The Corporation for Deposit Insurance is South Africa’s Deposit Insurance Scheme that ensures depositors have reasonable access to their covered deposits should their bank fail.

CODI protects individual and non-financial corporate depositors with accounts in qualifying products such as savings and transactional accounts, and fixed and notice deposits.

*Applicable to Al Baraka Bank's Transactional Banking Accounts

No. Depositors will not make any payments to CODI for deposit insurance protection. CODI will establish and build a Deposit Insurance Fund (DIF) with financial contributions from member banks. 

CODI protects banking products where the nominal balance is guaranteed and repayable at par. This means that CODI protects banking products where the depositor is entitled to the full account balance as at a specific date. Qualifying product typically includes, but are not limited  to the following account types:

*Applicable to Al Baraka Bank's Transactional Banking Accounts

CODI will not cover:

• deposits by banks;
• deposits by the non-bank private financial sector, including money market unit trusts, non-money  market  unit trusts,  insurers,  pension funds, fund managers and other private financial corporate  sector institutions; 
• deposits by government institutions, including local, provincial and national government, public financial sector entities, the Public Investment Corporation (PIC), the Corporation for Public Deposits (CPD), other public non-financial corporations and monetary authorities;
• accounts where the capital amount is not guaranteed and not repayable at par, such as investment accounts in unit trusts and shares*;
• holdings of commodities; and
• electronic money products.

*Applicable to Al Baraka Bank’s Mudaraba Investment Account

Visit CODI or click here to download the brochure