KDIC is mandated to provide cover for all types of deposit accounts of amounts of up to KShs. 100,000.00 to each depositor of a member institution. However, protected payment is restricted to one depositor per institution. The insurance covers all types of deposit accounts. Whereby a depositor has more than one account in an institution, the accounts are consolidated into one account for settlement of claims and a depositor receives payment of Ksh. 100,000. This limit was set after analysis of returns submitted by the institutions and it provides full deposit insurance coverage for over 90% of deposit accounts.
What's Not Covered?
1. Any claim for payment of an insured deposit by a creditor of an institution will not be paid if it is filed after a period of two years from the date of commencement of payment by the Corporation.
2. Any claim for payment of a dividend by a creditor will not be paid if it is filed after a period of one year from date of commencement of payment by KDIC.