Deposit Insurance Payout

Conditions for payout

KDIC is mandated to provide deposit insurance coverage of up to Kshs 100,000.00 to each depositor of a member institution. The insurance covers all types of deposit accounts. However, protected payment is restricted to one depositor per institution. Where a depositor has more than one account in an institution, the accounts are consolidated for settlement as one claim subject to the maximum protected limit of Ksh 100,000.00. This limit was set after analysis of returns submitted by the institutions and it provides full deposit insurance coverage for over 90% of deposit accounts.

KDIC may decide that a deposit insurance payout should be made if:

  • A court order has been made to wind up a DI Scheme member; or
  • An institution has been placed in liquidation by the Central bank of Kenya and KDIC appointed liquidator.

Joint Accounts

For deposits in joint accounts, each joint account holder's share of the joint account is combined with other insured deposits held in his own name.

The aggregate amount of insured deposits is insured up to KES 100,000 because each joint account holder is assumed to have an equal share in the joint account.