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Deposits are insured by PDIC up to P500,000 per depositor
PDIC is an attached agency of the Department of Finance
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DEFINITION OF TERMS   

Insured deposit refers to the amount due to any depositor for deposits in an insured bank net of any obligation of the depositor to the insured bank as of the date of closure, but not to exceed the Maximum Deposit Insurance Coverage. Effective June 1, 2009, the Maximum Deposit Insurance Coverage is P500,000.00 per deposits per bank.

Single accounts are accounts maintained solely by a depositor (natural person or juridical entity/organization). In-Trust-For (ITF) and By Accounts are also considered single accounts. In the case of account name: (1) Maria ITF Jose; or, (2) Jose By Maria, the owner is Jose for both accounts.

In determining the insured deposit of single accounts, all deposits in the bank maintained in the same right and capacity for his benefit either in his own name or in the name of others shall be added together. Total insured deposit should not exceed the Maximum Deposit Insurance Coverage of Php500,000. Single accounts are insured separately from joint accounts up to the Maximum Deposit Insurance Coverage of Php500,000.

Joint account is an account held jointly by two or more natural persons, or by two or more juridical persons or entities. Joint account regardless of whether the conjunction “and,” “or,” “and/or” is used, shall be insured separately from any single or singly-owned deposit account.

If the account is held jointly by two or more natural persons, or by two or more juridical persons/entities, the maximum insured deposit shall be divided into as many equal shares as there are natural persons or juridical entities, unless a different sharing is indicated in the deposit document.

If the account is held by a juridical person/entity jointly with one or more natural persons, the maximum insured deposit shall be presumed to belong entirely to such juridical person/entity

The aggregate of the interests of each co-owner over several joint accounts, whether owned by the same or different combinations, shall likewise be subject to the Maximum Deposit Insurance Coverage of Php500,000.

For all Illustrative Cases, click here.

PDIC is a government instrumentality created in
1963 by virtue of Republic Act 3591, as amended,
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
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Questions? Need Help? Click Frequently Asked Questions Or contact: Tel. No.: (632) 841-4000 loc. 4630
(for Metro Manila depositors)
Fax No.: (632) 817-3566
Email: pad@pdic.gov.ph
Depositors outside Metro Manila may call
Toll Free: 1-800-1-888-7342 or
1-800-1-888-PDIC