::: Welcome To Bank Deposit Security Fund :::
 

Frequent Asked Questions 

  

  1. What is Bank Deposit Security Fund?

    An independent institution established according to the law of Bank Deposit Security Fund to protect depositors and participate in the soundness and stability of the financial system and reinforces confidence of the public in it.

  1. What is Deposit Guarantee?

    Deposit guarantee is a system established by governmental authorities to safeguard depositors from losing their deposits at banks in case of insolvency of any bank and fail to meet its obligations towards depositors. This system was established in Sudan since 1997.

  1. What is the role of Bank Deposit Security Fund?

    The role of Bank Deposit Security Fund is to manage deposit guarantee system and protect the rights of depositors at banks. It also participates in managing risk in financial and banking system to enhance banking stability

  1. How the Fund participate in financial stability?

    The Fund reviews the financial status of banks to explore the points of weakness so as to discuss  it in the Coordination  Committee established  between the Fund and the Central Bank of Sudan. Then, the Banking Control directorate and Inspection directorate undertake the responsibility of resolving the problem. Also, the fund participates in banking system stability by direct and prompt contact with the insolvent bank to prevent contagion effects.

  1. Who are the member of the Bank Deposit Security Fund?

    All banks including branches of foreign banking eligible and licensed to conduct banking business. The membership is compulsory according to article 15 – (1) of the Fund Law

  1. Does guaranteeing a deposit require an application for that?

              No, deposits are guaranteed without any fees.

  1. Who pays the premiums in deposit guarantee system?

    For current and savings deposits the bank pays the premium on behalf of the depositors – the government authorities, Ministry of Finance and National Economy and  Central Bank of Sudan each participate by 15% of the overage deposits. For investment deposits, the account owners pays the premium.

  1. Is there a coverage limit or it is a full coverage?

    There is no full coverage, but there is maximum coverage limit which is reviewed periodically so as to cover the maximum possible number of depositors.

  1. Is it possible to make an extra guarantee in case the deposit is greater than the coverage limit?

    No, it is not possible, deposit guarantee unlike conversational insurance of vehicles or life insurances is restricted to guarantee only deposits according to the maximum coverage limit specified in the Bank Deposit Security Fund Law.

  1. Which types of deposits are guaranteed?

      Current, savings and investment deposits are protected.

  1. Which deposits are exempted from coverage?

    (a)      Deposits in foreign currency.

    (b)      Deposits which are used as collateral or guarantee in banking operation.

    (c)       Deposits of presidents and members of board of directors and general managers of any guaranteed bank.

    (d)      Deposits of shareholders who turn out to be responsible for insolvency of the bank.

    (e)       Deposits of certified auditors who undertook the audit of the accounts of the bank.

    (f)         Deposits of spouses, children’s of members of board of directors and general managers.

    (g)      Any subsidiary company in which the bank has a lion share.

  1. Does the guarantee include the deposits of Islamic and conventional banks?

    Yes, the deposit insurance system covers deposits at Islamic and  conventional banks.

  1. If I have deposits in different banks who are member in Bank Deposit Security Fund, is it possible to consolidate all these deposits in one account for guarantee purposes?
    No, deposits in different banks are guaranteed separately according to the maximum coverage limits.

  1. If I have different accounts in different branches of the same bank, are they guaranteed separately?

    No, different deposits at  more than one branches of the same bank are summed up and considered as one account for guarantee purpose.

  1. Are deposits of non Sudanese nationals in local currency guaranteed?

    Nationality of depositors has nothing to do with the deposit guarantee and its coverage.

  1. what is the mechanism through which to claim the reimbursement of my deposits in case of bank failure?

     In case of insolvency of  the bank and the central bank decide to liquidate it, the liquidator will promptly inform depositors of how, when and where to take their guaranteed deposits according to rules and regulation.

  1. Does deposit guarantee system mean that the banks are not subject to the supervision of the Central Bank of Sudan?

    No, The Central Bank of Sudan is the first supervisory and controller of the banking system. And the role of the Fund is complementary and supportive to stability of the banking system.