The Domain “Banking System " keeps the day by day tally record as a complete banking. It can keep the information of Account type, account opening form, Deposit, Withdrawal, and Searching …Full description
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What is the Philippine Deposit Insurance Corporation (PDIC)?
PDIC is a government instrumentality created in 1963 by virtue of Republic Act 3591 to insure te deposits of all ban!s "ic are entitled to te bene#ts of insurance$ %e latest amendments to RA 3591 are contained in RA 95&6 signed into la" on April '9( '))9$ RA 95&6 increased te ma*imum deposit insurance coverage to P5))()))$))$ %e ne" la" also includes important provisions to ensure tat te PDIC remains #nancially #nancially and institutionally institutionally strong to ful#ll its mandate under its Carter$ %e PDIC no" as as te autority autority to determine determine "ic "ic deposit products products are are covered covered by insurance$ %e PDIC is also autori+ed to conduct independent special e*amination e*amination of ban!s and may in,uire into or e*amine deposit accounts of ailing ban!s in te event tere is a #nding of unsafe and unsound ban!ing practices$ Part of te #nancial strengtening measures for te PDIC( on te oter and( include e*emption from ta*es and te autority to issue sovereign bonds( debentures and oter debt issuances$ %e PDIC is an attaced agency of te te Department of -inance$
.at is PDIC/s overall mandate0 PDIC e*ists to provide permanent and continuing deposit insurance coverage for te depositing public to elp promote public con#dence and stability in te economy$ It ensures prompt payment of insured deposits( e*ercises complementary supervision of ban!s( adopts responsive responsive resolution metods( and applies ecient management of receiversip and li,uidation functions$ What are the functions of PDIC?
Deposit Insurer Co2regulator Co2regulator of an!s Receiver and 4i,uidator 4i,uidator of Closed an!s an!s
What is PDIC’s maximum deposit insurance coverage?
ective 7une 1( '))9( te ma*imum deposit insurance coverage is P5))())) per depositor$ All deposit accounts by a depositor in a closed ban! maintained in te same rigt and capacity sall be added togeter$ 8nder R$A$ o$ 95&6( te PDIC may propose to ad:ust te ;DIC( sub:ect to te approval of te President of te Pilippines( in case of a condition tat treatens te monetary and #nancial stability of te ban!ing system tat may ave systemic conse,uences$ .at is an insured deposit0 %e term
deposits in an insured ban! net of any obligation of te depositor to te insured ban! as of date of closure( but not to e*ceed P5))()))$))$ A :oint account sall be insured separately from any individually2o"ned deposit account$ R$A$ o$ 95&6 stipulates tat PDIC "ill not pay deposit insurance for te follo"ing accounts or transactions= 1$ Investment products suc as bonds( securities and trust accounts> '$ Deposit accounts "ic are unfunded( #ctitious or fraudulent> 3$ Deposit products constituting or emanating from unsafe and unsound ban!ing practices> ?$ Deposits tat are determined to be proceeds of an unla"ful activity as de#ned under te Anti2;oney 4aundering 4a"$ .at types of deposits are insured by PDIC0 *cept for te e*clusions stipulated in RA 95&6( deposits of all commercial ban!s( savings and mortgage ban!s( rural ban!s( private development ban!s( cooperative ban!s( savings and loan associations( as "ell as brances and agencies in te Pilippines of foreign ban!s and all oter corporations autori+ed to perform ban!ing functions in te Pilippines( are insured "it PDIC$ As for Pilippine ban!s "it brances outside te country( RA 95&6 stipulates tat sub:ect to te approval of te oard of Directors( any insured ban! "it branc outside te Pilippines may elect to include for insurance its deposit obligations payable at suc branc$ -oreign currency deposits are also insured by PDIC pursuant to RA 6?'6 @An act instituting a foreign currency deposit system in te Pilippines( and for oter purposesB and Central an! @C Circular o$ 139$ Depositors may receive payment in te same currency in "ic te insured deposit is denominated$ *clusions from deposit insurance coverage as stipulated in R$A$ o$ 95&6= 1$ Investment products suc as bonds( securities and trust accounts> '$ Deposit accounts "ic are unfunded( #ctitious or fraudulent> 3$ Deposit products constituting or emanating from unsafe and unsound ban!ing practices> ?$ Deposits tat are determined to be proceeds of an unla"ful activity as de#ned under te Anti2;oney 4aundering 4a"$
Are deposits maintained in brances and subsidiaries of foreign ban!s operating in te Pilippines insured by te PDIC0 Ees( te PDIC Carter provides tat te deposits in brances and subsidiaries of foreign ban!s licensed by te ang!o Fentral ng Pilipinas @FP to perform ban!ing functions in te Pilippines are insured by te PDIC$ Are deposits maintained in Pilippine ban!s "it brances outside te Pilippines insured by te PDIC0
%e PDIC Carter provides tat a Pilippine ban! may elect to insure "it te PDIC its deposits in brances outside te Pilippines$ As of 31 December ')1'( no Pilippine ban! as elected to insure deposits in teir foreign brances "it PDIC$ %o verify if your deposits in a branc of a Pilippine ban! outside te Pilippines are covered by deposit insurance in te ost foreign country( please in,uire "it te account ocer of your branc$ What specic risks to a ank does PDIC cover?
PDIC covers only te ris! of a ban! closure ordered by te ;onetary oard$ %us( ban! losses due to teft( #re( closure by reason of stri!e or e*istence of public disorder( revolution or civil "ar( are not covered by PDIC$
!hall the depositor pa" an" insurance premium to PDIC?
o$ Insurance premium is paid by te ban!s( not by te depositors$ %e ban! is assessed 1G5 of 1H per annum of te assessment base of te ban!$
#o$ is insurance coverage determined? In determining te insured amount( te outstanding balance of eac account is ad:usted( suc tat interests are updated( "itolding ta*es are deducted( accounts maintained by a depositor in te same rigt and capacity are added togeter> and "enever applicable( unpaid loans and oter obligations of te depositor are deducted> and in no case sall insured deposit e*ceed P5))()))$ R$A$ o$ 95&6 stipulates tat PDIC "ill not pay deposit insurance for te follo"ing accounts or transactions= 1$ Investment products suc as bonds( securities and trust accounts> '$ Deposit accounts "ic are unfunded( #ctitious or fraudulent> 3$ Deposit products constituting or emanating from unsafe and unsound ban!ing practices> ?$ Deposits tat are determined to be proceeds of an unla"ful activity as de#ned under te Anti2;oney 4aundering 4a"$ Can PDIC insurance coverage e increased " having several accounts in the same name in an insured ank?
o$ Deposit insurance coverage is not determined on a per2account basis$ %e type of account @"eter cec!ing( savings( time or oter form of deposit as no bearing on te
amount of insurance coverage$
If I have deposits in several di%erent insured anks& $ill m" deposits e added together for insurance purposes?
o$ Deposits in dierent ban!ing institutions are insured separately$ o"ever( if a ban! as one or more brances( te main oce and all branc oces are considered as one ban!$ %us( if you ave deposits at te main oce and at one or more branc oces of te same ban!( te deposits are added togeter "en determining deposit insurance coverage( te total of "ic sall not e*ceed P5))()))$ Is there a need for a depositor to le his claim for insured deposit $ith PDIC?
Ees$ Depositors "ill be advised troug te national andGor local media and posters at te premises of te closed insured ban! and oter public places "itin te locality on te scedule of distribution of claim forms by PDIC( receiving of claim forms by PDIC( and te prescriptive date of #ling claims by te depositors$
.en sould te depositor of a closed insured ban! #le is claim "it PDIC0 %e depositor of te closed insured ban! as '? monts from date of ban! ta!eover to #le is deposit insurance claim$ What processes are involved efore PDIC starts servicing claims?
Deposit records are sub:ected to an e*amination prior to te start of servicingGsettlement of claims$ Claims are evaluated and processed according to PDICJs standard procedures$ o" long does it ta!e PDIC to settle a claim for insured deposit0 PDIC aims to pay valid claims as soon as possible$ Prior to payout( claims are e*amined torougly$ %is is to protect te Deposit Insurance -und @DI- "ic is te source of insurance payments$ Fometimes( depositors mista!enly assume tat te payouts are sourced from teir deposits$ %is is not te case$ %e payouts are from PDIC/s o"n funds$ %e claim for insured deposit sould be settled "itin si* @6 monts from te date of #ling provided all re,uirements are met but te claim must be #led "itin t"enty2four @'? monts after ban! ta!eover$ %e si*2mont period sall not apply if te documents of te claimant are incomplete or if te validity of te claim re,uires te resolution of issues of facts and la" by anoter oce( body or agency( independently or in coordination "it PDIC$ o" long does te pre2settlement e*amination ta!e0 %e lengt of time needed for te pre2settlement e*amination of deposit liabilities of a
closed insured ban! largely depends on te completeness and accuracy of records turned over by te an! to PDIC and te number of deposit accounts to be e*amined$