Find out more!
Address
Evelyn House, 26 Fife Avenue Corner Blakiston Street
Harare
[00263]
General information
Protecting Your Deposits.
Opening Hours
| Monday | 08:00 - 16:30 |
| Tuesday | 08:00 - 16:30 |
| Wednesday | 08:00 - 16:30 |
| Thursday | 08:00 - 16:30 |
| Friday | 08:00 - 16:30 |
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BENEFITS OF DEPOSIT PROTECTION:- Benefits to Depositors: • There is no charge to depositors for deposit protection, banks bear the cost of deposit protection. • No application forms are required from depositors to be protected by DPC. Deposit protection is automatic once a depositor opens an account with a member bank/institution. • Payment is guaranteed on failure of a member bank (up to the maximum amount prevailing at the time of bank closure). DPC will compensate part or all of client’s deposits up to the current limit of ZWL1,000 per depositor per bank (effective 1 June 2016). What this means is that all clients of banks that will be closed after 1 June 2016 with balances below or equal to ZWL1,000 will be reimbursed in full the amount that was in their account at the time of bank closure provided they submit a duly completed claim form. Any balance will be paid through the liquidation process on a pro-rata basis. • Deposit protection ensures that depositors do not lose all of their hard earned savings in the event of a bank failure. • Depositors will know how and when reimbursement of their deposits will be made in the event of a bank failure. • In addition to bank transfers, DPC also utilizes mobile payments as a way of bringing convenience to clients when making reimbursements. Benefits to the Financial System • DPC promotes public's confidence in the Zimbabwean financial system by protecting depositors against the loss of their deposits. • Deposit protection system complements the supervisory and regulatory framework by providing incentives for sound risk management in the financial system. • Deposit protection contributes to the stability of the financial system by dealing with bank failures expeditiously and reimbursing depositors promptly. • Deposit protection reduces the likelihood of panic withdrawals and bank runs thereby enhancing stability and confidence in the financial sector. BRIEF HISTORY ABOUT DPC: The Deposit Protection Fund is established under Section 13 of the Deposit Protection Corporation Act [Chapter 24:29]. The primary objective of the Fund is to compensate depositors in full or in part, for losses incurred in the event of insolvency of a contributory institution. The Fund is vested in and administered by the Deposit Protection Corporation (DPC). The Corporation commenced operations on the 1st of July 2003, and its primary objective is to provide deposit protection to depositors in commercial banks, building societies, merchant banks, finance houses, discount houses, deposit-taking micro-finance banks, People's Own Savings Bank (POSB) and Infrastructure Development bank of Zimbabwe (IDBZ). WHAT IS A DEPOSIT PROTECTION SCHEME? It refers to a system that protects depositors against the loss of their protected deposits placed with banks in the unlikely event of a bank failure. Deposit Protection Scheme contributes to financial stability and helps to prevent bank runs if depositors have confidence that they will have access to their funds quickly when a bank fails. DPC's PUBLIC POLICY OBJECTIVES: In line with International best practice, the Deposit Protection Corporation (DPC) aims at meeting a number of objectives, which include the following; • Protection of depositors by providing compensation in the event of a bank failure. • Enhancing public confidence and contributing to the stability of the financial system by establishing a framework for the resolution of failing or failed banks. • Administering the Deposit Protection Fund. • Enhancing competition in the financial sector by creating a level playing field through guaranteeing depositor reimbursements for both big and small banks. FUNDING: • DPC gets its funding from premium levies collected from member banks - commercial banks, merchant banks, building societies, finance houses, discount houses, deposit-taking micro-finance banks, People's Own Savings Bank (POSB) and Infrastructure Development bank of Zimbabwe (IDBZ). • Depositors do not pay premiums for deposit insurance cover. MEMBERSHIP: • Membership is mandatory and it includes all deposit taking institutions - commercial banks, merchant banks, building societies, finance houses, discount houses deposit-taking micro-finance banks, People's Own Savings Bank (POSB) and Infrastructure Development bank of Zimbabwe (IDBZ). COVERAGE: • DPC will strive to compensate at least 90% of depositors in full in the event of a bank failure. • Currently the maximum insurable limit is pegged at ZWL1,000 per depositor per bank (effective 1 June 2016). What this means is that all clients of banks that will be closed after 1 June 2016 with balances below or equal to ZWL1,000 will be reimbursed in full the amount that was in their account at the time of bank closure provided they submit a duly completed claim form. Any balance will be paid through the liquidation process on a pro-rata basis. • Amount payable to depositors is reviewed regularly in line with Fund growth and prevailing market conditions. SCOPE AND LEVEL OF COVER: The following deposit accounts are covered by the scheme; • Demand and Time deposits • Savings deposits • Class B and Class C shares • All individual, corporate and trust accounts in insured institutions are covered by the deposit insurance scheme. The following deposits are not covered by the scheme - Negotiable certificates of deposits (NCDs), Unit trusts, interbank deposits and bankers’ acceptances (BAs). CLAIMS & SETTLEMENTS: When an insured institution has been closed by the order of the Reserve Bank, DPC advises the insured depositors via electronic or print media to collect claim forms from its offices, download from the website (www.dpcorp.co.zw) or visit aby ZIMPOST branch across the country in order for them to be compensated. Once a duly completed claim form has been submitted together with supporting documents (copy national ID/Driver's Licence/Valid passport), the depositor is reimbursed within 7 working days from date of submission of a duly completed claim form. Payment is made through mobile phone and bank transfers. For more information, visit our website www.dpcorp.co.zw
