What KDIC Deposit insurance Scheme covers

KDIC is mandated to provide insurance cover for deposit accounts of up to a maximum limit provided for from time to time per depositor of a member bank. Where a depositor has more than one account in a bank, all the accounts are consolidated and paid up to the threshold of provided limit.

Accounts covered include:

  • Current accounts
  • Savings accounts
  • Fixed deposit accounts
  • Call accounts

Other facilities covered includes:

  1. A bank draft, certified cheque or other similar instrument or payment instruction, drawn or made against a deposit account for which the member institution shall be primarily liable;
  2. A cheque entered into a payment system notwithstanding any delay or failure by the member institution in crediting the payee's account; or any other liability or financial instrument as may be specified by the Corporation
  3. The deposit held in trust by the trustee for each beneficiary, shall be deemed to be a separate deposit where the trustee is acting for two or more beneficiaries; and
  4. The deposit held in trust by a trustee for a beneficiary in an institution shall be deemed to be a deposit separate from a deposit of that beneficiary with the institution on his/her own behalf and shall also be deemed to be separate from any deposit held in trust by another trustee for the beneficiary in the institution.

What KDIC Deposit Insurance Scheme does NOT cover

Uninsured financial products include:

  • Balances above the protected limit
  • Deposits not payable in Kenya
  • Mutual funds (including money market funds);
  • Digital and cryptocurrencies;
  • Securities of the Government of Kenya;
  • Debentures issued by banks, governments or corporations;
  • Deposits held at financial institutions that are not KDIC members.
  • Sacco deposits
  • Interbank money market placements
  • Annuities
  • Unit trusts, stocks and shares
  • Any sum of money payable under a repurchase agreements;
  • Interbank transactions; and
  • Any other liability or financial instrument as may be specified by the Corporation;
  • Repurchase agreements

The member institutions will notify depositors when a deposit (or deposit-like) product is not eligible for insurance.