The term ‘insured deposit’ means the amount due to any bona fide depositor for legitimate deposits in an insured bank as of date of closure, but not to exceed ₱1 million.

In determining the insured deposit, all accounts of a depositor maintained in the same right and capacity shall be added together.

A joint account shall be insured separately from any individually-owned account of a depositor because these are maintained in a different right and capacity. As such, a depositor is entitled to the MDIC of ₱1 million for his/her individual accounts, and another P1 million for all his/her joint accounts.