The deposit insurance system provides a limited insurance coverage, as a best practice.
In general, a deposit means a sum of money paid by a depositor to a bank on the condition that it is to be repaid in full by the bank, with or without interest, either on demand or at an agreed time, under the legal and contractual conditions applicable.
Typical deposit products of the banks that are insured by DIFK are sight deposits (current accounts), savings deposits and time deposits.
Currently, depositors are insured, per member bank, up to the insured amount of:
EUR 5,000
A depositor shall have its deposit accounts insured in all banks that are member of DIFK up to the maximum compensation amount of 5,000 EUR. For example: An insured depositor having accounts in two member banks (bank A and bank B) has its deposits insured in those two banks, respectively in bank A: up to 5,000 EUR; and in bank B: up to 5,000 EUR.
The individual compensation amount is calculated as follows
All deposits of a depositor will be aggregated
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acured interest shall be added (until the date of license revocation and closure of the bank)
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all overdue liabilities, (if any) of the depositor (loans, overdrafts, etc) towards the bank shall be deducted
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the depositors net claim to the bank
DIFK shall compensate maximum EUR 5,000.00
Example 1
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Example 2
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Example 3
A natural person is holding a deposit account as a “natural person” and is the owner of a legal entity – in such a case the deposits of the natural person and of the legal person are to be insured separately as follows:
Example 4
What happens if the depositor’s net claim to the bank exceeds the maximum compensation amount of €5,000 (euro)?
If a depositor’s net claim exceeds the amount of €5,000 (euro), like in the second example, the difference between the depositor’s net claim and the maximum compensation amount will be settled by the Receiver in the course of the liquidation proceedings of the bank.
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