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Corporation for Deposit Insurance April 2024 Newsletter
Published Date:
2024-05-03
Last Modified Date:
2024-05-03, 04:13 PM
Category:
CODI > CODI Newsletters
South Africa’s financial sector is celebrating a significant milestone, as the Corporation for Deposit Insurance (CODI) became operational on 1 April 2024. This means that qualifying depositors in the country are now protected for an amount of up to R100 000 of their deposits in accounts in qualifying products should their bank fail. Clear rules are in place to define which depositors and accounts will be protected and how depositors will get access to their covered deposits in the event of a bank failure.