Deposit Protection Corporation

The Deposit Protection Fund is established under Section 13 of the Deposit Protection Corporation Act [Chapter 24:29]. The primary objective of the Fund is to compensate depositors in full or in part, for losses incurred in the event of insolvency of a contributory institution. The Fund is vested in and administered by the Deposit Protection Corporation (DPC).
The Corporation commenced operations on the 1st of July 2003, and its primary objective is to provide deposit protection to depositors in institutions licensed to operate banking or finance business in Zimbabwe such as commercial banks, merchant banks, building societies, finance, houses, discount houses, Infrastructural Development Bank and Savings Banks (POSB)..
DPC plays a key role in contributing to the stability of the financial system and enhancing depositor confidence in the financial system by establishing a framework for the resolution of failing or failed banks.

Deposit protection is a free service for all bank depositors and no application forms are required as coverage is automatic on account opening.

In the event of a bank failure, DPC will compensate part or all of client’s deposits up to the current limit of $1,000 per depositor per bank. Deposit balances above the insurable amount of $1,000 will be paid through the liquidation process on a pro-rata basis.