Frequently Asked Questions
Q. What is deposit protection scheme?
Deposit protection scheme is a scheme established by the Government of Brunei Darussalam to protect depositors, whether individuals or businesses, against loss of their deposits placed with member institutions in the unlikely event of a member institution is unable to meet its obligation to pay back the depositors. This scheme was introduced in Brunei Darussalam on 1st January 2011. The deposit protection scheme in Brunei Darussalam is administered by BDPC.
Q. What is BDPC?
BDPC is a statutory body that provides protection for depositors in the event a member institution is unable to repay its depositors holding deposits.
Q. What is the deposit protection limit?
Your eligible deposits are protected up to $50,000 per depositor per member institution. The $50,000 limit includes both the principal amount of a deposit and the interest/return.
Q. How do I make a claim?
In the unlikely event of a bank failure, you don’t have to make a claim. BDPC will announce when and how you will be reimbursed on your deposits based on information obtained from the member institution.
Q. If I have several different accounts, are these accounts protected separately?
- Joint accounts - Joint accounts enjoy separate deposit protection provided the records of the member institution disclose the names of the joint account holders.
- Trust accounts - For trust accounts, beneficiaries can enjoy separate protection in the trustee discloses the interest of each beneficiary and the amounts owed to each beneficiary on the records of the member institution. Each beneficiary is protected up to $50,000 separately from the protected deposits held in their names.
- Accounts of sole proprietorship, partnerships or companies - these accounts are also separately protected up to $50,000.
Example below shows accounts are separately protected for depositor holding several different accounts in a bank:
Q. If I have deposits in different branches of the same member institution (bank), will all my deposits be protected separately?
No. Deposits held in different branches of the same member institution will be added together for deposit protection purposes. For example, Awang has five individual accounts in ABC Bank Berhad.
Q. If I have deposits in several member institutions, will all my deposits are protected separately?
Yes. Your deposits in different member institutions are protected separately. The $50,000 deposit protection limit is applicable per depositor per member institution.
Q. What happens to my deposit if two member institutions merge?
You will continue to be separately protected for a period of two years or upon maturity or until withdrawal, whichever is earlier.
Q. Are deposits made by a non-resident of Brunei Darussalam protected?
Your place of residence or nationality does not affect deposit protection coverage. Deposits placed with a member institution of BDPC will be covered up to B$50,000 per depositor per member institution.
Q. Are foreign banks included under the Deposit Protection Scheme?
All full banks and finance companies in Brunei Darussalam are required to be members of the Deposit Protection Scheme. However, offshore banks are not required to be members. So a foreign bank which has full-banking license would be included under the Deposit Protection Scheme.
If you want to know if your financial institution is a member institution, please refer to the complete list of member institutions.