Palestinian Deposit Insurance Corporation and the Savings Deposit Insurance Fund of Turkey sign a memorandum of Understanding

All commercial and Islamic banks operating in Palestine and licensed by Palestine Monetary Authority (PMA) Membership is compulsory for all banks licensed by the PMA

.PDIC insures deposits in all currencies with coverage limit up to $20,000 or equivalent in other currencies per depositor per member bank

PDIC insures all types of deposits for individuals, institutions, residents and non-residents, including:

-Current and demand deposits

-Saving deposits.

-Term and subject to notice deposits.

-Joint deposits accounts that belong to more than one person.

Excluding the following deposits:

-Deposits of the government and its agencies.

-Deposits of the PMA

-Deposits between members and other financial institutions

-Cash guarantees within the limits of the amount of guaranteed facilities

-Deposits of related person, in accordance with the provisions of the banking law currently in force.

-Deposits of the auditor of member and/or members of its Sharia supervisory board 

-Restricted investment deposits, as determined by the board

Other financial institutions :

-Deposits of insurance companies and reinsurance companies licensed by Palestine Capital Market Authority.

-Deposits of brokerage firms licensed by the Palestine Capital Market Authority.

-Deposits of Specialized lending institution licensed by the PMA.

The coverage limit is up to $20,000 (Twenty thousand US dollar) or equivalent in other currencies per depositor per member bank.