FAQ
Q: Are the deposits of institutes not having central bank’s permit, covered by the deposit guarantee?
A: No; only deposits of institutes having central bank’s permit are covered by the guarantee.
Q: Are foreign currency deposits covered by the guarantee?
A: Yes; Deposits determined by the central bank, whether in foreign currency or local (Rials) are covered by the guarantee in banks and credit institutes.
Q: Do depositors have to file a request for guaranteeing their deposits?
A: No; banks and credit institutes that are memebr of the fund are bound to facilitate the membership.
Q: Do depositors have to pay any fees for guarantee of deposits?
A: The premiums established shall be paid by the banks and credit institutes.
Q: In case a depositor has more than one deposit account in a fund member bank or credit institute, are all his/her deposits covered by the guarantee?
A: Every depositor, in every bank or credit institute, is covered by the guarantee up to the guarantee limit determined (regardless of the number of deposits). For example, if a depositor has three accounts in a bank that are covered by the guarantee and their balances are 500, 700 and 400 million Rials respectively, and the guarantee ceiling is 1,000,000,000 Rials at the time of bank’s bankruptcy, total amount that shall be paid out to the depositor would be 1,000,000,000 Rials.
Q: In case a depositor has deposit account in more than one bank or credit institute, to what extent are his/her deposits covered by the guarantee?
A: Every depositor in every member bank or credit institute is covered by the guarantee up to the guarantee limit announced.
Q: What is the guarantee ceiling?
A: According to directive no. 52224 T/6754 dated 18 Aug 2015 and directive no. 156909 T/53999 dated 28 Feb 2017 ratified by the respected board of ministers, the guarantee ceiling for deposits of any depositor in any bank or credit institute is determined as one billion Rials equivalent to hundred million Tomans.
Q: What is meant by deposit guarantee/insurance system?
A: Deposit guarantee/insurance system is one of the constituents of financial safety and stability network which is established in many countries in order to protect small depositors.
Q: What kinds of deposits are covered by the guarantee?
A: The list of deposits covered by the guarantee is mentioned in the “Deposits covered by the guarantee” section under “For Depositors” in this website.
Q: Which banks or credit institutes are members of the Deposit Guarantee Fund?
A: The complete list of member banks and credit institutes is mentioned in “Members” section under “For Depositors” in this website.
