Insured deposit refers to the amount due to any bona fide depositor for legitimate deposits in an insured bank as of the date of closure, but not to exceed the Maximum Deposit Insurance Coverage. Effective March 15, 2025, the Maximum Deposit Insurance Coverage is Php1,000,000.00 per depositor, 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 or her benefit either in his or her own name or in the name of others shall be added together. Total insured deposit should not exceed the Maximum Deposit Insurance Coverage of Php1,000,000. Single accounts are insured separately from joint accounts up to the Maximum Deposit Insurance Coverage of Php1,000,000.

Joint account is an account held jointly by two or more natural persons, or by two or more juridical persons or entities. Joint accounts, 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 stipulated in the document of deposit.

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 of individuals, juridical persons or entities, shall likewise be subject to the Maximum Deposit Insurance Coverage of Php1,000,000.